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.
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