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Non QM Loans
What are Non-QM Loans?
Non-Qualified Mortgage (Non-QM) loans are the loans that borrowers seek when they cannot qualify for other loans. These mortgages are for non-traditional borrowers such as real estate investors, entrepreneurs, artists, and musicians. Clients who prefer interest-only payments or who get paid in lump sums can also benefit from Non-QM loans.
How Does a Non-QM Loan Work?
Non-QM loans are sometimes called leverage loans because they are based on collateral. As they are based on collateral, they have better underwriting flexibility because they are not required to meet the Consumer Financial Protection Bureau’s (CFPB) or federal government qualifications. Other benefits of Non-QM loans are:
- A credit score as low as 620 is allowed
- No personal income calculations are required
- Job history is (sometimes) not required
- The required down payment can be as low as 5%
- In some cases, no reserves are required
Non-QM loans are favorable to homeowners and real estate investors alike because sometimes they are the only way to make timely purchases or to make some investment opportunities possible. Sometimes the risks may outweigh the benefits in this type of loan, but if that perfect real estate opportunity comes along, it’s good to know that a Non-QM loan is available to grab it!
Who Would Benefit From A Leverage/Non-QM Loan?
If you are:
- Self-employed
- Real estate investor
- Retiree looking at purchasing a vacation home
- Owner of a small to midsize business
- Looking for interest-only payments
- Have experienced bankruptcy, foreclosure, or a short sale
Let us personally help you get the best mortgage rates
Get in touch with us:
[contact-form-7 id="26" title="General"]