What Are Non-QM Loans, and Are They Right for You?

Not everyone fits the mold of traditional loans. If you’re self-employed, have inconsistent income, or need a creative financing solution, Non-QM (Non-Qualified Mortgage) loans might be the perfect option for you. Let’s explore how they work and why they could be your ticket to homeownership.

What Are Non-QM Loans?

Non-QM loans are designed for borrowers who don’t qualify for traditional loans. They offer flexible guidelines, such as:

• Alternative Income Verification: Use bank statements or assets instead of pay stubs.

• Flexible Credit Requirements: Ideal for those with credit challenges or recent financial events.

• Custom Terms: Options like interest-only payments or higher loan limits.

Who Benefits From Non-QM Loans?

• Self-Employed Individuals: Qualify using bank statements or 1099s.

• Real Estate Investors: Use DSCR loans to expand your portfolio.

• Borrowers with Credit Issues: Recent bankruptcies or foreclosures? Non-QM loans look at your overall picture.

• High-Net-Worth Borrowers: Ideal for those with significant assets but lower taxable income.

Why Choose a Non-QM Loan?

Non-QM loans provide:

• Flexibility: Tailored options for unique situations.

• More Opportunities: Get approved where traditional loans fall short.

• Faster Approvals: Perfect for time-sensitive purchases.

At New Priority Lending, we specialize in Non-QM loans and pride ourselves on finding the right solution for your unique needs. Whether it’s a bank statement loan, DSCR loan, or another option, we’ll guide you every step of the process.