Question 1

What is a NON-QM loan?

Accepted Answer

A NON-QM (Non-Qualified Mortgage) loan is a home loan that uses alternative documentation instead of traditional W-2 income verification. These loans are designed for self-employed borrowers, real estate investors, and anyone with non-traditional income. Unlike conventional mortgages, NON-QM loans accept bank statements, asset statements, or rental income to qualify.

Question 2

Who qualifies for a NON-QM mortgage?

Accepted Answer

NON-QM mortgages are ideal for: self-employed business owners, freelancers and gig workers, real estate investors, retirees with assets but limited income, foreign nationals, and borrowers with past credit events (bankruptcy, foreclosure). If you have income that's difficult to document on tax returns, a NON-QM loan may be your solution.

Question 3

Are NON-QM loans safe and legitimate?

Accepted Answer

Yes, NON-QM loans are fully legal and regulated. They're offered by licensed lenders and follow all federal and state lending laws. The term 'non-qualified' simply means they don't meet specific Consumer Financial Protection Bureau (CFPB) criteria for 'qualified mortgages' - it doesn't mean they're risky or predatory. NorthStar Funding is licensed (NMLS #139369) and BBB accredited.

Question 4

What's the difference between NON-QM and subprime loans?

Accepted Answer

NON-QM loans are NOT subprime loans. While subprime loans from the 2008 crisis had minimal underwriting, NON-QM loans require thorough documentation - just different documentation. Borrowers must prove ability to repay through bank statements, assets, or rental income. NON-QM loans also have reasonable debt-to-income limits and require down payments.

Question 5

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

Accepted Answer

Credit score requirements vary by program. Bank statement loans typically require a minimum of 620-660. DSCR loans for investors may accept scores as low as 620. Asset depletion loans often require 680+. We also have credit-challenged programs for scores down to 500. We work with borrowers across the credit spectrum.

Question 6

Can I get a mortgage if I was denied by another lender?

Accepted Answer

Absolutely! Many of our clients come to us after being turned down elsewhere. Traditional lenders often can't see past rigid guidelines. We specialize in finding solutions by looking at your complete financial picture. Whether you were denied due to income documentation, DTI ratios, credit history, or property type, we have programs designed specifically for situations like yours.

Question 7

How long does the NON-QM loan process take?

Accepted Answer

Our typical timeline is 21-30 days from application to closing, though this can vary based on property type and documentation. We pride ourselves on fast, efficient processing. Many of our loans close even faster when all documentation is provided promptly.

Question 8

What down payment is required for NON-QM loans?

Accepted Answer

Down payment requirements vary by program and loan amount. Bank statement loans typically require 10-20% down. DSCR investment loans usually need 20-25% down. Asset depletion programs may require 20-30%. Foreign national loans often require 25-30%. Higher down payments can help secure better rates and terms.

Question 9

Do you offer loans for foreign nationals?

Accepted Answer

Yes! We have specialized programs for foreign nationals and non-permanent residents. These programs don't require a Social Security number or US credit history. We work with various visa types and can use foreign credit reports or alternative credit documentation. Down payments typically range from 25-30%.

Question 10

What makes NorthStar Funding different from other lenders?

Accepted Answer

Our philosophy is simple: we ask 'How can I?' instead of 'I can't.' While other lenders see obstacles, we see opportunities. We specialize exclusively in NON-QM lending, which means we understand these programs inside and out. Our team has 30+ years of experience finding creative solutions for complex situations.

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Why Choose NorthStar Funding?

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