Non-QM loans are designed for borrowers who don't meet traditional mortgage criteria, such as those with self-employed income, limited credit history, or multiple real estate loans.
Bank Statement Loans:
· Approval based on business or personal bank statements (typically 12-24 months).
· Ideal for self-employed individuals without traditional W2 or pay stubs.
No Doc Loans:
· No documentation required for income, assets, or employment verification.
· 30% Down good credit
DSCR (Debt Service Coverage Ratio) Loans:
· Used for borrowers who intend to rent out a property; approval based on the property’s rental income.
· Ideal for real estate investors or self-employed individuals with multiple properties.
Foreign National Loans:
· Loans for self-employed individuals who are not U.S. citizens or permanent residents.
· Often require a larger down payment and higher interest rates.
Bridge Loans:
· Short-term loans used to "bridge" the gap while securing long-term financing or selling a property.
· Suitable for self-employed individuals needing temporary financing.
P&L Loans:
· Approval based on alternative methods of income verification, such as contracts, invoices, or profit-and-loss statements.