Conventional loans may not be the best-fit mortgage for everybody; borrowers with unique financial circumstances may have difficulty qualifying based on conventional lending requirements. The good news is non-qualified mortgages, or Non-QM loan products, are designed to accommodate the unique needs of some borrowers by allowing alternative documentation methods.

Alternative Situations Non-QM Loans Address

There are generally three borrower situations where Non-QM loans are most applicable.

  • A borrower is self-employed.
  • A borrower is an investor who wants to purchase rental or vacation properties.
  • A borrower has a past bankruptcy, foreclosure, or other credit event.

What Non-QM Products are Available?

Luxury Mortgage’s Simple Access® Non-QM portfolio is designed to help borrowers qualify for a mortgage using alternative documentation methods. Take a look to see if one may be the right fit for you…

Simple Access® Non-QM Bank Statement loans are ideal for self-employed borrowers who may be able to qualify for a loan based on 12 months of regular deposits in their bank account instead of W2 income or tax returns. The program will use 50% of the deposits to support the income claims.

Simple Access® Non-QM 1099 Only loans could be the path to homeownership for the estimated 14 million freelance, contract, seasonal, and gig workers in the U.S. Borrowers in this category use the last two years of their 1099 forms to qualify instead of W2s that traditional wage-earners receive.

Simple Access® Non-QM Investor Cash Flow loans allow landlords and potential investors to use rental income from the subject property to qualify. Another great advantage of this program is investors can use predictive rental income to help qualify.

Simple Access® Non-QM Asset Qualifier loans are a great solution for borrowers who have inconsistent documentable income, but have substantial liquid assets including checking, savings, money market accounts, marketable securities, or retirement accounts.

Simple Access® Non-QM Full Documentation loans offer a way for borrowers recovering from an unexpected credit event, or those who are self-employed, small business owners, and investors, to expand their loan options. It may be the perfect product for those who just fell short of conventional financing guidelines. Borrowers provide 2 years of their most recent W-2s.

Ready to Learn More?

Luxury Mortgage’s Simple Access® Non-QM programs give borrowers more flexibility when it comes to financing their homes or rental properties. Each program has its own qualification guidelines and rates. Connect with one of our licensed mortgage consultants today to find out which Non-QM loan might be right for you. Simply give us a call or click the button below!

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