$275,000
Median Home Price
$233,000
Avg. Loan Amount
198K
Population
12+
Licensed Lenders
Key Grand Rapids Neighborhoods
Explore popular neighborhoods and their median home prices. Click on map markers for details.
Map Legend
East Hills
$345KWalkable, restaurants
Ada
$475KAffluent suburb
Downtown
$285KRevitalized urban core
Grand Rapids Real Estate Market
Why Non-QM loans are popular in Grand Rapids
Growing demand for flexible mortgage solutions in Grand Rapids
Self-employed professionals benefit from bank statement loan programs
Real estate investors use DSCR loans for rental property financing
Non-QM loans available for borrowers with recent credit events
Frequently Asked Questions
Common questions about Non-QM loans in Grand Rapids
What is the minimum credit score for Non-QM loans in Grand Rapids?
Most Non-QM lenders serving Grand Rapids require a minimum credit score of 620-660, though some programs accept scores as low as 580 with compensating factors like larger down payments.
Can I get a bank statement loan in Grand Rapids, Michigan?
Yes, bank statement loans are available in Grand Rapids. Self-employed borrowers can qualify using 12 or 24 months of personal or business bank statements instead of tax returns.
What are DSCR loan requirements in Grand Rapids?
DSCR loans in Grand Rapids typically require a debt service coverage ratio of 1.0 or higher, meaning the property's rental income must cover the mortgage payment. No personal income verification is needed.
How much can I borrow with a Non-QM loan in Grand Rapids?
Non-QM loan amounts in Grand Rapids typically range from $100,000 to $3 million or more. With a median home price of $275,000, many borrowers find Non-QM loans essential for their purchase.
What Non-QM programs are most popular in Grand Rapids?
The most popular Non-QM programs in Grand Rapids include bank statement loans for self-employed borrowers, DSCR loans for real estate investors, and asset depletion loans for high-net-worth individuals.