Non-Qualified Mortgage (Non-QM Loans)/Portfolio Loans
The Qualified Mortgage (QM) Rule brought about the concept of Non-QM lending. Loans that do not meet the complex rules that are associated with QM are considered Non-QM loans or portfolio loans. Non-QM loans take a common sense approach to underwriting and a borrower’s creditworthiness to determine the willingness and ability to repay the loan. Each situation is unique and each loan is weighed on its own merits. Every lender will approve loans bases on reasonable belief that the borrower has the ability to repay.
Programs: Non-QM Investor Program, ITIN Purchase, bank statement programs, Fresh Start and many other. A borrower can run their case scenario by a Mortgage Loan Originator and see if there is a product that fits their needs.
- 5/1, 7/1 and 10/1 LIBOR ARMS, fully amortizing
- Interest Only available for 5/1 ARM during fixed period
- 15 and 30 year fixed rates, fully amortizing
- No Prepayment Penalty