Who Qualifies for a Non-QM Loan?

As you go through the home buying process, you’ll realize that applying for a mortgage requires you to submit documents proving your income, assets, and current debt situation, such as bank statements, pay slips, W2s, and income tax returns.

What about borrowers with unique financials? If you are one of those who can’t come up with the usual documentation, a non-QM home loan in Woodland Hills, CA, is a good option.

Imagine getting a loan using bank statements for income. Homeownership is now possible for those who earn “outside of the box.”

What is a Non-QM Loan?

Various loan products fall under the Non-QM umbrella. Generally, anything underwritten outside of the conventional or government guidelines is categorized as non-QM.

Non-QMs may have had their bad rep in the past, but today they are an excellent alternative for many borrowers.

As mentioned, loans where a borrower qualifies using bank statements for income are standard non-QM loan products. Others include jumbo loans, loans for foreign nationals, loans for those with recent bankruptcy or foreclosures, and loans for unique properties are popular non-QM loans.

If you are ready to apply for a non-QM mortgage in Woodland Hills, CA, contact our loan officers at Nuline Funding to help you get started.

Who benefits from a non-QM loan?

The qualifications for a non-QM loan are different from conventional and government-insured loans. Not everyone has a steady income from a salaried job, good credit scores, and a DTI of less than 43%, which is the usual requirement for traditional and federal loans.

Those with good income and numerous assets who don’t meet traditional and government-insured loan requirements may be good candidates for QM loans.

A non-QM loan program would benefit the following:

  • Foreign nationals

  • Real estate investors

  • Prime borrowers

  • Self-employed borrowers

  • Those with significant assets

Non-QM loans give borrowers an alternate method of income verification which is good news for those who consistently fail to get approved for traditional and government-backed loans.

If you are self-employed, have non-traditional income documents, or have assets but can’t get approved for a traditional loan, a non-QM loan can give you a shot at homeownership.

Reach out to our loan officers at Nuline Funding and get started on your journey to buying your dream home.

We provide mortgage solutions for borrowers with non-traditional financial backgrounds.

* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.