There is a lot of talk in the industry about 2020 being the year for non-QM. Even though it’s the fastest growing segment in the mortgage industry, many people are still unfamiliar with non-QM mortgage products. Angel Oak Home Loans offers non-QM in our portfolio suite of products along with traditional financing.
Chances are you will hear about the benefits of it over and over this year and it could help you sell more homes to more people. To follow is some information about non-QM you may not know:
Who Are Non-QM Buyers?
- Self-Employed – these people may have excellent credit and a high income but cannot qualify using tax returns required for a traditional loan.
- Millennials – millennials are projected to dominate the housing market this year. Low credit scores due to possible student loan debt or credit card debt for example might make them ideal for a non-QM product to qualify.
- Property Investors – they might need to use cash flow on a property to qualify vs. income or tax returns.
- Other scenarios – people with lower credit scores or who might have gone through a foreclosure, short sale, or deed in lieu who can prove their ability to repay a loan.
What Non-QM Loan Products Are Offered in Our Portfolio Suite?
- Bank Statement – ideal for self-employed people and does not require tax returns.
- Non-Prime – perfect for those with lower credit scores.
- Investor Cash Flow – Helps investors build their portfolios.
- Jumbo – a non-Agency loan for those buying homes that exceed the conforming limit.
- Foreign National – Available for non-U.S. citizens to purchase a home. Does not require Social Security or Taxpayer Identification Number.
Many buyers concerned they won’t qualify would still love to buy a home now due to favorable market conditions. Let them know you have a lender who might have the perfect loan product to help them purchase sooner than they think.
When we say, “Built for Speed. Driven by Service. Close Quickly With Angel Oak Homes.”, we mean it!
Tags: credit, FHA loans, first time home buyer loans, investor cash flow loans, mortgage, mortgage lender, mortgage loans, non-QM, press release, self employed mortgage, Traditional lending, USDA loans, VA loans