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Buy
Apply Now
Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
Customers
About
Non QM Loan
<p>Non Qualified Loan</p>
Benefits
Flexible Income Verification
Use bank statements or asset depletion instead of traditional W-2s.
Higher DTI Allowed
May allow debt-to-income ratios above the typical 43% threshold.
Alternative Credit Scoring
May consider non-traditional credit history for qualification.
Diverse Loan Options
Includes interest-only options and loans for non-warrantable condominiums.
Non-QM Loan Information
<p>Non-QM loans offer alternatives for borrowers who don't fit traditional mortgage criteria. While they provide more flexibility, they may come with higher interest rates and down payments. To understand if a Non-QM loan is right for you, <a href="/apply">speak to one of our experienced mortgage experts</a>.</p>
Who Should Consider a Non-QM Loan?
<ul><li>Self-employed borrowers with complex tax returns</li><li>Real estate investors with multiple properties</li><li>High-net-worth individuals with substantial assets but low taxable income</li><li>Recent career changers to commission-based jobs or self-employment</li><li>Foreign nationals looking to buy U.S. real estate</li><li>Borrowers with recent credit events like foreclosure or bankruptcy</li></ul>
Types of Non-QM Loans
<ul><li>Bank Statement Loans</li><li>Asset Depletion Loans</li><li>Interest-Only Loans</li><li>Jumbo Loans</li><li>DSCR (Debt Service Coverage Ratio) Loans</li><li>Foreign National Loans</li></ul>
Qualifying for a Non-QM Loan
<p>While more flexible, Non-QM loans still have requirements. These may include a minimum credit score, higher down payments (typically 10-20%), sufficient assets, and proof of ability to repay. Specific requirements vary by loan type and lender.</p>
Pros and Cons of Non-QM Loans
<p>Understanding the advantages and disadvantages of Non-QM loans can help you make an informed decision about your mortgage options.</p>
Pros
<ul><li>More flexible qualification standards</li><li>Options for self-employed and non-traditional borrowers</li><li>Possibility of larger loan amounts</li><li>May consider alternative income sources</li></ul>
Cons
<ul><li>Generally higher interest rates than QM loans</li><li>May require higher down payments</li><li>Potentially subject to prepayment penalties</li><li>Possibly more complex application process</li></ul>