A non-QM or non-Qualified Mortgage Loan is one that doesn’t fit the conventional guidelines of qualified mortgages as defined by Fannie Mae/Freddie Mac and/or Ginnie Mae. In short, it can be due to income attributes, or the loan amount exceeding the county limit, or any other combination of loan characteristics such as being interest only or a 40-year amortization. In most counties across the USA, the loan limit is up to $548,250 and can not exceed that limit (each county can vary). In this instance, with larger loan balances above the county limit, a given loan would also be characterized as a non-QM or non-qualified mortgage per Fannie/Freddie or Ginnie guidelines.
Torchlight Mortgage provides non-QM loan options as well that are customized for every borrower and every situation. So don’t worry; we have you covered!
Non-QM benefits include:
- Qualify based on alternative income or asset characteristics
- Qualify based on jumbo loan amounts up to $10M, or higher
- Have the ability to choose from a menu of fixed rate or an adjustable rate mortgage (ARM) programs and rates
- Ability to finance non-owner occupied properties (think second home, vacation home, or investment home)
- Ability to obtain an interest-only loan for lower payments
- Ability to amortize payments over a longer term, such as 40-year term
- Obtain a very personalized and custom loan based on your financial circumstances as well as short-term and long-term needs