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Covid-19 leads to increased popularity of Non-QM loans

Covid-19 has impacted almost every aspect of our lives, and the mortgage industry is no exception.  For a variety of reasons, Covid-19 has led many to pursue entrepreneurial, self-employment opportunities.  And that leads to a group of mortgage clients that may not fit into traditional, conforming standards.

Covid-19 has affected both supply and demand in the housing market. Low mortgage rates have made purchasing a home much more attainable and desirable for many. Millennials and others suddenly find themselves interested in settling into a long-term home when faced with the prospect of pandemic shut downs and working from home for extended periods of time.

All of this has led to an increase in demand for home loans.  And while that seems like good news, there’s a catch. Even before Covid-19, there was a shortage in the number of homes for sale, and that has only intensified in recent months. Homeownership is a great way to build wealth, but the number of people who own homes is actually on the decline.

Entrepreneurial ventures and self-employment mean that these borrowers don’t fit into standard, conforming guidelines that must be met for traditional home loans. The intersection of increased desire for homes with borrower’s unique financial situations equals a unique challenge and potential opportunity for residential lending specialists.

Non-QM programs are an outstanding solution for your entrepreneurial clients that just don’t fit into the usual conforming standards.  At Reliant Bank, we understand that not every customer fits into a conventional loan program. No matter what type of unique scenario you face, you can rely on Reliant Bank to offer outstanding solutions like our dynamic Non-QM products. Dedicated to your success and determined to help you serve your clients with outstanding solutions, Reliant Bank is providing competitive and effective mortgage solutions you can depend on.

Reliant Bank is a publicly-traded, regulated financial institution with more than $3 billion in assets. We offer a variety of mortgage solution programs with competitive rates and an easy, efficient process for both lending partners and borrowers. Reliant Bank is a profitable bank located in Nashville, Tennessee.  We specialize in Prime Jumbo and Non-QM loans, purchasing on a Del and Non-Del (flow) basis in all 50 states. Learn more at reliantbank.com

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