A non-QM or non-qualified mortgage is a home loan that doesn’t meet the U.S. Department of Housing and Urban Development’s (HUD) QM definition. To meet HUD’s QM definition, a mortgage loan must meet the following guidelines:
- Require periodic payments without risky features
- Have terms not to exceed 30 years
- Limit upfront points and fees to no more than three percent with adjustments to facilitate smaller loans
- Be insured or guaranteed by FHA or HUD
Not all borrowers are alike, which is why Non-QM products were developed. Many credit-worthy borrowers don’t fit into the conforming loan guidelines. In response, lenders like Mortgage Equity Partners offer a wide selection of Non-QM specialty products. Our goal is to provide the best mortgage experience for our borrowers, including having the most diverse and inclusive portfolio of loan programs in the industry.
Here is a list of just some of the Non-QM loan solutions we offer:
Bank Statement Loans are loans designed around the needs of self-employed borrowers featuring common sense underwriting that considers their unique income documentation challenges.
Non-Warrantable Condos are loans for a primary residence, vacation home, or investment property with loan amounts as high as $2,000,000.
Investment Property Loans are loans for investors tailored to their unique needs. These loans offer highly competitive pricing and loan amounts of up to $1,000.000. In addition, our investment property loan program makes qualifying easier with debt to income ratios of up to 50%.
Jumbo Loans – loans that exceed the conforming loan limit of $674,200 for borrowers that don’t meet the conventional mold.
Foreign National Loans are designed to manage the challenges of navigating the credit and asset verification issues faced by foreign national borrowers so that loans can be funded on time and with a minimum of hassle.
Bridge Loans allow access to equity from your current home to purchase a new home with no monthly payments on the bridge financing. In addition, bridge loans allow borrowers to make a non-contingent offer on a new property.
To learn more about our Non-QM line of products, contact us today.