New American Funding has announced the launch of a non-QM mortgage product.
Non-QM loans offer purchase or refinance opportunities for people whose personal financial situations make it hard to qualify for a traditional agency loan. New American Funding’s new non-QM home loan can use alternative methods of income verification to help the borrower get approval for a mortgage.
The company said that to qualify, borrowers’ income sources have to be:
- Fluctuating and non-traditional incomes
- Workers with fluctuating income
- Qualifying assets, but no income
Alternative income verification methods are accepted, and second homes and investment properties may be eligible for the program, the company said.
Approved borrowers can use the non-QM loan for a rate-and-term refinance, a cash-out refinance, or a new home purchase for owner-occupied, second homes or investment homes.
"We're dedicated to making sure everyone has an equal opportunity to achieve the American dream," said New American Funding CEO Rick Arvielo. "At New American Funding, we're excited to offer more options to a more diverse set of consumers and help them through the homeownership process."