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For a loan to be classified as a Qualified Mortgage, lenders must first document borrowers' income, employment status, credit, debts and assets to make sure that these borrowers can afford to repay their mortgage.Ī Qualified Mortgage is a rather vanilla one, too, such as standard fixed-rate or adjustable-rate loans. What exactly is a non-QM loan?Ī non-QM loan is, at its most basic, a mortgage loan that doesn't meet the standards spelled out in the Qualified Mortgage rule adopted by the Consumer Financial Protection Bureau in 2014. These loans, because of the risk that comes with not reducing a mortgage’s principal balance, are only available as non-QM loans. But there are some buyers – those who plan to move after a short period of time or those who expect to earn a significantly higher salary in the next few years – who might benefit from interest-only mortgage rates and monthly payments that come with these products. In these loans, borrowers only make interest payments for a set number of years, leaving the mortgage’s principal balance untouched. Non-QM loans are also good for borrowers who might be interested in a riskier loan type. "However, they can afford a mortgage and have the necessary assets." "There are millions of people in the United States who can't get a mortgage because they don't fall within the standard guidelines because of some type of credit event or having to prove their income," Matthewson said. These loans are a good option for borrowers who don't have perfect credit or have inconsistent income streams that make lenders nervous. Non-QM loans on the riseĬhuck Matthewson, senior mortgage consultant for Charlotte, North Carolina-based lender, said that he expects more borrowers to consider non-QM loans in the future. Is a non-QM loan right for you? Lenders say it could be, if you do your research, can afford the sometimes higher monthly payments that come with these loans and understand the riskier features of these products. Worried that lenders won't approve you for a mortgage because of an iffy credit score or an irregular income stream? You might be a candidate for a non-qualified mortgage, a loan tailored to consumers considered riskier borrowers by lenders.Ī non-qualified mortgage loan, also known as a non-QM loan, is also an option for borrowers interested in more exotic loan types, including interest-only mortgages and loans with longer terms.Īccording to the Origination Solutions Survey from Altisource Portfolio Solutions, the volume of non-QM loans is on the rise, with the company predicting that the dollar volume of these loans will rise by 400 percent this year.
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