What Is A Non-QM Loan?
At Alameda Mortgage Corporation, we understand that every borrower is different, and not everyone fits into the standard mold of traditional mortgages. That’s why we offer Non-QM (Non-Qualified Mortgage) loans to cater to borrowers with unconventional financial situations or those who may not meet the strict qualification criteria for typical home loans.
What are Non-QM loans, you ask? These loans do not adhere to the specific guidelines set for Qualified Mortgages (QM), giving them more flexibility in their approval process. Here are some reasons why you might consider exploring Non-QM loans:
Non-QM Loan Features
- Self-Employed Individuals with Variable Income: For self-employed borrowers, consistent income streams may be hard to demonstrate, making it challenging to meet the strict debt-to-income (DTI) ratios required for QM loans. Non-QM loans provide an alternative solution for such individuals, considering their unique financial circumstances.
- Unique Property Types: Have a property that doesn’t fit into the standard lending categories? Maybe it’s an investment property or a home with non-standard features. Non-QM loans come to the rescue, offering financing options that traditional mortgages might not accommodate.
- Credit Issues: If you’ve experienced recent credit events like bankruptcies or foreclosures, you might not qualify for a QM loan. However, with a non-QM loan, you could still be eligible if you can demonstrate your ability to repay.
- High Net Worth Borrowers: Affluent borrowers with substantial assets but limited income may find Non-QM loans to be a better fit. These loans take into account your overall financial picture, not just your income, making it possible to secure financing that suits your needs.
We have a variety of Non-QM loan programs available, including:
- Stated Income Loans for Primary Residence Transactions: Ideal for those who can’t provide traditional income documentation. (These products may have a higher interest rate, more points or more fees than other products requiring documents.)
- Bank Statement Programs: Designed to consider your income based on bank statements, perfect for self-employed individuals.
- 1099 Only Programs: Tailored for independent contractors who receive 1099 forms as proof of income.
- Debt Service Coverage Ratio Loans for Investment Property: For investors who need financing based on the property’s income potential.
- Non-Warrantable Condo Financing: Financing options for condos that don’t meet the standard warrantable guidelines.
- Financing for ITIN Borrowers: Specifically crafted for borrowers using an Individual Taxpayer Identification Number.
Don’t let rigid lending guidelines hold you back! Our team of experienced loan officers is ready to assist you in exploring the possibilities of Non-QM loans. If you think you might benefit from a Non-QM loan or have any questions, reach out to us today to find out more. We’re here to help you achieve your homeownership dreams with a mortgage that fits your unique financial situation!
Under the authority of its licenses, Alameda Mortgage Company will provide brokerage services for all Non-QM loan products.
At AMC, we believe in personalized banking. We use state of the art technology to make sure that you are advised, included, and supported through every step of the loan process. Most importantly, we take the time to know you and craft products that are tailored to you and your individual life path. Watch the video below to learn more about our unique approach to the loan process.