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A Non-Qualified Mortgage mortgage is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s (CFPB) existing rules on Qualified Mortgage. A Qualified Mortgage (QM) is a home mortgage loan that meets the standards set forth by the Federal government.
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A non-qualified mortgage (Non-QM) is a mortgage that falls outside of the basic standards met by the Consumer Financial Protection Bureau’s (CFPB) rules for a qualified mortgage. Self-employed borrowers, foreign nationals, and borrowers with non-traditional income sources may qualify for a non-qualified mortgage.
A&D Mortgage offers a variety of non-qm loan programs, including the ability to go stated income, stated assets (SISA) on loan amounts up to $2 million. They also offer an interest-only ARM and FICOs can be as low as 500, but mitigate risk with low LTV limits (60% for cash-out, 70% for purchase).
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Non QM loans can help borrowers who have had credit issues in the past such as foreclosures, bankruptcy, late payments or other isolated credit issues. A Non-QM loan also has underwriting guidelines that are different than the typical conventional or government type loans.
A Nonqualified Mortgage (non-QM), on the other hand, is the category that covers all those loans that don't fit the QM characteristics. Therefore, it accommodates.
QM borrowers must be employed; non-QM borrowers can have income from self-employment or investments Monthly payment on the mortgage loan and all other obligations current debt obligations and any child support and alimony credit history and DTI All of these factors must be documented and fully considered for anyone who gets a mortgage loan of any kind.