Challenging Home Loans
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We have Loans Tailored for many Challenging Circumstances
Non-QM (Non-Qualified) Home Loans are an alternative to qualified mortgage (QM – qualified mortgage) loans. While QM loans are required to meet the federal government and Consumer Financial Protection Bureau’s (CFPB) guidelines for qualified mortgages, non-QM loans do not.
Typical QM loans require income verification, money or equivalent reserves, higher credit scores, and other conditions.
Borrowers, due to their particular circumstances (which may have been beyond their control) may not qualify for a QM loan.
In such cases, they may still have an option to obtain a non-qualified loan.
A Non-QM loan allows a borrower to qualify based on alternative methods, instead of the traditional income verification required for most loans, by way of bank statements or using assets as income.
While non-qualified loans typically carry higher costs than conforming loans, depending on the borrower’s financial situation, and their property ownership goals, may still be a very viable and attractive option to afford a borrower property ownership where otherwise they may not qualify to purchase a property.
Non-QM loans are not predatory loans. There are still legal protections in place to protect both the borrower and the lender.
Typically, there are a large number of products to choose from, and we are ready to discuss them with you, if you choose to reach out and discuss the possibilities.
Contact us today, and let us answer any questions which you may have.