NON-QM

Home Loans

Non-QM loans are mortgage loans that aren't supported by Fannie Mae or Freddie Mac. They assist borrowers who might not meet the criteria for a regular mortgage. This guide explains the important aspects and advantages of non-QM loans.

  • A non-QM loan has a nice advantage: you don't need to show your income. Instead of proof of income in some cases, the lender can look at your bank statements and other money-related documents to decide if you can pay back the loan.

  • Non-warrantable condo loans are a type of loan for buying condos that don't meet Fannie Mae or Freddie Mac's requirements. These loans are for condos with lots of renters or owners who haven't paid, or condos with restrictions on renting or selling.

  • ITIN loans are for people without a social security number. These loans are for those with an ITIN, which the IRS gives for tax purposes. ITIN loans are a type of non-QM loan that can help people buy a home without a social security number.

  • DSCR loans are a type of non-QM loan for investors buying or refinancing rental properties. Instead of looking at the borrower's income, these loans assess the property's cash flow to determine loan repayment ability.

  • Foreign national loans are a particular type of loan for people who aren't American citizens or permanent residents. These loans are for foreign nationals who want to buy a house in the United States.

  • Bridge loans are a non-conventional mortgage that allows you to buy a new home before selling your current one. They provide temporary funding to bridge the gap between buying a new home and selling the old one. Once your old home is sold, you can use the proceeds to repay the bridge loan.