National Mortgage Lender New American Funding, announces today the launch of a new home loan program, Non-Qualified Mortgage (Non-QM). This loan program fills a growing demand of credit worthy borrowers who are self-employed, have non-traditional incomes, have assets and no income, or have had difficulty qualifying for a traditional mortgage.
“We’re dedicated to making sure everyone has an equal opportunity to achieve the American dream,” said Rick Arvielo, CEO of New American Funding. “At New American Funding, we’re excited to offer more options to a more diverse set of consumers and help them through the homeownership process.”
Non-QM loans provide purchase or refinance opportunities for individuals that don’t have traditional, full-time employment or income-verification documentation.
The Non-QM home loan can fill the niche for those who don’t necessarily fit into the “qualified-mortgage box.” This loan can be customized and use alternate methods of income verification to help the borrower get approved for a mortgage.
Income sources consist of:
- Fluctuating and non-traditional incomes
- Workers with fluctuating income
- Qualifying assets, but no income
- Alternative income verification methods accepted
- Second homes and investment properties may be eligible
Ways for borrowers to prove their income or assets for a Non-QM loan include:
- Full Documentation
- One-Year Tax Return Program
- Bank Statement Program (6 or 12 months)
- Asset Depletion/Asset Qualification
The Non-QM loan can be used for a rate-and-term refinance, a cash out refinance, or a new home purchase for owner-occupied, second homes or investment homes.