The Non-qualified Mortgage or “Non-QM Loan” allows buyers with low credit scores to purchase homes. Bank statements are used in determining how much someone can afford, and the “Ability to Repay Rule” determines if they’re eligible for this type of financing based on their personal/business financials!
- Benefits of a Non-QM Loan include:
- Self-Employed Borrower
- Foreign Nationals
- Those who live off investments, or high/low assets
