Non-QM Loans in Salt Lake City, UT

The mortgage company you choose for your Salt Lake City home loan can affect your financial well-being for decades. Your home is arguably the largest single purchase you’re likely to make in your lifetime. Selecting the right mortgage loan for your needs is the first step toward realizing your homeownership goals.

Non-QM Mortgage Loans

Focuses on offering loan options for borrowers with non-traditional income sources or credit challenges, ensuring broader accessibility to home financing.
Financing Solutions Beyond the Conventional at Altius Mortgage Traditional mortgage options might not always fit everyone’s financial situation. At Altius Mortgage, we understand that, and that’s why we offer Non-QM Loans, a diverse range of financing solutions for borrowers who fall outside the standard qualifications for conventional mortgages.

What are Non-QM Loans?

Non-QM, which stands for “Non-Qualified Mortgage,” refers to loan options that are not held to the same strict qualifying criteria as conventional loans. This means they offer more flexibility for borrowers with: Non-traditional income: Self-employed individuals, freelancers, commission-based earners, and those with alternative income sources may find these loans helpful. Recent credit events: Borrowers with bankruptcy, foreclosure, or other credit blemishes in their past may be eligible for non-QM loans with alternative credit assessment methods. High debt-to-income (DTI) ratios: If your existing debts exceed the typical DTI limits for conventional loans, non-QM options may offer more flexibility.

Non-QM Loan Options We Offer

We partner with various lenders to provide a variety of non-QM loan programs, including: Stated Income Loans: These loans allow you to qualify based on your stated income, verified through bank statements, tax returns, or other financial documents, instead of relying solely on W-2s. Asset-Based Loans: If you have substantial assets like investment portfolios or real estate, you may qualify for a loan based on their value, even with lower traditional income documentation. Doc-Lite Loans: These loans require fewer traditional income verification documents, streamlining the application process. Bridge Loans: Designed for short-term financing needs, these loans can be helpful for property acquisition or renovations while you secure long-term financing. Please note: Program offerings and eligibility requirements may vary depending on your location, financial situation, and lender criteria. We encourage you to contact us to discuss your specific needs and see if a non-QM loan might be the right fit for you.

Benefits of Choosing Non-QM Loans with Altius Mortgage

Unlock Homeownership Opportunities: Non-QM loans can open doors for those who might not qualify for conventional mortgages due to their unique financial situations. Flexible Qualification Criteria: With alternative verification methods and potentially higher DTI allowances, these loans offer greater flexibility for borrowers. Experienced Loan Officers: Our dedicated team understands non-QM options and can guide you through the process, ensuring a smooth experience. Commitment to Transparency: We believe in clear communication and will explain every aspect of the non-QM loan process clearly.

Am I Eligible for a Non-QM Loan?

While each program has specific eligibility requirements, here are some general factors to consider: Credit score: Minimum credit score requirements may vary, but some programs cater to borrowers with lower credit scores than conventional loans. Debt-to-income ratio: Non-QM loans may allow for higher DTI ratios compared to conventional options. Income verification: Alternative income verification methods might be used, depending on the program chosen.

Get Started with Your Non-QM Loan Journey

Ready to explore non-QM loan options and see if they align with your financial goals? Here’s how to get started: Contact a Loan Officer: Our experienced loan officers can assess your unique situation, discuss your eligibility for different non-QM programs, and guide you through the application process. Gather your documents: Depending on the chosen program, you may need documents like bank statements, tax returns, asset statements, or proof of alternative income streams. Complete the application: We will work with you to complete the application efficiently and answer any questions you may have.

Additional Resources for Non-QM Loans

National Association of Mortgage Brokers (NAMB): Mortgage Bankers Association (MBA): Consumer Financial Protection Bureau (CFPB): At Altius Mortgage, we believe everyone deserves the opportunity to achieve their homeownership dreams. We are committed to exploring all avenues, including non-QM loans, to help you reach your financial goals. Contact us today to explore your options!