NON-QM Loans

by martyna
NON-QM Loans

Non-QM Loans are non-conforming loans that benefit many borrowers who may not qualify for government and/or conventional loans for one reason or another.

  • One of our most popular non-QM loan program at Capital Lending Network, Inc. is our one day out of bankruptcy and/or foreclosure home mortgage program
  • Government, conventional, and jumbo loans have mandatory waiting periods after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
  • Homebuyers who have recovered quickly after bankruptcy and/or housing event no longer need to wait to purchase a home during this booming housing market
  • Homebuyers may qualify for our non-QM loan program one day out of bankruptcy and/or foreclosure
  • The minimum down payment to qualify for a non-QM loan one day out of bankruptcy and/or a housing event is 30% down payment
  • There is no maximum loan limit on non-QM loans
  • There are no private mortgage insurance required

CLN’s one day out of bankruptcy and foreclosure non-QM mortgage program is very popular during these times of skyrocketing home values and booming housing market.

Non-QM Loan Programs

There are many different types of non-QM mortgage programs.

  • The 12 months bank statement loan program for self-employed borrowers with no income tax return required is a very popular loan program
  • Two years seasoning as a self-employed business operator is required
  • There is no maximum loan limit. 10% to 30% down payment is required
  • The amount of down payment depends on the borrowers’ credit scores
  • The minimum credit score required is 620 FICO
  • Mortgage rates depends on the down payment and borrower’s credit scores
  • Some borrowers who had late payments in the past 12 months and cannot qualify for a government and/or conventional loan may need to resort to non-QM loans
  • You can qualify for non-QM loans with late payments in the past 12 months
  • High end home buyers who cannot qualify for a jumbo mortgage due to lower credit scores may need to opt to non-QM loans
  • Non-QM loans do not have maximum loan limit
  • The lowest credit score required is 620 FICO
  • Most jumbo lenders will require a 740 credit score on jumbo loans

Non-QM mortgage guidelines are not set in stone. Exceptions can be made on a case by case basis.