Contact us to find out how a Non-QM loan could be the perfect solution for your home financing needs.
Non-QM Loan
If you’re self-employed, a Non-QM loan could be a suitable option for you. Tailored for those with unique income scenarios, such as entrepreneurs, independent business owners, and contractors, these loans offer flexibility. Non-QM loans are not bound by the stringent income verification rules of traditional loans set by the Consumer Financial Protection Bureau. This makes them an adaptable choice for individuals with unconventional income patterns or major credit incidents like bankruptcy or foreclosure.
Non-QM Loan*
- Up To 80% LTV*
- $55K-$2M Loan Amounts
- Non-Owner Occupied, 1-4 Single-Family Homes, Condos, Townhomes, PUD Properties
- 660+ Credit Score
- 0.75x Minimum DSCR on Long-Term Rentals (1.0x Minimum DSCR on Short-Term)
- Prepayment Penalty
- Leased and Unleased Qualifications
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What is a Non-QM Loan?
If you’re self-employed, a Non-QM loan could be a suitable option for you. Tailored for those with unique income scenarios, such as entrepreneurs, independent business owners, and contractors, these loans offer flexibility. Non-QM loans are not bound by the stringent income verification rules of traditional loans set by the Consumer Financial Protection Bureau. This makes them an adaptable choice for individuals with unconventional income patterns or major credit incidents like bankruptcy or foreclosure.
Benefits of Non-QM Loans
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- Provides a buffer against market downturns, protecting your financial investments.
- Potential for annual mortgage interest deductions on your taxes (consult a tax advisor for specific advice).
- Helps maintain cash liquidity, allowing you to diversify your investments without tying up all your funds in real estate.
- Available for second homes and investment properties.
- Loan amounts up to $2.5 million and cash-out options up to $500,000.
- Offers a variety of fixed and adjustable loan options.
- Accepts alternative methods for verifying income.
- Perfect for self-employed individuals or those with unique financial situations.
FAQs
Who Should Consider a Non-QM Mortgage?
- Self-Employed Borrowers: Ideal for those with intermittent pay and multiple income streams who find it hard to document their income for traditional loans. They often use bank statements instead of tax returns to apply.
- Prime Borrowers: Those with excellent credit and timely payment histories who might need loans with features like interest-only payments or have a higher debt-to-income ratio.
- Near/Non-Prime Borrowers: Individuals rebuilding their credit after issues like late payments, foreclosures, or bankruptcies in the recent past.
- Asset-Rich Borrowers: Those with significant assets and good credit who prefer to maintain cash flow and flexibility rather than purchasing homes outright.
Advantages of Non-QM Loans:
- Tailored for self-employed individuals or those with non-traditional financial situations.
- Flexible income verification methods and a variety of loan options, including fixed and adjustable rates.
- Eligibility extends to second homes and investment properties.
- Allows borrowers to stay liquid, diversifying investments without tying up all funds in real estate.
- Potential for annual mortgage interest tax deductions (consult a tax advisor).
- Suitable for rate-and-term refinancing, cash-out refinancing, or purchasing primary or secondary homes.
Interested in Non-QM Loans?
Still have questions?
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