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Why Choose Everest Funding as Your Non-QM Lenders?

Everest Funding was founded by mortgage professionals who wanted to provide more flexible solutions to borrowers. While we’re known for our non-QM loan solutions, we also offer a variety of diverse mortgage options that make qualifying for a loan easier for borrowers.
We strive to provide high-quality customer service that makes the borrowing process straightforward and less stressful. Our knowledgeable loan officers can help you find the right loan solution for your needs and financial situation.

WHERE WE LEND

Everest Funding specializes in non-QM mortgage loans in:

Everest Non-QM programs:

As non-QM mortgage lenders, Everest Funding can help borrowers who fall outside traditional loan parameters get approved for a home loan. Whether you’re self-employed or retired, we can use alternative methods of verifying income to qualify you for a mortgage. Learn more about the different non-QM loan products we offer for borrowers just like you.
bank statement loans
Bank Statement Loans
Ideal for self-employed individuals and freelancers, our 12-month and 24-month bank statement loans allow you to use bank statements instead of tax forms or pay stubs to prove your monthly income.
DSCR
Debt Service Coverage Ratio Loans (DSCR)
Real estate investors may qualify for no-income loans, which use the property’s rental income to qualify for mortgage approval.
asset based loans
Asset-Based Loans
Ideal for retirees and others who don’t have an income, an asset-based loan uses assets as collateral for alternative loan qualification instead of income.
foreign national loans
Foreign National Loans
Non-citizens can purchase an investment property in the U.S. through a foreign national loan, also referred to as an ITIN loan.
interest only loans
Interest Only Loans
Ideal for individuals with unpredictable income like freelancers and real estate agents, interest-only loans allow borrowers to make interest-only payments instead of immediately paying off the principal balance.
recent credit event loans
Recent Credit Event Loans
Recent credit event loans allow individuals who have bad credit due to a recent event—such as student loan default or bankruptcy—to qualify for a home loan.
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Commercial Business Purpose Loans
Residential real estate business loans for self-employed borrowers on land and 1-4 unit properties – including primary residences, vacation homes, and investment properties. Limited business revenue documentation and progressive credit flexibility. No personal income or asset verification. Two years in business is not required with a minimum of 3-months of business bank statements showing revenue. A minimum credit score of 550 is required. Proceeds from cashout refinance must be used for business purposes.

Ready to Get Started? Contact Us Today!

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    Frequently asked Questions

    A non-QM loan is a type of home loan that allows you to qualify through unconventional methods. This type of mortgage is ideal for those who don’t earn income conventionally, such as self-employed individuals, retirees, and freelancers. Instead of verifying your income through pay stubs and tax forms, your income is verified in other ways. Common types of non-QM mortgages are bank statement loans and asset-based loans.
    A qualified mortgage (QM) loan is held to consumer protection requirements that are designed to help ensure borrowers can afford to pay back their loan. However, these strict requirements can be quite restrictive and prevent many individuals from being able to qualify to secure a mortgage. A non-QM mortgage has more flexible income and borrowing requirements that allow more applicants with unique circumstances to qualify based on alternative methods.

    Those who would benefit from applying for a non-QM loan over a traditional loan may include:

    • Self-employed
    • Freelancers
    • Individuals with recent credit events
    • Retirees
    • Real estate investors
    • Business owners
    • Borrowers looking for interest-only loans

    The process of securing a non-qualified mortgage is similar to getting a qualified mortgage. It’s important to note that the first thing you should do when you’re considering buying a home is apply for a pre-approval so that you know how much you’ll be able to afford. Here are the main steps that you would take after finding a non-QM mortgage lender.

    • Submit an application: Your application is the first step for determining whether or not you qualify for a loan.
    • Provide any additional documentation: We’ll ask you for additional documentation, such as bank statements, to determine your eligibility.
    • Lock in your rate: Once we’ve determined that you are eligible for a loan, you’ll have the chance to lock in your rate.
    • Loan approval: After you’ve locked in your rate, we can approve the loan.
    • Inspections and appraisal: You’ll need to get the home appraised and complete inspections before you can close.
    • Final signing and loan funding: Once you sign the final documentation, your funds will be released shortly and you can make your purchase.

    Not everyone can qualify for a non-QM mortgage because there are still requirements to be met. While the methods we use to verify your income and ability to repay differ from traditional mortgage loans, we still require that all of our borrowers prove to us that they can repay the loan. This may include having a certain credit score, income verification, and more. However, the good news is that non-QM loans are much easier to qualify for than conventional loans.

    Just like a QM loan, you can refinance a non-QM loan. If you already have purchased a home and want better mortgage terms, you can use one of the non-QM loan types listed above to refinance.

    The four types of Qualified Mortgages are:

    • General QM: General QM loans cannot have loan terms that exceed 30 years and may not have certain features such as interest-only or negative amortization. General QM loans require that a borrower’s monthly DTI ratio does not exceed 43%, unless they are FHA, VA, or USDA loans.
    • Temporary QM Loans: Temporary QM loans meet all of the same requirements as General QM loans. However, these loans are not subject to the 43% maximum DTI Ratio.
    • Small Creditor QM Loans: These QM loans are made by small creditors and are held in their portfolios. Organizations are considered small when they have less than $2 billion in assets. These loans have the same requirements as General QM loans, but there is no specified DTI limit.
    • Balloon-Payment QM: Falling under a small creditor umbrella, the balloon-payment QM loan can be originated if an organization meets the asset size and limitation requirements.

    Not sure which non-QM mortgage option is right for you? Contact us today to learn about the various loan programs we offer that can help non-traditional borrowers get into their first, second, or third home.