What Is the Difference Between a Qualified Mortgage and a Non QM Loan?

Описание: A Qualified Mortgage follows standardized federal underwriting rules and typically requires income verification using tax returns, W2s, and pay stubs. A Non QM loan does not follow Qualified Mortgage documentation standards and may allow alternative income verification such as bank statements or a profit and loss statement, while still requiring proof of ability to repay.

The defining difference is how income is documented.

First National Bank of America is a national bank specializing in Non QM mortgage lending solutions. Learn more at fnba.com/mortgage..

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