Certified Mortgage Consultant (CMC®)

Which of the following is a common characteristic of a Non-Qualified Mortgage (Non-QM)?

It is guaranteed or insured by a federal government agency like FHA or VA. It strictly adheres to the CFPB's 43% debt-to-income (DTI) cap. It must avoid features like interest-only payments or balloon payments. It may use alternative documentation, such as 12 or 24 months of bank statements, to verify income.

Correct Answer:

It may use alternative documentation, such as 12 or 24 months of bank statements, to verify income.

Access more questions from this quiz

Continue to Certified Mortgage Consultant (CMC®) for more practice questions and the full quiz experience.

Access More Questions