Non-Qualified Mortgages
Unlocking Possibilities: Non-Qualified Mortgages for Non-Traditional Borrowers
We understand that not everyone fits the mold of a traditional mortgage borrower.
That’s why we offer non-qualified mortgages (non-QM) as an option for those who may not meet the strict guidelines of conventional mortgage loans.
Some common uses of non-QM loans include:
Self-employment.
For self-employed individuals who have irregular or non-traditional income streams, non-QM loans can provide an alternative to traditional mortgages that often require proof of consistent income.
High net worth individuals.
non-QM loans can be a good option for those with high net worth but low taxable income, as they allow for alternative income documentation such as bank statements, assets, or investment income.
Unique property types.
non-QM loans can be used to finance unique property types such as rural properties, non-warrantable condos, short term rental, vacation homes, multi-unit properties, or mixed-use buildings, which may not qualify for conventional financing.
Rental properties.
Purchase or refinance using subject property rental income only.
Past credit challenges.
If you’ve had credit challenges in the past, such as bankruptcy or foreclosure, non-QM loans can be a way to still qualify for a mortgage and become a homeowner.
Foreign nationals.
For non-U.S. citizens or ITIN residents, non-QM loans can provide a financing option to purchase a home in the U.S.
It’s important to note that non-QM loans may have different terms and requirements compared to conventional mortgages, so it’s important to understand the details and implications before deciding if this type of loan is right for you.