Non-QM Loans

What are Non-QM Loans?

Non-qualified mortgages (often referred to as non-QM loans) are products that are designed to potentially accommodate specific categories of “non-traditional” home loan borrowers.  When certain regulations were implemented in response to the subprime mortgage crisis, there was a gap left in the consumer mortgage market. This gap left some borrowers – namely, real estate investors and the self-employed – unable to attain the mortgage loans they needed in order to finance the purchase of a home.

Likewise, other applicants found their access to financing cut off because of minor blemishes on their credit reports; for these individuals, even non-conforming loans were off limits.   In response, some mortgage lenders took initiative to fill the widening gap and provide expanded options for these consumers. What they developed was a collection of mortgage products now categorized as non-QM.  If you are looking to buy a home in Eureka, McKinleyville, Arcata or Fortuna as well as the entire state of California, contact us today at 707-445-3027 or fill out quick quote.

Advantages of Non-QM Loans

  • No minimum mandatory waiting period after bankruptcy, deed in lieu of foreclosure, foreclosure and short sale
  • Income verification can be done through bank statements for self-employed
  • Fixed assets can be used to qualify for a loan
  • Reduced documentation
  • Credit scores as low as 500

Qualify for a Non-QM Loan Today

If you are are seeking innovative financing in Eureka, Arcata, McKinleyville, Fortuna or anywhere in California we can help. We are committed to helping California realize the dream of home ownership. For more information on Non-QM loans or how to get started contact us today at 707-445-3027 or fill out the quick quote.

Non-QM Loans