Non-Qualified Mortgage QM
If you re buying a home but have a unique income or financial situation, you may want to consider a Non QM loan.
If you re buying a home but have a unique income or financial situation, you may want to consider a Non QM loan.
How we take borrowers from home loan to welcome home.
Apply for a non-qm loan
Loan is approved and closed
Pick up your keys!
Non-QM loans describe a range of loan products that do not conform to the Consumer Financial Protection Bureau’s qualified loan standards. They can come with distinct risks for borrowers, however, they also create opportunities to purchase a home for those who may otherwise struggle to qualify for other loan types.
Non-QM loans might help borrowers who would struggle to qualify for conventional or government-guaranteed loan types. This could include:
If you are hoping to buy a home, but feel you’re being constrained or sidelined by conventional loan requirements, talk to our lending team about potential Non-QM options
There are a wide variety of Non-QM loans, but some of the types available through The Federal Savings
Bank include:
Debt Service Coverage Ratio (DSCR):
DSCR loans don t require personal income or employment information. Typically used for rental investment properties.
Foreign National:
These loans can help foreign nationals buy homes in the United States while residing and working in their home country.
Bank Statement Loans:
Bank statement loans are often used by self employed borrowers to get a mortgage using their personal or business bank statements to verify
income.
1099 Income:
1099 loans help self employed borrowers achieve homeownership using their 1099 statements.
Asset Depletion:
Asset depletion, or asset qualifier, loans help borrowers qualify for a mortgage using their liquid assets instead of employment or income information
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
Reach out to our lending team to start your home ownership journey!