Non-QM Loans

Non-QM loans, or Non-Qualified Mortgages, are types of home loans that do not meet the standard criteria set by federal regulations for qualified mortgages. These loans are designed for borrowers with unique financial situations, such as freelancers, self-employed individuals, or those with irregular income. Non-QM loans offer more flexibility in terms of documentation and credit requirements compared to traditional mortgages, which can make homeownership possible for many people who might not qualify otherwise. However, they often come with higher interest rates and risks due to less stringent lending standards.