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.
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!