Non-QM Loans: When You Don’t Fit the Mold
There are special situations where you may not qualify for a standard or traditional mortgage—for example, you may have a non-traditional source of income or a low credit score. A Non-QM (non-qualified) mortgage allows you to get a loan based on other factors. If proving income is an issue, we can typically prove your income with your asset or bank statements.
Qualify without traditional income requirements
You can use various assets you own to qualify instead of your monthly income. For example, we can prove income by showing regular deposits into an asset or bank account(s).
More relaxed credit requirements
Don’t let a low credit score hold you back—you can usually qualify with a credit score under 600.
Get a mortgage as a foreign national
Without being a US citizen, this is your way to own a piece of the American Dream.
There’s no problem if you have another mortgage
There’s no need to worry about other mortgages you may have since they typically will not stop you from getting a new Non-QM loan.
Do I Qualify for a Non-QM Mortgage?
Getting a Non-QM loan is best for those with special circumstances and those who may not qualify through traditional methods. As an example, Non-QM loans can work in the following situations:
- You’re self-employed or have a non-traditional income
- You have a poor credit history
- You have limited documentation
- Your debt-to-income ratio is higher than 43%
- You’re an investor who wants to purchase rental or vacation properties
If you have inconsistent income, you aren’t a US citizen, or you have a lower credit score, a non-QM loan is usually your best option. That’s because it allows you to bypass the traditional qualification requirements.
I am a foreign investor. Is this the right loan for me? Not being a US citizen doesn’t have to stop you from making an investment and owning land in the US. A non-QM loan is the most recommended way for a foreign investment.
The downside is that you’ll usually need a larger down payment. But, on the flip side, you can qualify with a lower credit score and non-traditional income
While the exact requirements may vary, investment portfolio holdings and existing real estate equity are usually the most obvious choices
Not being a US citizen doesn’t have to stop you from making an investment and owning land in the US. A non-QM loan is the most recommended way for a foreign investment.
No situation is too complex
With a real estate attorney at the helm, there is no situation that is too unique or complex for us to handle. Our highly trained team specializes in complex loans.
We’re also real estate attorneys
Nikkael Home Loans is owned and operated by attorneys who know how to work through challenging matters to find the best solution for you.
There’s no pressure
We won’t sell you on a loan—instead, we will educate and inform you about the best options to match your needs.
I was extremely impressed with your handling of the loan – I don’t say that very often. Thanks again.
We are very grateful to have you as our broker, you have helped us a lot and done a great job from the very beginning.
You did a wonderful job, I don’t think anyone else would have taken the time and put in the effort to get my loan closed.
For homeowners 55 and older who want to borrow part of their home's equity as tax-free income. You can use the money to pay off debt, make some home improvements, or pay for long-term care.
Lock in a lower interest rate, reduce your monthly mortgage payment, improve terms, put cash in your pocket—these are all great reasons to refinance your home loan and get a new and improved mortgage.
When a typical home loan isn’t your best choice, perhaps due to a low credit score or high debt-to-income ratio, we can help you get a private, or hard money, loan.
FHA & VA Loans
Two of the most popular loans are the FHA government loan program and the no-money-down military VA loan.
Interested in a Non-QM Loan?
We’re a top non-QM mortgage broker in Orange County, and we’re armed with answers to all your questions. Contact us today!