📝 Can You Get a Mortgage Without Tax Returns?
🤔 Is a Non-QM Loan Right for You? 5 Key Questions to Ask
You don’t have to wait years to move forward.
Life happens.
Sometimes, that includes a bankruptcy, foreclosure, short sale, or late payments.
Traditional lenders might tell you to wait 2, 4, or even 7 years before you can qualify again — but if your finances have recovered and your goals are clear, you may not need to wait at all.
👉 Non-QM loans allow many borrowers to get approved just 1–2 years after a major credit event.
Here’s how they work — and how to turn your comeback into a homeownership win.
🔓 What Are Non-QM Loans?
Non-QM (non-qualified mortgage) loans are mortgages that don’t follow traditional underwriting rules, like those from Fannie Mae, Freddie Mac, or FHA.
That means they can:
- Be more flexible with recent credit events
- Use alternative income documentation
- Focus on your financial recovery, not just your past
📘 These are not subprime loans — they’re smart, structured options for people with non-traditional credit or income profiles.
⏱️ How Soon Can You Buy Again?
| Event | Conventional/FHA Waiting Period | Non-QM Waiting Period |
|---|---|---|
| Bankruptcy (Chapter 7) | 4 years (Conv), 2 years (FHA) | 12–24 months |
| Bankruptcy (Chapter 13) | 2 years from discharge | 12 months |
| Foreclosure | 7 years (Conv), 3 years (FHA) | 12–24 months |
| Short Sale | 4 years (Conv), 3 years (FHA) | 12 months |
| Recent Lates | May disqualify | Considered with compensating factors |
💡 With strong income or a larger down payment, some lenders allow even more flexibility.
🧠 What Do Lenders Look For?
You’ll improve your odds with:
- On-time payments since the event
- Steady or growing income (W-2, 1099, or bank statements)
- Lower debt-to-income ratios
- Strong savings/reserves
- A solid explanation of what happened and what’s changed
💬 We’ll help you build a full picture of your recovery and present it clearly to underwriting.
💵 What Are the Loan Terms Like?
- Minimum down payments: 10–20% (based on credit and loan size)
- Credit score: 600–680+ (varies by program)
- Available for: Primary, second homes, investment properties
- Loan types: Fixed rate, ARM, interest-only, DSCR, and more
Yes — even investors with past credit issues can qualify.
❌ Common Myths
“I have to wait 7 years to buy again.”
✅ Not with Non-QM — you may qualify in 12–24 months.
“Lenders won’t trust me again.”
✅ If you’ve shown financial recovery, many will. We’ll help tell that story.
“My interest rate will be sky-high.”
✅ Non-QM rates are competitive — and often worth the tradeoff for early access.
🏢 Why PRMI?
PRMI is a direct lender that specializes in:
- Helping people bounce back from credit events
- Offering flexible Non-QM solutions tailored to your comeback
- Closing loans in-house for speed and control
We’re not here to judge your past — we’re here to help you move forward.
👇 Ready to Rebuild After a Bankruptcy or Foreclosure?
Let’s look at your current credit, income, and goals — and show you how soon you can qualify.