Non-QM loans
Non-QM Loans (Non-Qualified Mortgage Loans) refer to mortgage products that do not meet the standard guidelines set by the Consumer Financial Protection Bureau (CFPB) under the Qualified Mortgage (QM) rule. These loans are designed for borrowers who may not qualify for traditional or government-backed mortgages but are still creditworthy.
Key Features of Non-QM Loans
Flexible Income Documentation
Bank Statements: Used instead of W-2s or tax returns to verify income, often for self-employed borrowers.
Asset Depletion: Income qualification based on liquid assets.
1099 Income: For independent contractors and gig workers.
DSCR (Debt Service Coverage Ratio): For investment properties, based on rental income rather than personal income.
Alternative Credit Criteria
May allow lower credit scores (e.g., as low as 580).
Can consider recent credit events like foreclosure, bankruptcy, or short sales.
Higher DTI (Debt-to-Income) ratios may be allowed—sometimes up to 50% or more.
Loan Terms
Typically 15, 30, or even 40-year terms.
Interest-only options are available.
Fixed or adjustable-rate mortgages (ARMs) available.
Property Types
Primary residences, second homes, and investment properties.
Non-warrantable condos, mixed-use properties, and foreign national buyers may be eligible.
Who Uses Non-QM Loans?
Self-employed individuals with non-traditional income.
Real estate investors and flippers.
High net worth individuals with significant assets but low taxable income.
Foreign nationals investing in U.S. property.
Borrowers with recent credit events who don’t meet conventional guidelines.
5) Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses.
6) Homeowners must continue to pay property taxes, insurance, and maintenance costs while they have a reverse mortgage.
7) It's important to carefully consider the pros and cons of a reverse mortgage before deciding if it's the right option for you.
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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Steckel Loan Company
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Copyright ©2021 The David Steckel Team | NMLS# 24841
Licensed to do business in Georgia.
This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.
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