Loan programs
Non-QM loans
A non-QM loan sits outside the standard qualified-mortgage rules. It is underwritten on real ability to repay, documented in ways that fit how self-employed people, investors and people rebuilding after a credit event actually live.
Who it fits
- Self-employed borrowers whose tax returns understate income
- Real estate investors
- Recent bankruptcy, foreclosure or short sale
- Foreign nationals and ITIN borrowers
What to know
- Income can be shown with bank statements, 1099s, a profit-and-loss statement, or assets.
- Rates are usually higher than agency loans; the trade is a loan that fits when agency rules do not.
- Many borrowers use non-QM for a year or two, then refinance to a conventional loan once their file fits.
What you'll need
- What you would normally show for income (we will say which form is best)
- Asset statements
- A credit check
Questions
Non-QM questions
Is non-QM the same as subprime?
No. Non-QM loans still verify that you can repay; they just accept different documents. Many non-QM borrowers have excellent credit and simply earn their income in a way tax returns do not show well.
Get started
Talk through Non-QM options
A few details and Lucas will come back with real options and real numbers, usually the same business day.
- No cost and no obligation
- Answered by Lucas, not a call center
- Your information is never sold