In the mortgage industry, the demand for non-qualified mortgages has been increasing at an excellent rate. With the increasing popularity of non-qualified mortgages, it has become possible for many unqualified borrowers to easily get a mortgage loan. And many mortgage originators have also been offering the opportunity to many qualified borrowers to purchase their dream homes. The only requirement to apply for this type of loans is the ability to repay the loan.
The ATR mandate is simply the criteria to determine the ability of borrowers to repay the mortgage. And the properties owned for business purposes have been exempted from conforming to ATR rules and regulations. Non-QM loans have become quite attractive for self-employed borrowers who don’t possess traditional paychecks and are unable to qualify for mortgages under the income requirements set by banks as well as financial agencies.
Many online financial firms in the US have been offering mortgage loans to give the US people an opportunity to buy their new home. The growing popularity of MeriQuest USA is one such example which has made it possible for people to take home loans at an affordable interest rate. Steve Kay, the senior account supervisor is getting a high volume of mortgage requests from the people to get mortgage loans.
With the application of ATR in different ways, borrowers have been blessed with more non-QM opportunities. One such opportunity is the loan programs which offer a five-year fixed rate with fully amortized and indexed payments. Although this rate is not used to determine the borrower’s ability to qualify for a loan, it is possible for a borrower to get a loan with a lower rate with a five-year fixed mortgage.