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Why choose a non-QM mortgage?
With more flexible approval rules, non-QM loans can accommodate higher debt-to-income (DTI) ratios, alternative methods of income verification and even lower credit scores. They may also allow for lower down payment requirements.
Non-QM home loan guidelines
To qualify for a non-QM home loan, you will need:
- Credit score verification
- Income verification
- Cash on hand for a down payment
Non-QM loan requirements can differ by lender and loan type. Common factors include credit score, debt-to-income (DTI) ratio and job history. These loans often allow alternative income verification methods, like bank statements or asset-based income.
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How to apply for a non-QM home loan
Applying for an FHA mortgage is simple with Rate’s Digital Mortgage. Follow these steps.
1. Review your finances
Check your credit score, income, DTI ratio and cash on hand for a down payment.
1. Review your finances
Check your credit score, income, DTI ratio and cash on hand for a down payment.
2. Gather key documents
In most cases, you’ll need to provide income verification, tax returns, asset statements and personal identification.
3. Apply online
Once you submit your application, your Loan Officer will help you from there.
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Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.