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"Encompass Mortgage is the most efficient and simplest way to manage buying a home."
NON-QUALIFIED LOANS
A relatively newer type of product to the market, the Non-QM loan most closely resembles the Alt-A or Sub-Prime loan of the past. Not nearly as aggressive as the loans that led us to the Great Recession of 2008, Non-QM do however have their place. Borrowers must still prove their Ability to Repay (ATR) the loan, but the lenders offering this type of product will accept "alternative" documentation such as 12-24 months bank statements showing cash-flow; lots of assets to prove ability to repay with depleting those assets monthly; etc.
- Resembles the Alt-A or Sub-Prime loans of the past
- Based on the borrower's ability to repay theloan
- Alternative documentation allowed
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