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Is a Non-QM Loan right for you?

Understanding Non-QM Loans

Non-QM (Non-Qualified Mortgage) loans offer an alternative for borrowers who may not meet the traditional verification standards for income and assets. Rather than relying on conventional methods, Non-QM loans provide flexibility by allowing alternative documentation, such as asset-based income. This makes home financing accessible to a broader range of individuals. Importantly, Non-QM lenders still adhere to “ability-to-repay” guidelines, ensuring borrowers take on manageable mortgage payments and reduce the risk of foreclosure.

Non-QM loans are ideal for those who may have irregular income sources. For instance, self-employed individuals may earn enough to afford a mortgage but lack consistent pay stubs, while retirees may have substantial assets but no active income stream. Non-QM lenders evaluate credit, income, and assets but permit alternative verification documents that traditional mortgages typically don’t accept.

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Key Features of Non-QM Loans

Unlike traditional mortgages, Non-QM lenders don’t follow agency guidelines. Instead, each lender has specific programs with unique criteria. Common Non-QM loan types include:

  • Bank Statement Loans
  • Jumbo Loans with 10% down
  • No Income Investment Loans (DSCR)
  • Asset-Based Loans
  • Foreign National Loans (ITIN)
  • Interest-Only Home Loans
  • Recent Credit Event Loans

Who Benefits from Non-QM Loans?

Non-QM loans may not suit every borrower, but they are particularly beneficial for:

  • Self-employed individuals
  • Real estate investors
  • Retirees purchasing a second or vacation home
  • Small and medium business owners
  • Those seeking flexible DSCR requirements or interest-only payments
  • Individuals with recent credit events (bankruptcy, short sale, or foreclosure)
  • Borrowers just shy of QM loan qualifications

Is a Non-QM Loan Right for You?

Deciding on a Non-QM loan can be complex given the variety of available programs. Consulting with a mortgage professional is crucial to understanding the options and finding the best fit for your needs. We work with multiple Non-QM lenders to help match borrowers with programs tailored to their financial profile.

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Licensed Mortgage Professional

Monica Vozza - Licensed Mortgage Professional