Non-QM Home Loans
Non-QM (Non-Qualified Mortgage) Home Loans are designed for borrowers who don’t fit the traditional lending criteria but still have the ability to repay a mortgage. Whether you’re self-employed, have irregular income, or need a more customized loan solution, Non-QM loans offer the flexibility and accessibility you need. At Town Square Home Mortgage, we understand that every borrower’s situation is unique, and our Non-QM loans are tailored to help you achieve your homeownership goals, even when conventional loans might not be the right fit.
Benefits Of Non-QM Loans
Alternative Income Verification
Non-QM loans often allow for alternative income verification methods, such as using bank statements, rental income, or assets, which can be beneficial for self-employed individuals or those with non-traditional income sources.
Higher Loan Limits
Non-QM loans often have higher loan limits than traditional QM loans, making them suitable for purchasing luxury homes or properties in high-cost areas.
Flexible Qualification Standards
Non-QM loans cater to borrowers with unique financial situations, such as self-employed individuals, real estate investors, or those with irregular income. Lenders may consider alternative documentation, such as bank statements or asset verification, instead of relying solely on W-2s or tax returns.
Non-QM Loan Overview
Non-QM loans are ideal for borrowers who have unique financial situations that make it difficult to qualify for traditional loans. These loans are not bound by the strict guidelines of conventional mortgages, allowing for greater flexibility in terms and approval criteria. Whether you have non-traditional income sources, are self-employed, or have a recent credit event, Non-QM loans provide a viable path to homeownership with customized solutions that work for you.
● Credit Score Requirement: Typically, a minimum credit score of 600, but varies by lender and borrower situation.● Max Loan-to-Value (LTV): Up to 90%, depending on the loan structure and borrower profile.● Down Payment: Typically requires a down payment of 10% or more, depending on creditworthiness and loan terms.● Income Verification: Alternative documentation options such as bank statements, asset utilization, or rental income.● Loan Limits: Higher loan limits available compared to traditional mortgages, often up to $3 million or more.
We Lend In Texas
At Town Square Home Mortgage, we’re proud to offer Non-QM loans across Texas, providing flexible financing options for homebuyers in every corner of the state. Whether you’re in a metropolitan area like Austin or a rural community, our Non-QM loans are designed to accommodate your unique financial circumstances. Our team is committed to helping you navigate the complexities of Non-QM lending with ease, ensuring that you can find the right home loan no matter your situation.
FAQ
What makes a Non-QM loan different from a traditional mortgage?
Non-QM loans are designed for borrowers who don’t meet the strict criteria of traditional mortgages. They offer more flexibility in terms of income verification, credit score requirements, and loan terms, making them ideal for those with unique financial situations.
Who might benefit from a Non-QM loan?
Non-QM loans are ideal for self-employed individuals, real estate investors, those with irregular income, or anyone who has had a recent credit event, such as a foreclosure or bankruptcy.
Do Non-QM loans require a higher down payment?
Yes, Non-QM loans typically require a higher down payment, usually around 10% or more, depending on your credit profile and the specific loan terms.
Are Non-QM loans available throughout Texas?
Yes, our Non-QM loans are available across the entire state of Texas, offering flexible financing solutions for homebuyers in both urban and rural areas.