Non-QM Mortgages
Non-QM (Non-Qualified Mortgage) loans are designed for borrowers who do not meet traditional mortgage guidelines but are still financially capable of homeownership. These loans offer flexible qualification criteria, making them ideal for self-employed individuals, business owners, foreign nationals, and those with unique income circumstances.
Full Doc Plus
(DTI up to 55%)
This program is designed to qualify full doc borrowers under expanded underwriting guidelines. Loans in this program consider all factors as required in the Ability to Repay Rule. DTI is up to 55%.
12-Month
Bank Statement
This program is designed to qualify self-employed borrowers and business owners with 12 months’ personal or business bank statements in lieu of tax returns to purchase or refinance primary and secondary homes.
24-Month
Bank Statement
This program is designed to qualify self-employed borrowers and business owners with 24 months’ personal or business bank statements in lieu of tax returns to purchase or refinance primary and secondary homes.
1099 Only
This program is designed to qualify self-employed borrowers with most recent one year 1099 and YTD bank statements to purchase or refinance primary and secondary homes.
CPA Letter
This program is designed to qualify business owners with a 12-month profit and loss letter from a certified CPA to purchase or refinance primary and secondary homes.
Asset Qualification
This program is designed to qualify borrowers to purchase or refinance primary or second homes by using liquid assets, such as cash, securities or assets in a 401(K) or an IRA account. Employment or income verification is not required.
WVOE
This program is designed to qualify borrowers with a written verification of employment (WVOE) to purchase or refinance primary and secondary homes with no requirement of paystubs, bank statements or 1099s.
ITIN
This program is designed to qualify nonresident alien borrowers who don’t have Social Security Number (SSN) but have Individual Taxpayer Identification Number (ITIN) to purchase or refinance primary and secondary homes.
Foreign National
This program is designed to qualify borrowers who live and work outside of the US with no US citizenship status or FICO score to purchase or refinance secondary homes in the U.S.
Jumbo Non-QM
This program is designed to qualify borrowers to purchase or refinance luxury homes with large mortgage balances. Submission of exception may be required. Haircut to LTV may apply.
Non-Warrantable Condo
This program is designed to qualify borrowers to purchase or refinance non-warrantable condos. Examples of non-warrantable condos include condos in an incomplete condo project or condos with high percentage of rental units.
Interest Only Program
This program is designed for borrowers who prefer only to make interest payments for their mortgages. Under the program, no payment of principal is required for the first ten years. This program is offered along with other non-QM programs.