WHAT IS AN NON-QUALIFIED MORTGAGE?
A non-qualified mortgage (non-QM) is a type of mortgage that doesn't meet the standards set by the Consumer Financial Protection Bureau (CFPB) and/or the federal government. Non-QM loans are designed for people who don't meet the criteria for traditional mortgages, and can be a good option for borrowers with:
​
-
Low or no credit score
-
Multiple income streams or sporadic pay
-
A need for quick funding
-
A history of bankruptcy or foreclosure
​
HOW CAN A NON-QUALIFIED
MORTGAGE WORK FOR YOU?
BANK STATEMENT LOAN
Designed for the self-employed borrower which requires 12 to 24 months of bank statements to calculate your qualifying income.
This loan does not require personal or business tax returns, W2’sk, or paystubs to verify income. This is a great option for business owners,
Independent contractors, and entrepreneurs.
ITIN LOAN
Allows non-citizens who do not have a social security number to apply for a mortgage in the U.S by using your taxpayer ID number.
Those who can benefit includes both residents and non-residents who are not citizens of the U.S; as well as foreign nationals who do not have a social security number.
ASSET DEPLETION LOAN
Allows borrowers to use their liquid assets instead of traditional employment income to qualify for a loan.. These loans calculate creditworthiness based on the borrower’s assets rather than regular.
The type of documents that can be used are stocks, bonds, mutual funds, savings and checking accounts, as well as the vested amount in retirement and money market accounts.
DSCR LOAN
Allows borrowers, usually investors, to qualify for a property based on their rental cash flow instead of using their personal income to qualify for a loan. A DSCR is calculated by: Net Operating Expenses / Total debt service.