Non QM Loans

Some borrowers can’t get approval for a mortgage because of poor credit score or inconsistent/irregular income. For such borrowers, a non-qualified mortgage -- a loan tailored to consumers considered a higher risk to lenders -- may be right for you.

A non-qualified mortgage loan, also known as a non-QM loan, is also an option for borrowers interested in more creative loan types, including interest-only mortgages, and loans with longer terms.

Advantages

  • Document your income using bank statements
  • Get competitive rates and loan amount even when you don't fit conventional financing
  • Get higher loan amounts and have more flexible underwriting guidelines
  • Qualify without income - use the rents of the property or just your assets
  • Loan can be made to a legal entity such as an LLC or family trust
  • Can be used to consolidate various mortgages into a single loan
  • Mortgage insurance may not be required
  • Can be used for rental properties or commercial businesses
  • May not need to document income to apply.
  • Qualify for a loan when you did not think you had an option

Disadvantages

  • Higher fees
  • Higher interest rate
  • More reserves required sometimes
  • Need good credit

Learn More

If you have low credit scores or inconsistent income, we may be still be able to find a mortgage that works for you. Call us at 443-398-0711 or click the button below for a free consultation.

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