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Non QM Lenders

NON QM Purchase Products Purchasing a new home is an exciting experience, but finding the right mortgage can be stressful. Avoid having to go through complicated qualification metrics by pursuing a non-QM loan with us at MortgageDepot a mortgage broker that provides instant home buyer power.

Have you gone through a foreclosure, bankruptcy, or late payments and wonder how you can get a mortgage loan? Non QM loans may be for you!

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After the new CFPB rules were adopted, loans that did not stick to QM standards were found to be non-QM loans. A loan that is non-QM is not necessarily a higher risk loan. It just means that loan does not follow the QM definition. Generally, non-QM loans are designed today to offset some of the risks of the past. For example, many lenders require people with non-QM loans to have more cash reserves and a higher credit score.

LenderLive offers non-QM loans via its correspondent channel, including interest-only offerings such as 5/1 Interest Only and 7/1 Interest Only products, along with high DTIs and jumbos. LendSure Mortgage offers a variety of non-QM offerings, including DTI ratios up to 50%, a 24-month bank statement program, and loan amounts as high as $1.5 million.

Qualified Mortgages are government and conventional loans. Non-QM loans are portfolio loans that do not conform to government and/or conventional mortgage guidelines. Non-QM mortgage rates are higher than traditional loans. 10% to 20% down payment is required. There is no maximum loan limit caps on Non-QM Loans

A good example of Non-QM loan is an Interest-Only loan still being offered by some lenders. These types of loans are primarily provided to wealthy borrowers. The CFPB rule that requires lenders to document a borrower’s ability to repay a loan is excluded from being considered a QM because borrowers often face payment shock once they have an obligation to start paying the principal, often, after about 5 to 7 years of only paying interest on the loan.

Citadel Servicing is the largest of all non-prime mortgage lenders, including those that offer a bank statement loan program. One of the reasons that Citadel is so popular is they allow up to a 90% LTV with bank statements used for income documentation. They also offer quite a bit of leniency on credit history.