Non-QM Loans

Whether you're purchasing or refinancing, My Mortgage Lawyer utilizes its 90-lender network and Tier 1, WHOLESALE pricing to find you the very rates and fees in the country. Moreover, as an attorney, My Mortgage Lawyer's founder, Cameron Oxberry, forms a fiduciary relationship with each client so you know you're receiving the very best advice and service in the industry.

Non-QM loans: Available flexibility

Non-QM loans are aimed at borrowers with financial profiles that don’t meet the requirements of a typical qualified mortgage. This often involves an inconsistent or nontraditional income structure, a major credit event or high debt. Features associated with non-QM loans include:

Alternative income documentation. Depending on the lender’s requirements, borrowers may demonstrate their ability to repay the loan using tax returns, bank statements, assets, or 1099s.

No waiting period after bankruptcy. Some lenders offer non-QM loans that cater to borrowers with a history of bankruptcy or foreclosure, allowing them to get a mortgage as soon as one day after the event. Comparatively, qualified mortgages may require a waiting period of one to four years after bankruptcy, and two to seven years after a foreclosure.

Higher debt limits. Qualified mortgages have a maximum debt-to-income ratio (the percentage of your income that goes toward monthly debt payments) of 43%, while some non-QM loans allow for ratios over 50%.

No government backing. Because non-QM loans don’t have to follow CFPB standards, they can’t be purchased by Fannie Mae or Freddie Mac, nor can they be backed by the Department of Veterans Affairs, U.S. Department of Agriculture, or the Federal Housing Administration. So instead, the lender is taking on all the risk of issuing the loan.

Whether you're self-employed. a real estate investor. retired, or simply have alternative means of income, My Mortgage Lawyer has a program to meet your needs---Stated income is back!