A Non-QM or non-qualified mortgage
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 industry’s most diverse and inclusive portfolio of loan programs.
Here is a list of just some of the Non-QM loan solutions we offer:
Bank Statement Loans
These are loans designed around the needs of self-employed borrowers seeking to purchase or refinance. Our bank statement loan program doesn’t require tax returns and uses common sense underwriting that considers thier unique income documentation challenges. There is also a 1099 option available. This program is for borrowers with credit scores of at least 660 who are purchasing an owner-occupied, second-home, or non-owner-occupied property.
Non-Warrantable Condos
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
Investment Property Loans are loans for investors tailored to their unique needs. These loans offer highly competitive pricing and loan amounts of up to $3.5 million.
Jumbo Loans
Jumbo Loans exceed the conforming loan limit for borrowers that don’t meet the conventional mold.
Foreign National Loans
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 minimal hassle.
Bridge Loans
Bridge Loans are short-term mortgages that allow borrowers to use the equity in their current home as a down payment on a new home. In a competitive market, using a bridge loan can remove the home sale contingency from a purchase offer. With MEP’s Instant Equity Bridge loan, no new qualification is required, and funds are sent directly to closing. In addition, this program does not require a monthly payment. Instead, payments accrue and are paid when the property is sold.
