The client, who had previously been declined for a conventional mortgage loan, was in need of financing for their real estate investment. Mortgage Depot was able to provide the necessary financial assistance with a non-QM loan.
Non-Qualified Mortgage (QM) loans are designed for those borrowers who do not fit into traditional mortgage guidelines. These loans can be used by individuals who have been declined for conventional mortgages due to their credit scores, income levels, or other factors. These lenders are often willing to provide financing to borrowers who would otherwise be unable to obtain a conventional mortgage.
The client faced a challenge of wanting to get into real estate investment but was unable to find a suitable financing option. After searching for a lender who could provide the necessary funding, the client contacted Mortgage Depot and asked for their assistance. Mortgage Depot was able to provide the necessary funding using a non-QM loan.
Non-QM loans are often seen as a riskier funding option since they are outside of the typical mortgage guidelines. However, they can be beneficial to those who have an irregular income or who possess an unusually low credit score. They can also be beneficial to those who do not have adequate funds available for a down payment on a conventional loan.
The client was very pleased with the outcome and thankful to have been given the opportunity to invest in real estate. They were able to utilize the non-QM loan to make their dream of real estate investing a reality.
In summary, Mortgage Depot was able to help a client break into real estate investing by providing a non-QM loan. This type of loan provides financing to borrowers who do not fit within the conventional lending guidelines. It is often seen as a riskier loan but can be beneficial for those who have an irregular income or a low credit score. The client was very pleased with the outcome and grateful to be able to realize their dream of real estate investing. Mortgage Depot's customer service and expertise allowed them to solidify their position as a reliable lender in the real estate industry.
This article was contributed on Sep 28, 2023