NON-QM
Home Loans
Non-QM loans, short for non-qualified mortgage loans, are a type of mortgage loan that is not backed by Fannie Mae or Freddie Mac. Non-QM loans are designed to help borrowers who may not qualify for a traditional mortgage. In this guide, we’ll cover some of the key features and benefits of non-QM loans.
NO INCoME
One of the benefits of a non-QM loan is that it allows for a no-income verification option. This means that borrowers can apply for a loan without providing proof of income. Instead, the lender may review bank statements and other financial records to determine the borrower’s ability to repay the loan.
NON WARRANTABLE CONDO
Non-warrantable condo loans are a type of non-QM loan that is designed for borrowers looking to purchase a condo that does not meet Fannie Mae or Freddie Mac’s eligibility requirements. These loans are available for condos that have a high percentage of renters or delinquent owners, or condos that have restrictions on the ability to rent or sell.
ITIN BORROWERS
ITIN loans, short for individual taxpayer identification number loans, are designed for borrowers who do not have a social security number. These loans are available to borrowers who have an ITIN, which is issued by the Internal Revenue Service (IRS) for tax purposes. ITIN loans are a type of non-QM loan that can help borrowers purchase a home without a social security number.
DSCR
DSCR loans, short for debt service coverage ratio loans, are another type of non-QM loan. These loans are designed for investors who are purchasing a rental property or looking to refinance an existing rental property. DSCR loans use the property’s cash flow to determine the borrower’s ability to repay the loan, rather than the borrower’s personal income.
FOREIGN NATIONAL
Foreign National Loans Foreign national loans are a type of non-QM loan that is designed for borrowers who are not U.S. citizens or permanent residents. These loans are available to foreign nationals who want to purchase a home in the United States.
BRIDGE LOANS
Bridge loans are another type of non-QM loan that can be used to purchase a new home before the sale of an existing home. Bridge loans provide temporary financing that can help borrowers bridge the gap between the purchase of a new home and the sale of an existing home. Once the existing home is sold, the bridge loan can be repaid with the proceeds from the sale.
Phone
(704) 255-5067
Address
1096 Assembly Drive, Suite 212,
Fort Mill, SC 29708
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Refine Mortgage Inc. NMLS# 2417960 | Refine Mortgage has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Equal Housing Lender. Receipt of application does not represent an approval for financing or interest rate guarantee. Applicant subject to credit, acceptable appraisal, title, and underwriting approval. Not all applicants will be approved. Other terms and conditions apply. Contact Refine Mortgage for more information and up-to-date rates.