Non-Qualified Mortgage (Non-QM) loans provide a range of flexible financing options, catering to borrowers who may not fit the traditional lending mold. From Written Verification of Employment (WVOE) to Asset Depletion loans, Non-QM loans open doors to various possibilities. Here’s a comprehensive look at this innovative mortgage solution.
What Are Non-QM Loans?
Non-QM loans fall outside the typical guidelines set by the Consumer Financial Protection Bureau. They allow lenders like Amres to tailor financing to unique situations, offering opportunities for self-employed individuals, retirees, and others with non-traditional income sources.
Non-QM Loan Options:
For those with non-traditional income, there are various options available to finance your home purchase. Individuals’ income scenarios may vary greatly from person to person. Often, their income may not fit into traditional guidelines. That’s why Amres has programs designed to accommodate prospective homebuyers’ unique financial situations. Here are the various Non-QM loan options that are available:
Bank Statement
Perfect for those with a history of regular income bank deposits.
1099
For 1099 workers this may be the perfect fit.
WVOE
Designed for employees with income that fluctuates throughout the year.
Asset Depletion
Great for retirees or others with substantial assets.
P&L
Ideal for business owners whose income is reflected in their profit and loss statements.
Benefits of Non-QM Loans
- Flexible Qualification: Allows for alternative documentation and unique income situations.
- Customized Solutions: Tailors the lending process to suit individual needs and circumstances.
- Accessibility: Opens up homeownership to those who might not qualify for conventional loans.
- Expanded Property Types: Property types that don’t fall within traditional guidelines may be eligible under non-qm guidelines.
Who Should Consider Non-QM Loans?
- Self-Employed Individuals: Those with varying income streams.
- Investors: Real estate investors with multiple properties.
- Retirees: Individuals with substantial assets but limited regular income.
- Seasonal or Gig workers: Workers with income that fluctuates throughout the year.
How to Apply for a Non-QM Loan
Apply Online
- Visit the website: Go to the online mortgage application portal at Amres.com.
- Complete the application: Answer some questions about your homeownership goals and personal information.
- Gather Documentation: Prepare necessary financial documents, such as pay stubs, tax returns, and bank statements.
- Loan Processing and Approval: Amres will process the loan, conduct the appraisal, and provide a decision on approval.
- Closing: After approval, you’ll proceed to closing, where you’ll finalize the loan and become the proud owner of your new home.
Apply over the phone
- Contact an Amres Loan Officer: Start by connecting with an Amres loan officer to discuss your needs and options.
- Gather Documentation: Prepare necessary financial documents, such as pay stubs, tax returns, and bank statements.
- Complete Application: Your loan officer will guide you through the application process, ensuring all details are accurately provided.
- Loan Processing and Approval: Amres will process the loan, conduct the appraisal, and provide a decision on approval.
- Closing: After approval, you’ll proceed to closing, where you’ll finalize the loan and become the proud owner of your new home.
Conclusion
Non-QM loans offer a diverse and adaptable approach to home financing, catering to a wide range of borrowers’ unique financial landscapes. By providing options like WVOE, 1099, Bank Statement, and Asset Depletion loans, these products create opportunities where traditional mortgages might not.
At Amres, we recognize the value of personalized financing solutions. Our knowledgeable loan officers are here to guide you through the Non-QM loan process and find the option that best fits your situation. Contact us today to explore how Non-QM loans can pave your way to homeownership.
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