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): https://www.namb.org/
Mortgage Bankers Association (MBA): https://www.mba.org/
Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/
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!
