Non-QM Residential Loans
At IGR Mortgage Services we provide Non-Qualified Mortgage Loans for real estate investors. Banks,conventional lenders and FHA-VA lenders make Qualified Mortgage Loans that comply with Fannie Mae, Freddie Mac and FHA-Va guidelines. A Non-QM Loan is really any loan that does not comply with these guidelines.
Non-QM Loan Overview
.In 2014, the CFPB (Consumer Financial Protection Bureau) created the Qualified Mortgage Rule. This rule created guidelines for lenders which required them to verify the borrower’s ability to repay the mortgage, and to provide mortgage products that reduced risk for both the borrower and lender. Today, any mortgage that does not adhere to the requirements for a qualified mortgage is considered to be a Non-QM loan. Non-QM loans are not insured, guaranteed or backed by FHA, VA, Fannie Mae or Freddie Mac. A Non-QM loan is for individuals who cannot meet the basic requirements needed for a qualified mortgage. Non-QM loans will have higher fees and interest rates than a qualified mortgage and terms often have interest only or balloon payments. Non-QM loans are for borrowers who have a solid income and credit history, but are looking for alternative mortgage solutions other than what the local bank may offer. IGR Mortgage Services also offers Non-QM Loans to borrowers with low FICO scores and some derogatory credit history when mitigating factors are available.
Non-QM Loan Features:
Residential properties from single-family to 4 units. Other:
- Loan Amounts from $75K to $5M
- Loan-To-Value Ratios to 80%
- Rates starting at 5.0%
- Loan Programs 5/1, 7/1 & 30 Year Fixed
- 650 + Credit Score
- Stated Income/No Doc Programs
- Investor No Ratio Program
- Alternative qualifications based on income, assets & employment
- US or Foreign Nationals
Why You Should Use A Non-QM Loan