Non-QM Loans

DSCR

Debt Service Coverage Ratio. Investment property loans designed for borrowers who want to expand their real-estate investment portfolio. No personal income is required.

Bank Statement Loan

Mortgage option for self-employed borrowers. Qualify your borrower using 12 months of business or personal bank statements. No tax return required.

Full Doc

Ideal for wage earners & self-employed borrowers. Designed for borrowers who have the income to support a conventional loan, but do not qualify for a traditional mortgage.

WVOE Loan

Does your borrower earn a good salary but can't show it on paper? No problem, qualify them with a WVOE only! No tax returns, W-2's, or bank statements needed.

P&L Loan

Designed small business owners and self-employed homebuyers. No tax returns needed.

Asset Utilization

Ideal for retired individuals, investors, and entrepreneurs. Use Liquid Assets to Qualify your borrower for a home loan such as checking, saving, stocks, IRA, 401K, and more…

1099 Loan

A great mortgage option for independent contractors such as photographers, bloggers, website designers, gig workers, landscapers, bookkeepers, actors, musicians, and Realtors.

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, gig-workers, and restaurant owners. 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 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 660 is allowed 
  • No personal income calculations are required
  • Job history is (sometimes) not required 
  • 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?

Your client may benefit from a Non-QM loan if they:

  • Are self-employed
  • Are a real estate investor
  • Are a retiree looking at purchasing a vacation home
  • Are an owner of a small to midsize business
  • Are looking for interest-only payments
  • Have experienced bankruptcy, foreclosure, or a short sale

If your client falls into one of these categories, please contact one of our lending professionals to find out if they qualify for a Non-QM loan.

 

BECOME AN APPROVED BROKER

Let us help get your clients approved for Non-QM  loans. Our lending experts are here to support brokers in getting the proper funding. Call us today to learn more about our rates and the different types of loans we offer.

Questions?

(877) 267-1056