You may hear the term "Non-QM" when discussing loan programs. These are mortgages that fall outside of the Consumer Financial Protection Bureau's existing lending rules. They are used by borrowers who cannot show their income with traditional methods.
Following are some of the most popular Non-QM mortgages and other outside-the-box loans
These loans are for self-employed individuals who do not show their income in traditional ways. Instead, earnings are determined from bank statement deposits. Details.
Loans are available for borrowers who can supply a one-year Profit and Loss statement showing qualifying income. Details
For borrowers who have substantial "liquid" assets, they may be used to determine income without the use of bank statements. Details
For those borrowers who have experienced a recent foreclosure, short sale or bankruptcy. Details
Mortgages are available for Foreign Nationals - borrowers who are not U.S. Citizens nor permanent residents of the U.S. Details
Mortgages for borrowers over 62 years of age who wish to use the equity in their home generally for the purpose of supplementing their retirement income while not continuing to make mortgage payments. Details
Many different loan programs are available for investors, both first-time and experienced. Details