Non Qualified Mortgage

Borrowers that fall outside of qualifying for a traditional mortgage (conventional, FHA, USDA, VA) may be eligible for a Non-QM mortgage. These types of loans are from private investors who offer specific programs to borrowers that are not eligible for other types of loans. A borrower applying for a non-QM mortgage might go this route because:

• Recent bankruptcy or foreclosure
• Unique property type that is not eligible for other financing
• Self-employed borrowers who may need to rely on bank statements, 1099’s, or P&L’s for qualifying income
• DSCR Investor Loans,
• Asset Depletion Loans,
• Bridge Loans,
• 5-8 Unit Residential,
• Fix & Flip/Rent Loans,
• Soft Money Commercial,
• Multi-Family to 30-units,
• Mixed Use, Warehouse, Self-Storage, etc.
• Foreign nationals
• The rates and fees for these types of loans are typically higher than with a traditional mortgage.

It is a viable option to get approved for a loan that a traditional mortgage doesn’t have a place for. There are no standard guidelines or criteria for these types of loans. To see if you’re eligible, please contact me below to review your particular scenario.