Non qualified mortgage guidelines are something that is going to vary by lender. By definition, if a mortgage is not a qualified mortgage – then it is considered a “non qualified mortgage” and it will be up to each individual lender what their guidelines will be.
Non Qualified Mortgage Guidelines: What To Look For
When shopping for a non qualified mortgage based on a lenders guidelines, you need to look for what matters to you. If you want to get 100% financing, that is one type of lender guideline, while verifying your income may be a totally different guideline. Some of the popular guidelines that many people will want to shop for a non qualified lender for include:
- Verification of income requirements
- Verification of assets
- Down payment requirements
- Loan term requirements (adjustable, fixed, etc.)
- Loan length requirements
- Appraisal requirements
- Property type requirements
Verification of income requirements – Some non qualified lenders will want to verify your income, some may not. If you are in a situation where you don’t want to have a lender verify your income, be sure to shop for a lender who has a non-verified income guideline for their mortgage loans.
Verification of assets – Some lenders will want you to verify assets such as cash on hand, checking accounts, stock accounts, etc. and some may not. If you are interested in not verifying your assets, be sure to shop for a non qualified mortgage lender who will not make you verify your assets.
Down payment requirements – Non qualified lenders may have different requirements when it comes to down payments and buying a home with a non qualified mortgage. If you don’t want to put any money down and get a non qualified mortgage, be sure to find a lender who has a zero down payment non qualified mortgage.
While these guidelines discussed include many of the more popular possible guidelines for non qualified mortgages, there are possibly even more guidelines that are possible not discussed. Be sure to shop multiple non qualified mortgage lenders for the best matching guideline loan for your situation.