Non-QM Home Loans
in Sioux Falls
A non-conforming loan, often called a Non-QM loan, doesn’t follow standard Fannie Mae or Freddie Mac guidelines. Instead, lenders use alternative ways to verify income and qualify borrowers, which opens the door for buyers who don’t fit a traditional mortgage box. Types of Non-QM Loans Available
Bank Statement Loans: Qualify using 12 to 24 months of bank statements instead of tax returns.
Asset-Based Loans: Qualify using savings or investment accounts instead of employment income.
Investor Cash Flow Loans: Qualify based on a property’s rental income rather than personal income.
Credit Event Programs: Qualify sooner after a bankruptcy, foreclosure, or short sale.
Is a Non-QM Loan Right for you?
Self-employed borrowers, business owners, real estate investors, retirees living off assets, and anyone with a recent credit event who doesn’t fit conventional underwriting.
Non-QM Loan Questions, Answered
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No. Self-employed borrowers commonly use them, but investors, retirees, and others with unique income situations do, too.
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Rates vary by program and borrower profile, but many borrowers find the added flexibility worth it.
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Yes, especially investor cash flow loans that qualify based on rental income.