Section 4: Non-QM First-Time Homebuyers
Purchasing Your First Home
Purchasing a first home is an exciting milestone in any person's life. For some, the process may also seem very intimidating. Buying a home can be challenging for a first timer. After all, there are so many steps, tasks, and requirements, and you may be anxious about making an expensive mistake. But first-time homebuyers actually enjoy some special advantages created to encourage new entrants into the real estate market. Please don't hesitate to give us a call or start your quote online.
How Much Home Can I Afford?
Typically, the first question would-be homebuyers ask themselves is, "What can I afford?" There are many factors that determine what a reasonable mortgage payment should be for an individual, including annual income, existing debt payments, down payment (if any), as well as additional costs like homeowners’ insurance and housing association fees. Orbit Home loans provides a handy VA Loan Payment Calculator to help homebuyers find a monthly payment that's comfortable for them.
Non-QM Payment Calculator →
Contact an Orbit Home Loan Professional
What Type of Loan Should I Get?
There are many financing options available for homebuyers out there, each with their own unique advantages. For most borrowers, we at Orbit Home Loans highly recommend the working with one of our loan officers to find out what best fits your needs. Of course, if you are still researching then you can continue to explore our many loan options here on our website.
Advantages of a Non-QM:
1. Loan Options
The single best benefit of a non-qm loan is that there are many options outside of the normal lending requirements. There is much more flexibility for you to get into your dream home.
2. Private Mortgage Insurance (PMI)
There is no mortgage insurance required on Non-QM loans and bank statement mortgage loans for self-employed borrowers: Borrowers can also explore other mortgage loan programs such as taking out a VA loan.
3. Loan Limit
The maximum loan amount for the Non-QM mortgage loan programs is currently $1,500,000.
4. Lifetime Benefit
Non-QM loans get you into one of the best loan which you will be able to use and benefit from for the rest of your life.
5. Assumability
In most cases, Qualified Loans are non-assumable. There is one QM loan that is assumable and that is the Veterans Affairs’ mortgage.
Getting Preapproved
The first step toward securing your loan is getting pre-approved. This involves a prequalification process, where a loan officer assesses the homebuyer's financial situation and determines what they qualify for and is followed by the homebuyer submitting a completed loan application to the lender for approval. Orbit Home Loans offers two ways to begin this process: You may either call us directly or reach start the application below to get a complementary call.
Contact an Orbit Home Loan Professional
Finding a Real Estate Agent
When using a Non-QM, it's important to find a real estate agent that not only knows the intricacies of the NON-QM Benefit Program, but also understands the specific needs of borrower. Orbit Home Loans has put together a network of friendly real estate agents for just this purpose.
Learn More about Orbit Realty →
Helpful Resources
- The Guide to Non-QM Homebuying
Browse our VA homebuyer education and resources page. - Non-QM Home Loan Mortgage Payment Calculator
This free VA Home Loan calculator gives you a snapshot of what your monthly payments could be with a VA Loan. - Non-QM Glossary
Use our glossary to reference any unfamiliar terms or acronyms.
As a first-time homebuyer, you have many options when it comes to purchasing your home - including homes in high-cost areas.