NON QUALIFIED MORTGAGE 

Non- QM Loans

Non- QM loans are mortgages that don't meet the Consumer Financial Protection Bureau's requirements to be qualified mortgages. In order to be considered a qualified mortgage, it must have the ability to repay rule, requiring lenders to vet your finances and set terms on the likelihood to repair the loan. Because this type of loan is risky for the lender below are some features a lender may use. 

Key Takeaways 

• Flexibility with Income or credit history 

• Interest only payments

• Negative amortization 

• Balloon payments 

• Longer loan term 

• Higher priced loans with upfront points and fees. 

• Relaxed Credit requirements 

• Alternative documentation to verify income 

• Available for foreign nationals