People also ask
What is a non-QM loan?
A non-qualified mortgage (non-QM) is a home loan designed for homebuyers who can’t meet the criteria for a qualifying mortgage. Are there benefits to a non-qualified mortgage?
Is it safe to get a non QM mortgage?
A non-QM is as safe as any other mortgage on the market. Where to find a non-qualified mortgage Credit unions: A great mortgage loan may be as close as your nearest credit union, even if you can’t qualify for a traditional loan. Credit unions are authorized to issue non-qualified mortgages.
What is a non-qualified mortgage?
What is a non-qualified mortgage? A non-qualified mortgage (non-QM) is a home loan designed to help homebuyers who can’t meet the strict criteria of a qualifying mortgage. For example, if you are self-employed or don’t have all the necessary documentation to qualify for a traditional mortgage, you might need to look at non-qualified mortgages.
What credit score is needed for a non-QM loan?
If you鈥檙e considering a non-QM due to your low credit or high DTI ratio, you have other options. FHA loans, for example, allow for credit scores as low as 500, while VA loans have no credit score requirement at all (though individual lenders may have their own minimums).