💼Not Your Average Loan
This type of mortgage doesn’t meet CFPB’s Qualified Mortgage rules.
What is a Non-QM loan?
These loans use 12 to 24 months of business or personal financial records to qualify.
What are Bank Statement Loans?
This type of income makes self-employed borrowers a better fit for Non-QM.
What is inconsistent or hard-to-verify income?
This ratio measures a property’s income compared to its expenses in DSCR loans.
What is the Debt Service Coverage Ratio?
It's the U.S. city where you'd find the Liberty Bell.
What is Philadelphia?
This rule, required for QM status, ensures borrowers can afford repayment.
What is the Ability-to-Repay rule?
This loan uses assets instead of income or employment to qualify.
What is an Asset-Based Loan?
This group may use foreign bank accounts or credit history to qualify.
Who are foreign nationals?
DSCR loans generally require this ratio or higher to qualify.
What is 1.0?
A three letter body of water that’s smaller than a lake.
What is Hawaii?
This government bureau defines QM standards.
What is the Consumer Financial Protection Bureau (CFPB)?
These documents are not required in select Non-QM programs.
What are tax returns?
A borrower recovering from a recent foreclosure would likely need this type of loan.
What is a Non-QM loan?
These borrowers rely on rental cash flow instead of job income.
Who are real estate investors?
It's the Shakespeare play with the most lines.
What is Hamlet?
Non-QM loans may allow this now-banned feature in QM loans.
What is negative amortization?
This type of documentation is typically not acceptable for QM loans but used in Non-QM.
What is alternative income verification?
These individuals may qualify using their portfolio or stock holdings.
Who are high-net-worth borrowers?
This type of Non-QM loan is ideal for property flippers and landlords.
What is a DSCR loan?
This empire was ruled by emperors with the title “Caesar” as late as 1453.
What is the Byzantine Empire?
Non-QM loans are often held by lenders or sold here, not to agencies.
What is the secondary or private investor market?
These loans can close quickly due to streamlined underwriting and less documentation.
What are No-Income Documentation Loans?
Borrowers in this market may require jumbo Non-QM products.
What are high-property-value areas?
Demand for investor-friendly Non-QM loans has risen due to tightening in this process.
What is traditional underwriting?
This animal’s fingerprints are so similar to humans’ that they’ve been confused at crime scenes.
What is a koala?