![]() Once you’re eligible for traditional financing, you’ll be looking to refinance out of the non-QM mortgage. These loans give you the opportunity to build equity instead of renting. They are meant to be a short term solution for short term circumstances. These loans typically have higher rates and costs that traditional mortgages. Keep in mind, the more recent the event (and the lower the credit) the more down payment that will be required. With a non-QM mortgage you do not have a waiting or “seasoning” period. Traditional mortgages require 2-4 years after bankruptcy and 3-7 year waiting period on foreclosure. There is no long drawn out waiting period after the time your foreclosure or bankruptcy has been completed. Non-QM mortgages allow for as low as 500 credit score, and are available as soon as 1 day out recent foreclosure. If you previously fell on hard times, and are now back on your feet, this may be the option you have been looking for. Foreign national with limited or no history in the USīelow we’ll cover each product in detail.Real estate investors looking to get approved based on property cash flow.Business owners who have unique income on tax returns.Low credit score or recent credit event (bankruptcy, foreclosure, short sale).Here are the most common reasons a non-qm mortgage is used: What types of Non-QM Mortgage programs are available?ĭepending on your situation, you may fall into one of several cases where a portfolio loan or non-QM loan will be needed. You have the opportunity to accomplish your home ownership goals even if you don’t meet normal lending guidelines. With a non-QM mortgage your scenario can be looked at with more of a common sense approach than a “traditional” home loan. These loans are also commonly referred to as portfolio loans. What is a Non-QM Mortgage?Ī non-QM mortgage is a home loan that allows borrowers to get approved for financing even if they do not meet traditional lending guidelines. ![]() Here we’ll cover everything you need to know what Non-QM Mortgage Loans and what you can expect if seeking mortgage approval. If you have been told you do not qualify for a traditional mortgage because of credit, income, property, or all of the above – a Non-QM Mortgage will likely be your solution. ![]()
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