LOAN PROGRAM

Non-QM

Non-QM loans are a popular option for borrowers who do not meet the strict eligibility requirements of QM loans but still have the ability to repay the loan. They offer flexibility in terms of loan amount, down payment, and credit score, but they also come with higher interest rates, stricter documentation requirements, and higher fees than QM loans.
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Loan Type:

Non-QM loans are mortgage loans that do not meet the qualified mortgage (QM) standards established by the Consumer Financial Protection Bureau (CFPB).

Eligibility:

Non-QM loans are typically offered to borrowers who do not meet the strict income, debt-to-income ratio, or credit score requirements of QM loans.

Loan Amount:

Non-QM loans may be offered for loan amounts that exceed the maximum loan limits set by Fannie Mae and Freddie Mac for conforming loans.

Down Payment:

Non-QM loans may have more flexible down payment requirements than QM loans, and may allow for no down payment or a lower down payment.

Credit Score:

The minimum credit score required for a non-QM loan varies by lender, but some lenders may offer loans to borrowers with credit scores as low as 500.

Interest Rates:

Non-QM loans typically have higher interest rates than QM loans, due to the higher risk for lenders.

Documentation:

Non-QM loans may require more documentation than QM loans, including detailed income verification, asset verification, and explanation of employment gaps or irregular income.

Fees:

Non-QM loans may have higher fees than QM loans, including application fees, appraisal fees, and closing costs.

Types of NON-QM loans:

Bank Statement
DSCR Investor
Portfolio
Asset Depletion
Foreign National
Hard Money