Non-QM Loans (aka Sub-Prime)

Non -QM Loan (AKA  Sub-Prime)
Following the 2008 mortgage melt down, the Safe Act and Dodd-Frank  Bill of 2010 were passed and  imposed minimum standards for mortgages and created the “Qualified Mortgage” QM.  QM went into effect January 2014 by CPFB (Consumer Protection Financial Bureau)
 
Non-QM  (also known B-paper, near prime, or second chance lending) is the practice of making loans to borrowers who do not qualify for the best interest rates because of their deficient credit history, Bankruptcy or Foreclosure and are designed for borrowers that do not meet the requirements of the GSE’s (government-sponsored enterprise) that is Fannie Mae, Freddie Mac, FHA, USDA and VA guidelines. 
Non-QM loans are good avenue for Self-employed borrowers who are unable to verify income using their tax returns, to use 24 months of banks to verify income.
The Patterson Company Real Estate Lending does have lender options for this type of home financing. Call Mel Patterson at 253-988-8809, we can over your lending needs.