{"id":1471,"date":"2023-02-24T00:43:19","date_gmt":"2023-02-24T00:43:19","guid":{"rendered":"http:\/\/gator4099.temp.domains\/~mypnwbro\/?page_id=1471"},"modified":"2023-02-24T01:08:35","modified_gmt":"2023-02-24T01:08:35","slug":"non-qm","status":"publish","type":"page","link":"https:\/\/mypnwbroker.com\/?page_id=1471","title":{"rendered":"Non-QM"},"content":{"rendered":"\t\t
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Non-QM<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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To understand a Non-QM loan, you need to understand what a QM loan is! QM stands for Qualified Mortgage which is a term for a mortgage created in 2014 for mortgages that fall into pre-determined requirements outlined for consumer protection in the Dodd-Frank Act.\u00a0 Non-QM loans are simply loans that do not fall into that set of requirements.<\/u><\/u><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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For a loan to be considered a QM loan it needs to meet the following criteria: <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Certain Risky Loan features are not permitted.<\/strong><\/u><\/u><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Examples include:<\/u><\/u><\/p>

    • Interest Only<\/u><\/u><\/li>
    • Negative amortization loans<\/u><\/u><\/li>
    • Balloon Payments<\/u><\/u><\/li>
    • Loan terms great than a 30-year repayment<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Limited Price for the loan<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      The annual percentage rate (APR) on a QM loan cannot be higher than a particular threshold.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      No Excess Upfront Fees<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Qualified Mortgages have limits on what your lender can charge. Limits depend on the size of the loan. If the fees exceed the limit, the loan cannot be considered a Qualified Mortgage.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Verified Income, Assets, and Debts<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      The lender must review and verify your current monthly income and assets against your monthly debt obligation to consider your ability to repay. If your monthly obligation exceeds the debt-to-income ratio, the loan may not be eligible for the qualified mortgage.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Non-QM To understand a Non-QM loan, you need to understand what a QM loan is! QM stands for Qualified Mortgage which is a term for a mortgage created in 2014 for mortgages that fall into pre-determined requirements outlined for consumer protection in the Dodd-Frank Act.\u00a0 Non-QM loans are simply loans that do not fall into […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"nf_dc_page":"","footnotes":""},"class_list":["post-1471","page","type-page","status-publish","hentry"],"yoast_head":"\nNon-QM - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mypnwbroker.com\/?page_id=1471\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Non-QM - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers\" \/>\n<meta property=\"og:description\" content=\"Non-QM To understand a Non-QM loan, you need to understand what a QM loan is! 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