Covers special circumstances, such as: Jumbo down to 580 Fico, Non-Warrantable Condos, or Foreign National.
What is A Non-QM Loan?
A qualified loan (QM) is considered a 30-year fixed conforming loan. Mortgage options that fall outside of those parameters and cover special circumstances are considered “Non-QM” or a non-qualified loan. A key difference between a QM loan and a Non-QM loan is that a Non-QM loan will use alternative methods of income verification. Non-QM loans provide options for clients who most likely would not qualify for a conforming loan due to conforming loan requirements or the clients special circumstances.
What Non-QM Options Are Available:
- NON-WARRANTABLE CONDOS
- BRIDGE LOAN
- JUMBO DOWN TO 580 FICO
- FOREIGN NATIONAL
- BANK STATEMENT
- 40 Year Fully Amortized Loan (480 months)
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.