Loan Type:

Non-QM loans are mortgage loans that do not meet the qualified mortgage (QM) standards established by the Consumer Financial Protection Bureau (CFPB).

Eligibility:

Non-QM loans are typically offered to borrowers who do not meet the strict income, debt-to-income ratio, or credit score requirements of QM loans.

Loan Amount:

Non-QM loans may be offered for loan amounts that exceed the maximum loan limits set by Fannie Mae and Freddie Mac for conforming loans.

Down Payment:

Non-QM loans may have more flexible down payment requirements than QM loans, and may allow for no down payment or a lower down payment.

Credit Score:

The minimum credit score required for a non-QM loan varies by lender, but some lenders may offer loans to borrowers with credit scores as low as 500.

Interest Rates:

Non-QM loans typically have higher interest rates than QM loans, due to the higher risk for lenders.

Documentation:

Non-QM loans may require more documentation than QM loans, including detailed income verification, asset verification, and explanation of employment gaps or irregular income.

Fees:

Non-QM loans may have higher fees than QM loans, including application fees, appraisal fees, and closing costs.

Types of NON-QM loans:

Bank Statement
DSCR Investor
Portfolio
Asset Depletion
Foreign National
Hard Money