NON-QM LOANS: SHOWCASES OF CUSTOM MORTGAGE SOLUTIONS
How to qualify and get mortgages through alternative sources?
This Wednesday, February 12, I decided to talk a little bit more about non-QM loans, providing you with examples of how I can assist my clients in qualifying for proprietary programs offered by mortgage banks, specifically in condominium-related transactions.
My brief video is available on YouTube: https://youtu.be/M–GXbjEdtA
Before you start watching, I want to remind you that a “non-QM loan” stands for a “non-qualified mortgage,” which is a loan given to borrowers who do not meet the standard criteria for a qualified mortgage (QM), meaning they may not be able to qualify based on traditional income verification methods like tax returns, allowing them to use alternative methods like bank statements or property cash flow to secure financing. Essentially, it’s a mortgage option for borrowers who don’t fit the typical guidelines for a conventional loan.
Non-QM programs usually have higher interest rates and offer qualifications based on alternative calculations of income.
For any questions, please don’t hesitate to call me: (415) 225-7920
Stay tuned for our next online class scheduled for February 19.
Best wishes,
Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983
NMLS #205637
DRE #00874630