Here is a recent closing that took our borrower’s journey to purchase their home using a non-QM mortgage solution. The borrower in question had a 30% down payment and needed a $3.1 million loan for their primary residence. With a FICO score of 719 and over two years of self-employment, their traditional full-doc income showed a total debt-to-income ratio of 66%.
However, our non-QM mortgage product came to the rescue by allowing the borrower to use 12 months of bank statement income instead of tax returns. This adjustment brought their debt-to-income ratio down to 47%, well within the 50% limit allowed by our non-QM program. Thanks to the quick-thinking loan originator, the borrower’s dream home became a reality.
Our flexibility and innovative solutions offered by non-QM mortgages can make homeownership possible for borrowers who may not fit the traditional lending criteria. If you are in a similar situation, consider exploring non-QM options to see if we can help you achieve your real estate financing goals.
