Non-QM Loan is a type of mortgage loan that does not meet the qualified mortgage (QM) standards set by the Consumer Financial Protection Bureau (CFPB).
Non-QM mortgage loans are types of mortgage loans that don’t meet the qualified mortgage (QM) standards set by the Consumer Financial Protection Bureau (CFPB). They are designed for borrowers who don’t fit into the traditional lending criteria and have unique financial situations. Non-QM loans can be a great option for those who are self-employed, have fluctuating incomes, or have experienced credit issues in the past. However, they often come with higher interest rates and fees compared to traditional QM loans. It’s important to do your research and consult with a trusted financial advisor before deciding if a non-QM loan is the right choice for you.
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