A Wealth of Information and Service - Contact a Loan Officer (800) 718-8906
A Wealth of Information and Service - Contact a Loan Officer (800) 718-8906
Non-QM mortgage lender programs include QM, Non-QM, Prime, Non-Prime, Portfolio, Foreign National, Hard Money, Private Money, and Investment Property loans. These loans are for borrowers with perfect credit and can also be for borrowers that have imperfect credit i.e., Unseasoned “life credit events” such as bankruptcy, foreclosure, short sale, late payments, limited credit. All Non-QM mortgages are manual underwritten programs.
Explore various programs designed to assess a borrower’s capacity to repay a Non-QM mortgage. Bank Statement programs offer robust income and cash flow verification methods. Additionally, consider leveraging personal assets like individual retirement accounts and stock portfolios for qualification purposes. Property investors can also utilize rental income from their rental properties to bolster their eligibility for non-QM mortgage loans. Discover flexible options tailored to your financial needs today.
There are 2 types of mortgages in the United States. Qualified Mortgages and Non-Qualified Mortgages.
Qualified: Agency mortgages and they include:
Federal National Mortgage Association (FNMA), aka “Fannie Mae”,
Government National Mortgage Association (GNMA), aka “Ginnie Mae”,
Federal Home Loan Mortgage Corporation (FHLMC), aka “Freddie Mac”,
Federal Housing Authority (FHA),
Veterans Administration (VA).
These types of lenders are often referred to as “agency lenders” or “government lenders”.
Fundamentally, Non-Qualified Mortgage (Non-QM) lenders and loan programs operate under a different set of rules and guidelines than traditional mortgages. Unlike conventional loans tied to government regulation and mortgage-backed securities (MBS) standards, the Non-QM lending space is driven by the private market.
These lending dynamics allow lenders and underwriters base their credit decisions (approval conditions) on the Ability to Repay rule not agency reseller guidelines.
Non QM lenders address the complete borrower credit profile; credit history, profession, business model, income streams, revenue management, and unique potential to repay the proposed mortgage with more accommodating documentation requirements, alternative income verification, and creative underwriting solutions not found in agency-backed loans.
Non-QM mortgage lending is about alternative documentation in the areas of income documentation as well as employment. Non-QM mortgage product, pricing, guidelines, and availability is private sector driven by privately owned investment companies, hedge Fund companies and is predicated on market performance.
It is not logical to expect a self-employed borrower to produce traditional income documentation to qualify for a home loan. Non-QM Mortgage underwriters look for responsible ways to approve a loan because they are make-sense decision makers. Agency lender underwriters reach for reasons to decline a loan and are more like order-takers. A successful business owner did not achieve their success by accepting a decline notice from an order-taker. Successful entrepreneurs find out how to get things done. This spirit of determination is synonymous with the progressive nature of Non-QM lending.
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