To understand what a non-QM loan is, one needs to understand what a QM loan means. Qualified Mortgages (QM) are home mortgage products that meets standards set forth by the Federal Government. These loans do not allow for high risk features and protects the consumer from getting into a situation that they do not have the ability to repay.
Some lenders opt to offer non-QM products to individuals that do not fit into a QM product. Pando Mortgage has paired with some of those lenders to offer its’ clients the best fit of financing for their needs.
This product is different than loans offered via the Small Business Administration and is not to be confused with such loans. Our Commercial lending product is either 3 yrs or 8 yrs with a max LTV of 70%. The loan amount can be as low as $75,000 and go upwards to $5,000,000.
Please see our Jumbo Home Loans details page.
Also known as Bank Statement loans, this type of financing relies on a business’s gross income in the form of bank deposits to qualify the borrower. Additionally, the lender does not require tax returns, W2s, 1099s nor paystubs. The assets that is placed into the bank is tallied up for a total of 12 or 24 months and then averaged. This loan vehicle may be perfect for small business owners, physicians, commission-based sole proprietors as well as a variety of other clients. Please reach out to your Mortgage Loan Officer for further information
While most QM loans do not allow for investors that flip properties, a non-QM product such as our Short-Term Flip loan fills that gap. A borrower that needs capital to finance improvements on a rehab property fits this loan product well; credit requirements are a FICO of at least 650 as well as standard income/asset qualifications.
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Our mission at Pando Mortgage is to pair you with someone passionate, who will guide you through the mortgage financing process and be your advocate during one of life’s most important moments. We believe that the mortgage industry can do better; let us prove it to you!