NON-QM MORTGAGE
PRODUCTS

A Plus Mortgage Rates offers alternative income documentation loans for the self-employed, real estate investors, small to mid-size business owners, retires looking to purchase a second home, anyone with a recent credit event such as bankruptcy or foreclosure. We have loans that are approved based on bank statements, your liquid assets and credit history.

We can help finance your purchase of an investment home or if you are a first time-home buyer with our alternative financing solutions.

Find Out if You Qualify


NON-QM LOAN PRODUCTS

Bank Statement Loans

Get approved with only bank statements to prove ability to cover debt service of home loan.  

Asset Based Loans

Asset based loans allow you to get approved based on your checking account, savings, retirement/401K and securities investment accounts to secure a loan.

Jumbo Loans with 10% Down

Get approved with as low as 10% down, 660 FICO score and up to 55% debt to income ratio.

What is a Non-QM Loan?

A Non-QM loan is called a non-qualified mortgage. This is a mortgage that is approved not based on traditional lending methods. This flexible loan option opens a larger spectrum of purchase possibilities for new home purchasing, refinancing and investment opportunities. We prove the ability to repay the loan by using bank statements, assets as collateral and good credit history.

Non-QM vs. Qualified Mortgage

A Non-QM loan is the alternative to a qualified mortgage loan. A Non-QM loan does not meet the federal guidelines for traditional qualified mortgages. A Non-QM loan usually has a higher interest rate but allows for an expanded criteria for approval such as bank statements or assets to prove the ability to repay debt.

Qualified Mortgages require W2, paystubs and tax returns and get the optimal interest rate but require more documentation to prove income for loan approval.  Traditionally, borrowers have only been aware of qualified mortgage loans and to some it may seem impossible to get approved. We understand that feeling that’s why we highly recommend Non-QM loans as credible option to get you loan approved whether it’s a new home purchase, investment property or refinance.

Benefits and Risks of Non-QM Loans

Although the loan requirements are less strict, the risk level of a loan going into default is always present. Going into a Non-QM loan does not increase the risk to the borrower or the lender in a sense that the lender has already calculated the increased risk in lending by offering a higher interest rate due to lower income documentation requirements. The borrower pays a nominally higher interest rate because they are providing alternative documentation versus a qualified mortgage that requires increased documentation and optimal interest rate. The checks and balances put in place are there to safeguard both borrower and lender.

Non-QM Mortgage Benefits

  • As little as 10% down for purchases
  • No personal income documentation requirement
  • Underwriting Flexibility
  • Credit Score as low as 620
  • No Job History required
  • Count rental income (including AirBnB)

Types of Non-QM Mortgage Products Offered

Bank Statement Loans – borrowers can qualify with as little as one month bank statement, typically we take 12 months bank statements and for the best interest rate we take 24 months statements. This is a great loan option for self-employed, gig workers, realtors, business owners and consultants. 

No Income Investment Loans- borrowers who are investors in real estate traditionally rely on rental income and other assets to fulfil their financial commitments. Borrowers can use enjoy a low debt to income service coverage to get approved and we can use rental income from properties that are being acquired into the calculation of the loan approval. The maximum LTV for these types of loans is 70% LTV. 

Asset Based Loans– borrowers can qualify solely on their assets meaning checking account, savings, retirement 401k, stocks, and investment accounts. This is known as an asset depletion loan whereby the monthly income requirement to cover the debt service is calculated by adding up all the assets then dividing by 84 months to calculate the monthly revenue to cover debt service. 

Interest Only Loans – borrowers can maximize their home purchase value by taking an interest only option. The interest only loan only calculates the interest only portion of the monthly payment. There is no principal reduction, however, it gives increased cash flow and spending options to the borrower.

Jumbo Loans with 10% Down – borrowers can enjoy making a dream home purchase with as little as 10% down and minimum FICO of 660 to qualify. The max loan amount is $4 million.

Please review the loan options we offer to better understand which program fits your needs or contact one of our loan specialists so we can help determine which loan program will best fit your criteria.  We provide Non-QM mortgage loans to borrowers in California, Arizona, Colorado, Ohio, Florida, Texas, Illinois, Washington and Louisiana.

Ready to Apply for a Loan?  Contact us Today!

Please review the loan options we offer to better understand which program fits your needs or contact one of our loan specialists so we can help determine which loan program will best fit your criteria.  We provide Non-QM mortgage loans to borrowers in California, Arizona, Colorado, Ohio, Florida, Texas, Illinois, Washington and Louisiana.

Ready to Apply for a Loan?  Contact us Today!

Ready to Get Started? Contact us today!