Income
Understanding Non-QM Mortgages
Non-QM simply means the loan doesn't fit the standard Qualified Mortgage guidelines. These programs use alternative documentation for borrowers with legitimate but non-traditional income.
Common Non-QM documentation types
Bank statement income, asset-based qualification, profit-and-loss documentation, and DSCR qualification for investment property.
Non-QM is not subprime
These are fully underwritten loans with ability-to-repay analysis. The difference is how income is documented, not whether it's verified.
Trade-offs to review
Pricing, down payment and reserve requirements typically differ from agency financing. The right comparison is Non-QM against your realistic agency alternative, not against a headline rate.
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