Non-QM Loans
Welcome to Elite Mortgage, we recognize the unique financial circumstances of each borrower, especially if you're self-employed or have unconventional income sources, our Non-QM Loans could offer the tailored solution you've been seeking. Here's what you should understand:
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What are Non-QM Loans? Non-QM Loans, also referred to as non-qualified mortgage loans, provide an alternative lending option for borrowers who may not meet the criteria for traditional mortgages. These loans don't require traditional income documentation like tax returns or W-2 forms. Instead, borrowers can state their income on the loan application, making it particularly advantageous for self-employed individuals, freelancers, and those with variable income streams.
These are the examples of Non-QM Loans:
1) 12 Month Bank Statement
2) 24 Month Bank Statement
3) Profit and Loss Statement
4) Asset Depletion
What You Should Know:
Interest Rate Considerations: Non-QM Loans may carry slightly higher interest rates compared to conventional mortgages, reflecting the perceived risk to the lender. However, leveraging our expertise and dedication to securing the most favorable terms for our clients, you can trust that we'll diligently negotiate to secure a competitive rate for your loan.
Documentation Flexibility: While Non-QM Loans offer flexibility in income verification, lenders may still request documentation to confirm assets, credit history, and employment status. It's crucial to be prepared to provide any additional documentation requested to facilitate the loan approval process smoothly.
Eligibility Criteria: Although Non-QM Loans cater to borrowers with non-traditional income sources, certain eligibility criteria must still be met. Our seasoned mortgage professionals will collaborate closely with you to assess whether a Non-QM Loan aligns with your financial objectives.
At Elite Mortgage, we specialize in crafting innovative solutions tailored to our clients' diverse needs. Our Non-QM Loan program is designed to provide flexible financing options for individuals who may not qualify for traditional mortgages. Contact us today to explore Non-QM Loans further and discover how we can assist you in achieving your homeownership goals.
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