Non QM (Subprime) Mortgage Loans in Dayton and Cincinnati, Ohio | Carlos Scarpero, Mortgage Loan Officer in Dayton, Ohio, NMLS #1674385

Non QM (Subprime) Mortgage Loans in Dayton and Cincinnati, Ohio

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Non QM Mortgage Loans are for people with bad credit but have some funds to put down. The interest rates are higher, so these should be your last resort.

Minimum Down Payment: 10% and higher, depending on program
Minimum Credit Score: 500
Maximum Debt Ratio: varies per program


Frequently Asked Questions About Non QM Mortgage Loans

What is a Non QM Mortgage?

A Non QM Mortgage is a mortgage loan that does not meet the minimum lending standards set by the Dodd-Frank Qualified Mortgage program guidelines. This is the new name for what used to be called a Subprime mortgage.

How does Non QM differ from Subprime?

Ten years ago, the mortgage landscape was very different from today. Lenders would lend with very lenient credit requirements and got into trouble, These days, a higher down payment and a lot more savings is required than the old Subprime programs required. 

Can I get a Non QM Mortgage with a bankruptcy or foreclosure on my credit?

Yes, it's definitely possible if you meet other program requirements.

What are some other uses for Non QM Mortgages?

Some other common Non QM programs are bank statement programs for self employed borrowers with a lot of write offs, ITIN programs for immigrants who do not have a Green Card, programs for people with low credit scores and programs for borrowers who have more than 2 mortgage late payments in the past year.

What are debt ratio limits on Non QM loans?

Depending on the program, you can go as high as a 50% debt ratio

What is the minimum down payment required for a Non QM loan?

It starts at 10% but may be higher depending on the program.

How is underwriting done?

While most other mortgage programs use automated underwriting programs, on a Non QM program, the loan is underwritten manually.