![]() Data compiled by CoreLogic in 2019 found the following common credit characteristics of closed non-QM loans: Interest rates and loan terms may vary widely from lender to lender. There are no uniform underwriting standards for non-QM loans, but lenders usually choose specialized types of non-QM products. However, non-QM lenders can create their own guidelines to prove you can afford the monthly mortgage payments. Borrowers are still required to make a good-faith effort to verify they can repay the loan. One important note: Non-QM loans are not like subprime loans.
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