Non-QM loans
These are loans that do not meet the standards set by Fannie Mae and Freddie Mac or one of the GSE’s. It is for borrowers who’ve tried to get a qualified mortgage but were turned down for one reason or another.
Self-Employed borrowers generally have inconsistent work schedules and receive income from different sources. Rather than relying on W2’s which are the traditional method of verifying income. Often borrowers like this will want to learn more about bank statement loans.
Real Estate Investors often take advantage on Non-QM loans. They will either buy a property to renovate and sell quickly or use a property for rental income.
Foreign Nationals are another Non-QM borrower. These borrowers are typically non-resident borrowers who want to purchase property in the US but might have trouble qualifying because they don’t have a credit history in this country. Non-QM lenders use other sources to verify their credit history.
To learn more about our Non-QM line of products, contact us today.
