A Non-Qualified mortgage, or a Non-QM loan, is a mortgage that lets you qualify based on alternative methods, instead of traditional income verification methods required for most loans. Borrowers who prefer to use bank statements or whose income may vary from month to month or have some other unique circumstance may find these programs as a good solution.
Non-QM loans may be a beneficial alternative to qualified mortgage (QM) loans. Specifically, non-QM loans are not required to meet federal government and Consumer Financial Protection Bureau’s (CFPB) guidelines for qualified mortgages. Check Here to learn more about CFPB’s guidelines.
Considering a non-QM loan? Our mortgage specialists at Preferred Mortgage Source are here to help whether you would like to explore a non-QM loan or examine the many other mortgage products we have available. Give us a call at 404-383-1003 or complete our easy contact form below. One of our experienced mortgage advisors will contact you soon.
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