Non Qualified Mortgage Loans

A Qualified Mortgage is a category of loans that have certain, more stable features that help make it more likely that you’ll be able to afford your loan.

Non-QM (Non-Qualified Mortgage loans) are sometimes called asset-depletion mortgages and are typically for borrowers with unique income qualifying circumstances.

This non-prime loan product accommodates to borrowers who can prove their ability to repay a mortgage, but do not qualify for traditional mortgage products. There are no seasoning requirements for major credit issues, such as foreclosures and bankruptcies. The guidelines pertaining to credit are also quite lax.

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Luckily, there are many lenders today that offer non QM loans. These "non qualified" loans provide borrowers just like you a chance to own a home. You don’t have to abide by the strict qualified mortgage guidelines – lenders are able to make their own rules. How far can lenders go? Luckily for us, they can’t go too far.

Non QM loans help borrowers with credit issues like foreclosures, bankruptcy, etc. Get Non-qualified mortgage with HomeX one of the Fastest Growing Lenders.

Qualified Mortgage Exceptions and Considerations. There are several exceptions to qualified mortgage rules. One exception is that points and origination fees may exceed 3% for loans of less than $100,000 (otherwise, lenders might not be sufficiently compensated for issuing such loans, and these smaller mortgages might become unavailable).

For a loan of $12,500 to $20,000: $1,000 or less. For a loan of $12,500 or less: 8% of the total loan amount or less. Under the CFPB’s rules, only Qualified Mortgages have a limit on points and fees. Lenders are not required to make Qualified Mortgages, so they can charge higher points and fees if they choose.

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Non-QM Loans do not fit the Qualified Mortgage lending guidelines and the complexity of the Qualified Mortgage guidelines.

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They launched two separate entities – Angel Oak Mortgage Solutions and Angel Oak Home Loans – to originate non-agency, non-prime non-qualified mortgages and qualified mortgage loans on both the.