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Are non qm loans any good?

Are non-QM loans a good option? Do they charge higher down payment and closing costs? I’ve been trying to look for lenders but I am having a hard time finding one. I can provide more than 2 years of bank statements and pay more than 20% for a down payment. by darin688 from Aspen, Colorado. May 12th 2022 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,396 contributions

Essentially a non-QM loan is a loan that does not meet the requirements called for to allow Fannie Mae or Freddie Mac purchase the loan. Loans that are eligible for purchase by these two quasi-government agencies are usually priced better than so-called, non-QM loans. This does not mean they are inferior loans. In fact, these loan products allow for Bank statement loans and many others. We can help you with your quest. Reach out and I can put you in touch with one of my peers licensed in CO to help you. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ 480-889-9000 - OR - 480-695-9300

May 12th 2022
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,660 contributions

I do a lot of NON-QM loans. Not everyone qualifies for traditional financing, and NON-QM loans can fill a nice niche for many people. The most common ones are for self-employed people to use deposits in the bank statements as income instead of tax returns, and also no proof of personal income loans for investment properties. Yes, they do come with higher rates, but at least these clients have some sort of option. I lend for NON-QM in MN, Wi, IA, SD, ND. Find me at - Cambria Mortgage, NMLS 274132

May 13th 2022
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