A NON-QM mortgage is a type of home loan that does not meet the qualified mortgage (QM) standards set by the Consumer Financial Protection Bureau (CFPB).

Individuals who may not qualify for a QM mortgage due to non-traditional income or credit history may be eligible for a NON-QM mortgage.

The down payment required for a NON-QM mortgage varies by lender and borrower’s creditworthiness, but it’s typically higher than a QM mortgage.

The maximum amount you can borrow with a NON-QM mortgage varies by lender and borrower’s creditworthiness.

The credit score requirement for a NON-QM mortgage varies by lender and borrower’s creditworthiness.

The debt-to-income ratio requirement for a NON-QM mortgage varies by lender and borrower’s creditworthiness.

Yes, NON-QM mortgages can be used to buy multi-unit properties.

NON-QM mortgages can be used to buy single-family homes, townhouses, condominiums, and multi-unit properties.

Yes, NON-QM mortgages can be used to buy fixer-upper properties.

The approval process for a NON-QM mortgage typically takes longer than a QM mortgage, and it can vary by lender and borrower’s creditworthiness.

The interest rate on a NON-QM mortgage varies based on market conditions and the borrower’s creditworthiness.

There is no minimum income requirement for a NON-QM mortgage, but borrowers must be able to show that they can afford their monthly mortgage payments.

Yes, NON-QM mortgages can be refinanced through a regular refinance process.

The waiting period for bankruptcy or foreclosure varies by lender and borrower’s creditworthiness.

Yes, borrowers can use gift funds for their NON-QM mortgage down payment, but there are specific rules and restrictions.

There is no requirement for borrowers to live in their NON-QM financed property as their primary residence.

Yes, co-borrowers are allowed on NON-QM mortgages, but they must meet the lender’s guidelines for credit, income, and debt-to-income ratio.

Yes, NON-QM mortgages can be paid off early without penalty.

NON-QM mortgages are considered riskier than QM mortgages due to their non-traditional features, but they can be a good option for borrowers who don’t meet QM standards.

The documentation requirements for a NON-QM mortgage vary by lender, but borrowers typically need to provide proof of income, assets, employment, and other financial information.

You can find lenders that offer NON-QM mortgages by doing research online, working with a mortgage broker, or asking for referrals from friends or family.

Yes, NON-QM mortgages are a good option for self-employed borrowers who have non-traditional income sources.

The minimum credit score for a NON-QM mortgage varies by lender and borrower’s creditworthiness.

The term for a NON-QM mortgage varies by lender and borrower’s preference, but it’s typically between 10 and 30 years.

The closing costs for a NON-QM mortgage vary by lender and loan type, but they can include appraisal fees, title search fees, and other costs associated with buying a home.

NON-QM mortgages can be more expensive than QM mortgages due to their non-traditional features and higher risk, but they can be a good option for borrowers who don’t meet QM standards.

You should consult with a lender or mortgage broker to determine if a NON-QM mortgage is right for your financial situation and goals.

If you default on your NON-QM mortgage, the lender can foreclose on your property and sell it to recover the outstanding balance.

Yes, NON-QM mortgages are a good option for borrowers with non-traditional credit histories, but they may require higher down payments or interest rates.