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Non-QM Mortgages

Welcome to Bennett Capital Partners, where we recognize that not all borrowers fit into the traditional mortgage lending mold. We specialize in offering flexible and innovative Non-QM mortgages for clients who may not qualify for conventional loans. As a premier lending institution, we're dedicated to helping our clients achieve their dream of homeownership.

Our expert team of loan officers boasts years of experience in the non-QM mortgage industry and is licensed to originate Non-QM and Non Conforming mortgages throughout Florida. We take pride in our expertise, authoritativeness, and trustworthiness, making us the go-to choice for non-QM mortgages.

No matter your situation—whether you're a self-employed entrepreneur, have unconventional income sources, or face credit challenges—we have a loan program that's tailored to your needs. Our commitment to superior customer service, coupled with cutting-edge technology, ensures a seamless and stress-free application process.

Explore our range of non-QM mortgage options, including Bank Statement Programs, Private Lending, and loans for Foreign Nationals. Additionally, we offer financing options for a variety of property types, such as Single Family Residences, 2-4 units, Townhouses, Villas, Condominiums, Warrantable Condo Mortgages, and Non-Warrantable Condos.

At Bennett Capital Partners, we strive to help you navigate the non-QM mortgage landscape with ease. We understand Non QM Loan Requirements and are here to help. Our programs are ideal for borrowers with less than perfect credit, hard to document income, borrowers with condo financing problems, and more.  Apply Now or Contact us today to discuss your unique financing needs with our team of experts and take the first step towards securing your dream home.

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Non-QM Mortgages FAQ's

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Non-QM Mortgage Programs

Bank Statement Loans

Bank statement loans are a type of non-QM loan that allow borrowers to use bank statements to verify their income instead of traditional forms of documentation such as pay stubs or W-2s. This type of loan is ideal for self-employed individuals or those with fluctuating income. Bank statement loans are a great option for self-employed borrowers and those with non-traditional forms of income.

Non-Warrantable Condos

A Non-warrantable condo is a condominium property that doesn't meet the criteria set by Freddie Mac and Fannie Mae Approved Condo List for purchase or securitization. These criteria include restrictions on owner-occupancy ratios, rental restrictions, and other standards. Non-warrantable condos are not eligible for traditional mortgage financing through the government-sponsored enterprises.

Profit and Loss (P&L) only mortgage programs, also known as a "no tax return" mortgage program, is a type of mortgage lending that relies solely on a borrower's most recent profit and loss statement as the primary documentation for their income. This type of program is often utilized by self-employed individuals or business owners who have inconsistent or complex tax returns.

Super Jumbo

Super Jumbo Mortgages are a type of mortgage loan that exceeds the conforming loan limit of $726,200, which is the maximum loan amount that can be purchased or guaranteed by Fannie Mae and Freddie Mac. Super Jumbos go up to $30 million and are designed for high net worth individuals who are looking for large loans for luxury homes, second homes, or investment properties. 

WVOE Only

WVOE only mortgage programs utilize an Employment Verification form (VOE) filled out by the employer, instead of the traditional W2 form, as part of the income documentation process. This type of program is often used by self-employed individuals, contract workers, and those in the gig economy who cannot provide traditional W-2 forms but still want to qualify for a mortgage. No Personal Tax Returns are required, the loan qualifies on thbe WVOE for income only. 

Asset Depletion

Asset Depletion Mortgage Program, a borrower's assets, such as bank accounts, stocks, bonds, and other investments, can be used to determine their ability to repay the loan. The lender calculates the amount of income that could be generated from these assets, which can then be used either alone or in combination with traditional income verification to make a loan decision. No personal tax returns or W2's required. 

Investment Property

Investment property loans offer alternative lending options for borrowers who don't fit the traditional QM criteria, such as those with a high debt-to-income ratio or unconventional income sources. A key advantage of non-QM investment property loans is the higher number of mortgages they allow compared to conventional loans. Additionally, these loans permit the use of corporate title or LLC vesting.

ITIN

ITIN (Individual Taxpayer Identification Number) Mortgages allow individuals who are foreign nationals or do not have a valid SSN to obtani a mortgage in the United States, regardless of their immigration status. These mortgages typically have relaxed income and credit requirements compared to traditional mortgage programs, making homeownership accessible for individuals who may not otherwise be able to obtain a mortgage.

Cross-Collaterlization

Cross collateralization mortgages are a type of mortgage loan that uses multiple properties as collateral for a single loan. Instead of using a single property as collateral for a loan, the lender uses two or more properties, which are cross-collateralized to secure the loan. This allows the borrower to obtain financing for multiple properties with a single loan.

Interest Only

Interest-Only Non-QM Mortgages are flexible financing options for borrowers who are seeking a mortgage that allows them to pay only the interest portion of their loan during a specified period of time. Common terms are 5, 7, and 10 Year Interest Only  Mortgage ARMS. They are perfect mortgage options for investors.

2nd Mortgages / HELOCS

Non-QM second mortgage and HELOC is a type of loan that allows alternative income verification using bank statements. These loans are in second lien position and provide borrowers with access to their equity without the need to refinance their first mortgage. This allows homeowners to use their built-up equity to finance various expenses, while still maintaining the first mortgage as their primary debt obligation.

No Income / No Employment

No Income No Employment loan, also known as a No Ratio loan, is a type of loan offered  that does not require the borrower to provide proof of income or employment. This type of loan is typically intended for self-employed individuals or those with fluctuating income, as traditional underwriting methods may not accurately reflect their financial situation

1 Year Self Employed

1-year self-employed mortgage programs are an alternative to traditional mortgages, which typically require 2 years of business tax returns to verify income. In a 1-year self-employed mortgage program, the lender uses alternative methods to verify income, such as bank statements, profit and loss statements, or business licenses. 

Condo-tel mortgage programs are a type of mortgage program designed specifically for purchasing or refinancing a condo-tel unit. Condo-tel units are unique properties that combine the features of a traditional condominium with the services and amenities of a hotel. These units are typically owned individually, but are managed and operated as part of a larger hotel or resort.

1099 Only

1099 only programs are a type of non-QM loan designed for self-employed borrowers who receive 1099's, rather than a W-2. This type of loan program is meant to provide a flexible mortgage option for individuals who do not have a traditional source of income, but can demonstrate their financial stability through their 1099 tax forms. 

No Income Verified Asset Program uses assets instead of income to determine eligibility. Seasoned, liquid assets such as stocks or cash or retirement assets like a 401K or IRA can be used to calculate the borrower's income. This is done by subtracting any penalties and taxes from the asset account balance and ensuring that the resulting figure meets or exceeds the borrower's total debt obligation, including their mortgage and other liabilities.

Pledged Assets

Pledged asset loan programs are a type of mortgage financing that allows a borrower to use assets, such as stocks, bonds, or mutual funds, as collateral for the loan. In this program, the assets are held in a separate account and are used as security for the loan, rather than being sold or liquidated. The lender uses the value of the pledged assets to determine the loan amount and the borrower's ability to repay the loan.

Foreign Nationals

Non-QM foreign national mortgages are a type of mortgage loan specifically designed for foreign nationals who are not permanent residents of the country where they are applying for the loan. Non-QM foreign national mortgages may require alternative documentation, such as a passport or visa, and may consider factors such as the borrower's assets and credit history, rather than just their income and employment.

Short Terms Rental

Short-term rental mortgage program are a type of financing option specifically designed for individuals or entities who want to purchase or refinance a property used for short-term rental purposes, such as a vacation rental or an Airbnb rental. Factors such as the property's location, rental income, and the length of time the property will be rented can impact the eligibility and terms of the loan. 

Recent Credit Event

Recent Credit Event Mortgages are a loan program designed for borrowers who have experienced a recent credit event such as a foreclosure, short sale, or bankruptcy. With this program, borrowers can obtain a mortgage with as little as 1 day out of a credit event. This type of mortgage offers an opportunity for individuals to refinance after bankruptcy and re-establish their credit and become homeowners again. 

Bridge-to-Sale

Bridge to Sale Mortgage is a mortgage for homeowners who are in the midst of selling their existing property and need temporary financing to purchase a new home. This loan offers short-term funding that bridges the gap between the sale of the current home and the purchase of the new one, thereby allowing the borrower to purchase their desired property without the burden of carrying two mortgages simultaneously

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Discover helpful tips and tricks on mortgages by reading our blog posts

 

Finding The Best Home Loans With Bad Credit: Your Ultimate Florida Guide To learn more about Home mortgages for those with bad credit. Click here to read the full article

Maximizing Your FHA Loan Benefits: Can You Get An FHA Loan Twice? to learn more about having two FHA loans at once. Click here to read the full article

Uncover the Ultimate Guide to FHA Employment Requirements - Are You Eligible? to learn more about the FHA Employment Requirements. Click here to read the full article

Navigating the FHA Foreclosure Waiting Period: A Comprehensive Guide to learn more about the Foreclosure waiting periods through the FHA.  Click here to read the full article

7 Types of Conventional Loan Programs to Choose From to learn more about the 7 types of conventional loans and how they can help you.  Click here to read the full article

Understanding Fannie Mae Condo Guidelines: A Comprehensive Guide Learn more about Fannie Mae condo guidelines and their importance in the mortgage process.  Click here to read the full article

Can You Still Get a No-Doc Mortgage in 2023? Learn all about no-doc mortgages and how they can help you obtain a mortgage.  Click here to read the full article

Unlocking Opportunities with Commercial Hard Money Lenders Learn how you can use commercial hard money loans to leverage your acquisitions.  Click here to read the full article

Jumbo Loans: Understanding the Factors That Affect Your Interest Rate Learn how you can get the best jumbo loan interest rate.  Click here to read the full article

 

How to Qualify for an FHA Loan: The Complete Guide Learn what you need to know to qualify for an FHA Loan. Click here to read the full article

Warrantable vs Non-Warrantable Condos: Understanding the Key Differences to learn the key differences between warrantable and non-warrantable condos. Click here to read the full article

 

Spec Home Financing: A Comprehensive Guide for Real Estate Investors to learn more about spec home financing. Click here to read the full article

Understanding Fannie Mae Second Home Guidelines: A Comprehensive Guide to learn more about Fannie Mae Second Home Guidelines. Click here to read the full article

How To Get A Mortgage Without Tax Returns, Paystubs, or W2's to learn more about how you can get a mortgage with no income verification. Click here to read the full article

A comprehensive guide to getting a mortgage when you're self-employed to learn more about how Self-Employed borrowers can get a mortgage without their tax returns Click here to read the full article

Can I Get a Bank Statement Cash Out Refinance Loan? to learn more about how this program can get you the cash out of your equity-rich property. Click here to read the full article

 

Fannie Mae Homepath Program: Everything You Need to Know to learn more about how this program can help you buy a foreclosure property through Fannie Mae. Click here to read the full article

 

Fannie Mae HomePath Program: Your Key to Finding Your Dream Home to learn more about how the Homepath Mortgage program. Click here to read the full article

 

Home Possible® Mortgage Income Limits & Guidelines to learn more about how this program can help first-time home-buyers. Click here to read the full article

 

A Deep Dive into Fannie Mae's Condo Project Review Process to learn more about how to navigate the Fannie Mae condo project review process. Click here to read the full article

 

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Understanding Non-QM Mortgages

 

Can you explain what a non-QM mortgage is?

 

A non-QM (Non-Qualified Mortgage) is a type of mortgage that does not meet the standards set by the Consumer Financial Protection Bureau for Qualified Mortgages. These loans are designed to help borrowers with unique financial circumstances, such as self-employed individuals or real estate investors, who may not meet traditional lending requirements.

 

Do traditional banks offer non-QM loans?

 

Yes, many traditional banks do offer Non QM mortgage. However, these loans are not backed by government agencies like FHA, VA, Fannie Mae, and Freddie Mac. Therefore, the terms and conditions of these loans can vary significantly from one bank to another.

What is the difference between QM and non-QM mortgages?

 

QM (Qualified Mortgages) are home loans that meet specific standards set by the Consumer Financial Protection Bureau. These standards include certain income and credit requirements, and they are designed to ensure that borrowers are able to repay their loans. Non-QM mortgages, on the other hand, do not meet these standards. They are designed for borrowers with unique income situations or other circumstances that may not fit within the traditional lending criteria.

Is a non-QM mortgage considered as hard money lending?

 

No, a non-QM mortgage is not considered hard money lending. While both non-QM mortgages and hard money loans serve borrowers who may not qualify for traditional financing, they are not the same. Hard money loans are typically short-term loans secured by real estate, often used for investment purposes. Non-QM mortgages, however, are more similar to traditional mortgages and are used for home purchases or refinances.

Who can benefit from a non-QM loan?

 

Non-QM loans can benefit a variety of borrowers who may not meet the traditional lending requirements. This includes self-employed individuals, real estate investors, foreign nationals, and borrowers with significant assets. Non-QM loans can also be beneficial for those with unique income situations or those who have a high debt-to-income ratio.

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Borrower Sucess Story

Lighting Fast Loan Processing for a Jumbo Non-QM Mortgage 

 

Bennett Capital Partners, one of the best non-qualified mortgage lenders, streamlined the loan process for a high-value non-QM mortgage. Despite the client's lower credit scores, we completed the process in just 15 business days. We simplified the process by requiring only an accountant's income letter instead of tax returns and a single appraisal instead of the usual two required by traditional mortgage lenders for high loan amounts. The property was appraised at $7,000,000, and we provided a 65% loan-to-value, resulting in a non-QM mortgage loan amount of $4,550,000.

Overcoming Obstacles: A Self-Employed Entrepreneur with Non-Qualifying Mortgages 

 

Securing no qualifying home loans can be a challenge, particularly for self-employed entrepreneurs. Despite these hurdles, Bennett Capital Partners, as a leading non-QM loan lender, was able to assist our client in achieving their goal. We offered competitive non-QM mortgage rates, which made the loan affordable for the client.

Bennett Capital Partners: Innovative Solutions for Non-Traditional Financing Needs

 

 At Bennett Capital Partners, we specialize in offering innovative residential and commercial loan programs tailored to non-traditional needs. We focus on assisting individuals and companies who have been turned down by traditional mortgage lenders. We provide alternative financing solutions, including non-QM mortgage loans, to meet our clients' unique needs.

Pursue Your Property Investment with Confidence

 If you're looking to purchase or refinance a property but are unsure about financing options, the expert team at Bennett Capital Partners is ready to help with creative loans designed to meet your unique needs. As one of the top non-QM lenders, we're committed to helping our clients turn their property dreams into a profitable reality. Reach out today and let us help you navigate the world of non-qualifying mortgages.

What Our Clients Say

Five Stars

Alex S. 

Philip was highly recommended to me and he did not disappoint. He was incredibly helpful and honest throughout the entire process, getting us the best program that matched our needs. We really didn't think we had a chance and luckily Philip …
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