Get a FREE quote on an Non-QM loans.
Non-QM mortgages offer an alterative financing option for borrowers who may not meet the strict criteria required for traditional QM loans. These types of mortgages are designed to accommodate a broader range of borrower situations, including self-employed individuals, real estate investors, and those with unique financial circumstances.
Flexible Eligibility: Provide more flexibility in terms of credit history, income verification, and debt ratios. Asset-Based Approvals: Some non-QM programs assess eligibility based on a borrower’s assets rather than just income Real Estate Investment: Non-QM loans are often used by real estate investors to finance rental properties, as they can be tailored to the property’s potential income rather than the borrower’s personal finances. Alterative Documentation: Self-employed individuals or freelancers may find non-QM loans appealing due to the ability to use alternative documentation methods to prove income, as traditional pay stubs and tax returns may not fully reflect their financial situation.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
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Typically an Non-QM loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An Non-QM down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can't get approved for private mortgage insurance should look into Non-QM loans.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
