Sometimes you need more flexibility than the traditional lending process offers. In those situations, you might need to apply for a non-QM loan.
What is a Non-QM Mortgage?
Non-QM is short for “non-qualifying mortgage.” To understand what a non-qualifying mortgage is, it helps to know what a qualifying mortgage is.
Qualifying loans meet requirements set by the Consumer Financial Protection Bureau (CFPB). Non-QM loans are simply mortgages that do not meet these requirements.
Non-QM loans can sometimes be riskier than qualifying mortgages, or have higher rates or fees. But they offer a number of advantages that make them a suitable choice in a range of different scenarios.
Benefits of Non-QM Mortgages in Corona
- You will be able to get around traditional documentation requirements. For example, you can apply for a mortgage without a W-2. This is important if you are self-employed, as you do not have this form.
- Other qualification requirements may also be more relaxed. You may not need to demonstrate an employment history, for instance, and lower credit scores may be acceptable.
- If you are in search of a wider selection of loan terms than is traditionally offered, a non-QM mortgage may be the way to go.
- If you are shopping for an investment property, projected income from the property can be taken into account when your qualifications are assessed.
Apply for a Non-QM Mortgage in CA or Beyond
We offer a selection of non-QM mortgage products for different situations, including self-employed borrower loans. During your consultation, you can explain your scenario to us, and we can help you figure out whether a non-QM loan will fit your needs.
Please contact us today at (951) 531-1399 to schedule your mortgage consultation. We work with homebuyers throughout California, Florida, Oregon, Nevada, Colorado and Washington State.