Expectations for the 2024 Housing Market

As we head further into 2024, the housing market has continued to operate as expected. Demand is slowing, but with such a low supply of houses on the market right now, home prices have remained pretty steady. In fact, many experts predict that home prices will likely go up in 2024.

A slowed down market coupled with high interest rates traditionally marks hesitation for investors, but that doesn’t seem to be the case this year. In fact, one specific home loan market is thriving – Non-QM loans.

Non-QM loans are non-traditional home loans that aren’t bound by the same stringent qualifications as regular home loan products.

According to recent reports, many non-QM lenders are experiencing record-making profits in the sector. Deephaven Mortgage, for instance, just reached an all-time high when it comes to their profits from non-QM. Their CEO, John Keratsis, confirmed that the company is suffering in the same tough margin environment just like all other home loan companies, but they are seeing a difference when it comes to their non-QM offerings. As a whole, profits are still down, but profits when it comes to Non-QM products are thriving.

Deephaven was founded in 2012 to help provide access to home loans for entrepreneurs and other individuals who can’t meet traditional lending standards. They also offer traditional loans, but the recent shifts in the mortgage industry landscape have bolstered the non-QM offerings.

Kertasis believes that 2024 will provide even more opportunities for non-QM lenders. He also believes that the market will become more normalized and start to plateau throughout 2024. His theories are based on the fundamentals – inflation is likely to be curbed in the coming year, unemployment is at record low rates, and it’s an election year.

That said, uncertainty continues to reign king when it comes to the housing market. Economists usually predict what the market will look like based on these fundamentals and past performance, but with so much chaos happening as a result of the 2020 pandemic and ongoing global tensions, it’s hard to know what to expect.

Are You Interested in Learning How a Non-QM Home Loan Could Help You?

Are you currently looking to make your homeownership dreams a reality in 2024? Are you worried about meeting the standards required by traditional home lenders?

A traditional home lender will want you to have a fairly good credit score, a debt-to-income ratio that’s below 45%, a home inspection, and a hefty downpayment. What’s more, your lender will want to see proof of stable employment. If you don’t meet those standards, then you may have no choice but to look at alternatives.

Here at Non-QM Home Loans, we offer mortgages at competitive rates to individuals who can’t meet these common qualifications. If you’re self-employed, a foreign national, or you simply can’t come up with a massive downpayment, then we might be able to help you reach your goals.

Check out our loan options or contact one of our agents at (800) 413-0240 now to learn more about whether our products can help you reach your homeownership dreams.