A Non QM loan, or a non-qualified mortgage loan, is a type of home financing that does not meet the standards set by Fannie Mae and Freddie Mac. These loans are designed for borrowers who do not fit into the traditional lending criteria due to their credit history, income level, or other factors. Non QM loans offer flexibility in terms of underwriting guidelines and can be customized to meet the unique needs of each borrower.
Non QM loans typically have higher interest rates than conventional mortgages because they carry more risk for lenders. However, these loans provide an opportunity for borrowers who may have been turned down by traditional lenders to still achieve homeownership. They also allow self-employed individuals and those with irregular income streams to qualify for a mortgage based on their ability to repay rather than just their credit score or debt-to-income ratio. Overall, Non QM loans serve as an alternative option for borrowers who need more flexible lending solutions outside of the standard conforming mortgage market.
Pima County is a county in the south central region of the U.S. state of Arizona. As of the 2020 census, the population was 1,043,433, making it Arizona's second-most populous county. The county seat is Tucson, where most of the population is centered.
Population: 1.052 million (2021)
Address: 5416 E Pima St, Tucson, AZ 85712
Address: 5451 East Benson Highway I-10 & Craycroft Rd., (Exit 268, 5451 E Benson Hwy, Tucson, AZ 85756
Address: 4122 E Speedway Blvd, Tucson, AZ 85712