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A Non-QM (Non-Qualified Mortgage) loan is a type of mortgage that doesn't meet the standard criteria set by government-sponsored enterprises like Fannie Mae or Freddie Mac. Unlike traditional mortgages, Non-QM loans are designed to accommodate borrowers with unique financial situations, such as self-employed individuals or those with non-traditional income sources. These loans often have more flexible underwriting standards, allowing lenders to consider a broader range of factors beyond the typical debt-to-income ratios. However, Non-QM loans may have higher interest rates to compensate for the increased risk associated with non-conventional borrowers.
To see if a Non-QM loan is right for you, click the Find Out More button below and one of our experts will be in touch!
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