![]() ![]() Before you give up on buying a home, consider an owner financed property. If your credit score is low or your income is difficult to prove, you do have another option. Both loan types are subject to the "Ability to Repay Rule." Unless a lender goes out of its way to determine that a borrower is able to repay the loan, they are open to lawsuits. In fact, the lending process is similar, apart from the loan documents required. However, like qualified mortgages, today's non-QMs have their own set of guidelines. The Great Recession housing meltdown has led to a misconception that non-QMs are bad loans. If you're concerned about whether a non-QM is safe, it's good to know that they are not the same as subprime mortgages. You can get a mortgage with bad credit, or if your income is low, or if you have a high DTI. ![]() Non-QMs illustrate that mortgages are open to many types of home buyers.
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