Non-QM Loan Highlights

• Income verification

  Non-QM loans use alternative methods like bank statements or assets instead of traditional income verification like pay stubs or W-2s. 

• Credit flexibility

  Non-QM loans may be more flexible with credit, allowing borrowers with a history of bankruptcy or foreclosure to qualify. 

• Debt-to-income ratio

  Some non-QM loans allow for higher debt-to-income ratios than qualified mortgages.

 

Non-QM Loan Costs 

• Non-QM loans are typically more expensive than traditional mortgages.

• You'll likely pay higher closing costs due to the increased cost of points and fees.

• You'll probably have a significantly higher rate than traditional mortgage rates.

 

Non-QM Loan Programs

 

Uses for non-QM loans include Rate-and-term refinance, Cash-out refinance, and new home purchase for owner-occupied or second homes.

 

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