Our loan specialists can work closely with you to find the best home financing option for your situation. If you are looking for a home in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, Foundation Mortgage can help. If you are a borrower who has unique financial circumstances and are interested in purchasing a home, but perhaps unable to qualify for a conventional style loan, a non-QM mortgage could help you purchase your ideal property. Get Assistance Understanding Non-Qualified Mortgages Also, with non-QM mortgages there are several fixed and adjustable rates available. Additionally, non-QM loans make it possible for borrowers that have past financial issues like bankruptcy and borrowers who may have a less than ideal credit score qualify for a loan because the credit requirements tend to be less stringent with this type of loan. These types of loans make it easier for people who are self-employed or who may have untraditional forms of income because they allow borrowers to provide alternative forms of documentation. Self-employed borrowers, both prime and non-prime borrowers, foreign nationals and real estate investors most commonly benefit from non-QM mortgages. Non-qualified mortgages offer several advantages to many different types of borrowers. Non-QM mortgages do not have set requirements, however, borrowers who receive them usually have a higher average debt-to-income ratio, a credit score of around 760, and are able to make a down payment of approximately 20%. With qualified mortgages, lenders will document a borrower’s employment status, income, and credit information, and loans cannot be considered qualified if they include riskier payment features. Non-QM mortgages offer alternative requirements that are different from conventional loans, and are not based solely on credit score and other typical loan requirements. Essential Information About Non-QM MortgagesĪ non-QM mortgage helps borrowers who may have unconventional financial circumstances acquire a home loan, and do not meet the specific guidelines set by the Consumer Financial Protection Bureau in order to be classified as a qualified mortgage. Our loan specialists can help you get a better understanding of the financing process. If you are curious about buying a home and using a non-QM mortgage to finance the purchase in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, contact Foundation Mortgage today. Are you in a situation where you earn an unconventional form of income or perhaps have a substandard credit score, but are interested in owning your own home? If this situation applies to you, you may still be able to qualify for a mortgage with a non-QM loan, or a non-qualified mortgage, which allows a borrower to qualify for a loan by using alternative application methods.
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