What are Non-QM Loans

At Billcutter have a large product menu of Non-QM Loans for non-traditional borrowers. In order reduce risk of loss after the mortgage meltdown in 2008, federal regulators tightened borrower requirements on mortgage loans that could be backed and bought by government agencies. Loans that meet all the new criteria are called “qualified mortgages.” Any loan that falls outside of those qualifications is called a “non-qualified mortgage” or non-QM. 

A Non-QM is a mortgage loan that uses alternate methods to verify income to qualify borrowers. Even though these loans do not meet the standard requirements, they are not necessarily riskier loans. All borrowers are still required to prove their ability to repay the loan. Because there is more work required to process Non-QM loans, the interest rates tend to be anywhere from 0.5% to 5% higher, depending on the loan terms.

Non-QM We Offer:

• -12 or 24 Month Bank Statement Loans for Self Employed Borrowers
• -1099 Only Program
• -Debt Service Coverage Ratio (DSCR Loans)
  
• -Foreign National Loans
• -Home Equity Loans (Bank Statement, DSCR and Foreign Nationals)
• -Interest Only Loans
• -ITIN Loans
• -Airbnb home financing
• -Asset Qualification Program
• -Small Balance Multifamily Loans
• -P&L Only Program
• -WVOE Only Loan
• -Condotels
• -Private Money Financing 

For more information call a Loan Officer at (888) 855-1423 or CLICK HERE to apply online!