Near Miss Loan
What is a Near Miss Loan?
A near miss jumbo loan, aka a big bank turndown, is a subtype of jumbo loan which is designed for individuals who need a large sum to purchase a home because they do not have the cash available at hand. A near-miss jumbo mortgage is considered a non-qualified mortgage (Non-QM) loan.
This type of alternative loan also includes asset-based mortgages which are recommended for high-asset borrowers and bank statement loans for self-employed borrowers. Non-QM loans are not required to comply with the Consumer Financial Protection Bureau’s standards for qualified mortgages.
Near Miss Loan Key Points
- More comprehensive borrower profile
- slightly lower FICO score required than traditional loans
- No mortgage insurance
- Contact us for Credit Score and DTI ratios requirements