Non QM Mortgage Loans

When would I want to use this Loan Product?

If you do not meet the lending requirements of FHA or VA or conventional/conforming mortgage home loans, and you have consistent earnings than you should build your loan and let our system analyze any and all available loan products that you could qualify for.

Due to the expanding financial market other loan programs may be available that may provided better lending terms.

By completing our brief online Real Time Loan Quote we will calculate your monthly payments with all products and provide you with real numbers so you can make an educated decision.

If I have negative credit should I apply for a NON QM mortgage loan?

Yes, if you are not able to obtain a mortgage approval based upon lower credit scores or recent credit events such as a bankruptcy or foreclosure, then the only mortgage home loan option is to use a Non QM Mortgage Home Loan. 

These NON QM Mortgage Home Loans offer a wide range of loan programs, each with different underwriting guidelines and mortgage loan approvals.

What is different from a NON QM Mortgage Home Loan and a traditional mortgage?

Non QM mortgages generally have higher interest rates to cover the additional risk of making loans to consumers that have a lower credit rating due to slow payments, bankruptcy, foreclosure or in ability to prove all income earnings. 

Can I get a NON QM Mortgage being 1 day out of Bankruptcy?

Yes, there are several NON QM Mortgage Lenders that offer 1 day out of bankruptcy for both refinancing and purchasing your next home.  

What credit score is needed for a traditional loan? 

Traditional mortgage home loans require a minimum  of 580 for FHA, VA and USDA Government Insured Mortgage Loans, and a 620 for conventional mortgage home loans. 

Therefore, if your credit score is less than the 580, the only options would be to look at NON QM mortgage home also known as Non Qualified Mortgage loans. 

What types of loans are offered for NON QM, NON Qualified Mortgage Loans?

There is a a large variety of NON QM mortgage loans available. Each NON QM mortgage lender has their special niche that they focus on. Here are some of the many, to give you a better idea:

• 1 Day Out of Bankruptcy
• Foreclosure 1 year old
• No Income Verification for Self Employed
• Bank Statement deposits used for income verification

What type of real estate can I use NON QM, or Non Qualified Mortgage Loans on?

NON QM mortgage loans is designated for residential mortgage loans. In general, you would use these programs as a homeowner and or investor. In regards to residential property types, they are as follows:

• Single Family Residence
• Duplex
• Quad Plex
• Condominiums 
• Manufactured Homes

Who should use Non QM Mortgage Loans or Non Qualified Mortgage Loans?

If you or someone does not qualify for a traditional mortgage loan, than the only alternative is to use a Non QM Mortgage Loan. 

What if I can proof my income or can not show borrowers ability to repay or make monthly payments?

If you do not have proof of income, or if you are not self employed, then you can only get approved for Investor based mortgage loans.

This means that you can not purchase or refinance a home to live in. 

Can employed borrowers show ability to repay meaning make monthly payments using bank statement deposits as income?

Only if you can also show that you have self employed business based income for a period of 1 year or more. 

What regulatory agency oversees these types of Non QM mortgage loans?

The Consumer Finance Protection Bureau (CFPB) regulates fair lending practices.  Per CFPB guidelines, consumers purchasing or refinancing a home must demonstrate that they have the ability to repay the loan. In other words, you must provide proof of income. 

What  loan amounts and loan terms are available with NON QM Mortgage Loans?

Using Non QM mortgage loan programs, you will find the same loan terms, like 30 years, 20 years and 15 year terms. With Non QM mortgages there is no limit on loan size, as long as income can be verified or it is an investment home where verification of income is not required.

Under Non QM Mortgage loans, there are no available programs for negative amortization.

Where can I go to get a Non QM Mortgage Loan?

Our licensed loan originators can help you place your loan with the perfect match Non QM mortgage lender. Given that there are so many mortgage lenders offering Non QM Mortgage Home Loans, it is important to work with a multi lender agent who can properly match your loan profile request to a the best suited mortgage lender offering the best mortgage terms.

What is the process t o get a on QM Mortgage home loan?

The process is equally similar to a normal traditional loan. The only difference is the underwriting requirements are adjusted for major credit events or for self employed income, or investor based mortgage loans. Below is the step by step process:

1. Contact our Loan Originators
2. Provide Initial Loan Inquiry Information (purpose, credit ratings, income)
3. Loan Originator obtains Non QM Match (1 day)
4. Loan Option Review (discuss, review loan options with Originator)
5. Esign Initial Loan Disclosures
6. Submit all required documents (identification, income, or what is requested)
7. Underwriting Approval (3 days)
8. Clear Underwriting conditions (2 days)
9. Schedule Closing

The process of completing a non QM mortgage home loan is not that difficult. We offer a no obligation consultation where you can probe questions and answers to help guide your next step. 

Are there any extra fees on Non QM mortgage home loans?

Yes, but nothing significant. Basically, a lender is making what is deemed as a risky mortgage loan compared to traditional mortgage loans. Therefore, they will charge slightly higher interest rates and a little more in closing cost.

To undermine this increased cost, we take your loan profile to the Non QM mortgage lender with the lowest interest rates and fees to help wash away these changes. 

We hope this helps answer your questions you have about Non QM mortgage loans.