Like its name might suggest, a non-QM loan (or non-qualified mortgage loan) is made for borrowers who don't meet traditional mortgage requirements set forth by the Consumer Financial Protection Bureau, or CFPB. Even if your financial history isn't perfect, a non-QM loan may be able to help you achieve your future goals with a few key terms.
There are many reasons why you might not meet the requirements for a standard loan. Sometimes, it could be due to a history of poor credit, bankruptcy, or foreclosure. Being self-employed is another potential reason some borrowers miss out on qualified mortgages.
Whatever your unique situation may be, a non-QM loan may open up the doors to homeownership for you!
Non-QM loans provide a welcome alternative to traditional mortgages for borrowers who would otherwise miss out! However, they're not necessarily the solution in every case.
The Benefits
The Drawbacks
All pros and cons considered, non-QM Florida loans can be the perfect fit for some borrowers. Arco Financial is here to help determine if you're one such group — and if so, can help guide your next steps in the financing journey!