Opening Opportunities for Non-Qualified Homebuyers
Have you just been rejected for a traditional mortgage loan due to your income or credit history? Don’t worry as you are not alone.
There are many homebuyers who fall outside the purview of conventional mortgage loans for numerous reasons and many believe that they cannot buy a home or become real estate investors.
That’s where a non-qualified loan comes into the picture.
This mortgage loan is designed to meet prospective home buyers’ needs and The Mortgage Mentors are delighted to be your one-stop destination for non-qualified mortgage.
We provide easy access to the best mortgage companies in Orange County that provide non-qualified mortgage at attractive interest rates.
What is a Non-Qualified Loan?
A non-qualified mortgage, or NON QM loan, is any mortgage loan that does comply with the prevailing rules that the Consumer Financial Bureau has for a qualified mortgage.
These rules are designed to minimize and limit the risks associated with certain financial products.
According to Dodd-Frank Wall Street and Consumer Protection Act, a qualified mortgage should have the following features:
No excessive upfront fees and points as a lender cannot charge a borrower more than 3% of the total mortgage amount.
Loans should not have toxic features and hence, interest-only loans, balloon loans, and negative amortization loans are out along with loans that extend beyond a term of 30 years.
The borrower’s debt-to-income ratio should not be more than 43%.
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Non-qualified mortgage loan in orange county CA
Any mortgage loan that does not conform to the above-mentioned features is categorized as a non-qualified mortgage loan.
You needn’t worry as such loans are not bad. Rather, they are for people who have been turned down for some reason when they applied for a conventional mortgage loan.
GET PRE-QUALIFIED NOW!
We help you with the best pre-qualified offers for your non-qualified mortgage loan. The Mortgage Mentors collaborates with the lenders, and financial institutions to offer you the best pre-qualified offers based on your credit and your banking transactions.
A right pre-qualified offer can make the whole process of non-qualified mortgage loan application a smoother and hassle-free one, so that you don’t have to spend more time trying to contact different financial institutions.