Definition
Non-QM Loan
A loan that does not meet the Qualified Mortgage standard, typically because income is documented differently. Includes bank statement, DSCR and asset qualifier products.
Nearby terms
Negative Amortization
A situation in which the payment is insufficient to cover accrued interest, so the balance grows.
Net Operating Income
Rental income less all operating expenses, before debt service.
Non-Warrantable Condo
A condominium that fails agency project standards — often due to investor concentration, litigation or inadequate reserves — requiring specialty financing.
Note
The promissory note: your written promise to repay a specific sum on specific terms.
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