Refinancing NON-QM Loans To Government And Conventional Mortgage


This BLOG On Refinancing NON-QM Loans To Government And Conventional Mortgage Was PUBLISHED On April 29th, 2019

Refinancing NON-QM Loans to government or conventional loans is possible after six months after the initial home mortgage closing.

  • This only holds true if the deal makes sense
  • NON-QM Loans is not always for borrowers with bad credit
  • Many home buyers who need higher-end mortgages due to surpassing loan limit requirements often opt for non-qm loans rather than Jumbo Mortgages
  • NON-QM Mortgages has many favorable terms and are easier to qualify than traditional jumbo mortgages
  • Borrowers can qualify for non-qm jumbo mortgages with 5% to 25% down payment with no private mortgage insurance
  • Self-employed borrowers can qualify for bank statement loans with no maximum loan limits and no income tax returns required

In this blog, we will discuss and cover refinancing non-qm loans to government and conventional mortgages.

Refinancing NON-QM Loans
Gustan Cho Associates

Benefits Of NON-QM Mortgages

There are many benefits of non-qm mortgages. NON-QM Loans are becoming increasingly popular for home buyers with less than perfect credit, buyers with late payments in the past 12 months, buyers with not enough seasoning after bankruptcy or housing event, buyers who need higher loan limits, and self-employed borrowers.

Here are the benefits of non-qm and alternative financing:

  • There is no waiting period after bankruptcy and/or housing event
  • Borrowers can qualify with late payments in the past 12 months
  • Borrowers with credit scores down to 500 FICO can qualify
  • Self-employed borrowers can qualify with no income tax returns required
  • The maximum loan limit is $3 million: Higher loan limits available on a case per case basis
  • There is no private mortgage insurance required on all non-qm loans

NON-QM Loans are not just for borrowers with bad credit. Many home buyers with good credit can benefit by this loan program. This holds true for high credit self-employed borrowers where there are no income tax returns required. Gustan Cho Associates at Loan Cabin Inc. offers 5% down payment non-qm jumbo mortgages.

Borrowers Benefiting From Refinancing NON-QM Loans To Traditional Mortgages

NON-QM Mortgage Rates are typically much higher than government and conventional loans. This holds true for borrowers with lower credit scores and higher loan to values. Many non-qm borrowers have mortgage rates in the 6% to 9% range. Many who closed their home loans with a non-qm mortgage often worked on their credit profile where they can qualify for traditional loans. Prime mortgage rates for prime borrowers today is hovering around 4.25%. Borrowers with higher non-qm mortgage rates can definitely benefit by refinancing non-qm loans to government and/or conventional loans. Gustan Cho Associates are experts in non-qm, government, conventional, and alternative financing loan programs. We are experts in helping borrowers save money by refinancing them to a loan program that greatly benefits them. For more information on refinancing non-qm loans to traditional lower rate mortgages please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at Gustan Cho Associates Mortgage Group is available 7 days a week, including evenings, weekends, and holidays.

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