Question 1

What credit score do I need for a NON-QM loan?

Accepted Answer

Credit requirements vary by program: Bank statement loans typically need 620-660 minimum. DSCR loans accept scores as low as 620. Asset depletion usually requires 680+. We also have credit-challenged programs for scores down to 500. The lower your score, the higher your down payment and rate will be.

Question 2

Can I get a mortgage after bankruptcy or foreclosure?

Accepted Answer

Yes! We have programs available immediately after bankruptcy discharge or foreclosure. Waiting periods are much shorter than conventional loans. With 25-30% down, you may qualify the day after your bankruptcy is discharged. Each situation is different—contact us for a personalized assessment.

Question 3

What if I have late payments or collections on my credit?

Accepted Answer

Recent late payments will affect your options, but they don't disqualify you. We look at the overall credit picture, not just individual items. Paid collections are generally not counted. Medical collections are often excluded. We can often work around credit challenges with compensating factors like larger down payments.

Question 4

Do you do a hard credit pull for pre-qualification?

Accepted Answer

We offer soft-pull pre-qualification that won't affect your credit score. A hard pull only happens when you formally apply for a loan. Our initial consultation and rate quotes use soft inquiries only. This lets you explore options without impacting your credit.

Question 5

How long does it take to close a NON-QM loan?

Accepted Answer

Most NON-QM loans close in 21-30 days from complete application. Some programs can close in as fast as 14-18 days with clean files. Timeline depends on property type, appraisal scheduling, and how quickly you provide documentation. We'll give you a clear timeline upfront and keep you updated throughout.

Question 6

What documents do I need to apply?

Accepted Answer

Required documents vary by loan type. Bank statement loans need 12-24 months of bank statements plus standard items (ID, asset statements). DSCR loans need lease agreements and property information. All loans require proof of down payment funds. We'll provide a complete checklist specific to your program.

Question 7

Can I lock my interest rate?

Accepted Answer

Yes, we offer rate locks from 30-90 days depending on the program. Longer locks may have slightly higher rates. We recommend locking once you have an accepted purchase contract or are ready to proceed with a refinance. Rate locks protect you from market fluctuations during processing.

Question 8

What are the closing costs for NON-QM loans?

Accepted Answer

Closing costs typically range from 2-5% of the loan amount, similar to conventional loans. This includes origination fees, appraisal, title insurance, escrow setup, and prepaid items. We provide a detailed Loan Estimate within 3 days of application so you know exactly what to expect. Some costs can be rolled into the loan or offset with seller credits.

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