A Non-Qualified Mortgage (Non-QM) is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on Qualified Mortgages (QM). Usually this type of mortgage loan accommodates people who can’t prove they can make the mortgage payments. Just because it’s a Non-QM mortgage loan doesn’t necessarily mean it’s high-risk or subprime mortgage risk, and in many cases these mortgage loans require a high FICO score but simply don’t check all the boxes associated with a QM loan. Our platinum Non-QM mortgage loan features down payment options as low as 10%, and bank statement income for self-employed borrowers.
Non-QM loan features:
Max loan $3 million
Minimum credit score 720
As low as 5% down
Primary residence or second home
Fixed rate or adjustable rate options
Interest only option available
Is a Non-QM mortgage loan right for you?
If your credit has some blemishes, or you’re self-employed and your taxes don’t tell the whole story, a Non-QM loan might be a good fit for you. If you’re someone who needs an alternative mortgage program because you don’t meet the general financing guidelines, a Non-QM mortgage loan might be a good option. Here are some other things to consider when determining if a Non-QM loan is right for you:
You couldn't qualify for a conventional or government-insured loan
You're self employed
You're a real estate investor
You're a foreign national or non U.S. resident
You have excellent credit, but are requesting a loan with higher risk features
Why choose EverLEND Mortgage for your 15-year fixed rate mortgage?
We’re experts with deep experience in underwriting, processing, and closing on Non-QM loans. Let our professionals guide you through the experience!
This is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. EverLEND Mortgage Company is an Equal Housing Lender NMLS# 1100621.