New American Funding has introduced its Non-Qualified Mortgage (Non-QM) for borrowers who have difficulty qualifying for traditional mortgages because they are either self-employed, have non-traditional incomes or have qualifying assets but no income.
According to the Tustin, Calif.-based company, the loans originated under this program can be used for purchase or refinance loans. Borrowers with income sources outside of a steady paycheck can be qualified for approval using a one-year tax return, bank statements going back six or 12 months or through an asset qualification process.
"We're dedicated to making sure everyone has an equal opportunity to achieve the American dream," said Rick Arvielo, CEO of New American Funding. "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."