If you’re exploring home financing options and find that a traditional mortgage may not be the right fit for you, a non-QM loan could be a good option. A non-QM loan is a mortgage that doesn’t fit the traditional lending standards set by the federal Qualified Mortgage Guidelines.
Instead of relying on standard qualification rules, we evaluate a borrower’s full financial health, providing more options, flexibility, and opportunities for homeownership and investment.
Check out these 5 reasons why choosing a non-QM loan could be the smartest move for your next home or investment property…
Flexible Loan Documentation
With a Non-QM loan, you can use alternative documentation to verify your income. Instead of submitting a W-2 or tax returns, you can submit bank statements, 1099 forms, asset depletion, rental income, or other documentation to qualify for a loan. This flexibility allows financially capable borrowers, who often face neglect from conventional mortgage guidelines, to access opportunities.
Easier Credit Qualification
Sometimes life events can hurt your credit score. These might include filing for bankruptcy, foreclosures, short sales, or making late payments. Instead of waiting years to build up your credit, our non-QM program may help you finance sooner after you’ve shown financial stability.
Higher Loan Amounts
Non-QM lenders usually have more freedom in assessing risk. This means you can often get higher loan amounts than the usual limits with a non-QM loan. This could give you a huge advantage in high-cost markets and allow you to get a jumbo loan with more flexible underwriting.
Higher Debt-To-Income Ratios Allowed
Traditional loans set strict limits on the debt-to-income (DTI) ratio. However, Non-QM loans provide more flexibility for borrowers with debt. If you have credit card debt, student loans, or other personal or business debt, you might still qualify for a non-QM loan depending on your overall financial situation.
More Financing Options
At AmeriHome, we have a variety of non-QM loan options to fit your personal financing needs. A few of our popular Non-QM loans are DSCR, Departing Residence, Bank Statement, and Asset-Based Loans. A significant benefit of our Departing Residence Loan is that you can buy a new home without selling your current one.
To learn more, speak to one of our Home Loan Experts about your own financing journey and give us a call at 877.715.9908.
Looking to start saving today on your home loan? Let’s upgrade your mortgage and put money back in your wallet with a new Purchase or Refinance Loan.*
6 Money-Saving Tips To Start Today:
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Pay Off Your Loan Sooner Switch to shorter loan terms to save on interest.* |
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Lower Your Monthly Payment Refinance with longer terms, so more money stays in your wallet.* |
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Consolidate Debt Cash-out to reduce high-interest credit card debt. |
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Pay For Larger Expenses Invest in your home with updates that will yield a higher return should you decide to sell in the future. |
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Get Extra Savings After you have financed a home with us once, save up to $750 on all your future refinances and new home purchase loans with your AmeriWallet Benefits.** |
If you are interested in learning more about how a refinance or new home purchase loan can benefit you, just give us a call at 877.715.9908 or get your instant rate quote here.
Imagine The Possibilities With Your Better Home Loan!
*By refinancing, your total finance charge could be higher over the life of the loan.
**As a member of the AmeriHome family, borrowers are part of the AmeriWallet Rewards program. If you completed a home loan with us once, you will qualify for a $750 lender credit for all of your future refinances or home purchases done with AmeriHome, for any property you own. To qualify for this offer, you must have previously financed the purchase of a home or refinanced with AmeriHome. You have financed with AmeriHome when AmeriHome Mortgage Company, LLC appears on the previous Promissory Note for your loan, and you are listed as a borrower on the Note. Credits will be applied only if your loan closes with AmeriHome. This offer can not be combined with any other offers and is not applicable for FHA Streamline, or VA IRRRL Refinance transactions. Other restrictions may apply. Terms and conditions are subject to change. AmeriWallet Rewards program is subject to termination without notice.
