{"id":23097,"date":"2026-01-28T06:57:33","date_gmt":"2026-01-28T06:57:33","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=23097"},"modified":"2026-01-28T06:57:34","modified_gmt":"2026-01-28T06:57:34","slug":"what-is-a-non-qm-loan","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=23097","title":{"rendered":"What Is A Non-QM Loan?"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            Image by GettyImages; Illustration by Bankrate\n        <\/p>\n<\/p><\/div>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\">\n<div id=\"block_3efcb3d87d08fd3ab8b9f75462f820de\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Non-qualified mortgages, known as non-QM loans, are an option for those who might struggle to qualify for a standard mortgage, such as self-employed borrowers and gig workers.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Non-QM loans have more flexible income and credit standards, but they require higher down payments and charge higher interest rates.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            These loans also lack some consumer protections, so borrowers should be especially careful to understand the terms and conditions.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>If you\u2019re having difficulty qualifying for a mortgage \u2014 especially due to your credit, income level or income predictability \u2014 a non-qualified mortgage, or non-QM for short, can fill the gap. While non-QM loans offer more lenient credit and income requirements, they also come with higher down payments and interest rates \u2014 and they lack important consumer protections.<\/p>\n<h2 id=\"what-is\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is a non-qualified mortgage?\" data-outcome=\"\">What is a non-qualified mortgage?<\/h2>\n<p>A non-qualified mortgage is a type of mortgage that doesn\u2019t conform to certain standards set by the Consumer Financial Protection Bureau (CFPB). These standards prohibit specific loan features, like <u>balloon payments<\/u>, and mandate the criteria lenders must use to evaluate applicants\u2019 finances and ability to repay. Asset-based loans and no-income loans are common examples of non-QM loans.<\/p>\n<p>Non-QM lenders also tend to use manual underwriting and have more flexibility in underwriting guidelines. They\u2019ll work with borrowers whom conventional lenders might deem too risky because of their non-salaried income or low credit scores. These loans have:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Different income verification options:<\/strong> For example, instead of W-2 forms and paystubs, borrowers may be able to document their financial situation with bank or investment account statements, 1099s, receipts from rents or leases or other business receivables, among others.<\/li>\n<li>\n<strong>Looser debt-to-income rules:<\/strong> For QM loans, borrowers generally must have a debt-to-income ratio (DTI) of 43% or less. Borrowers of non-QM loans may carry higher levels of debt, often up to 50% of their total monthly income.<\/li>\n<li>\n<strong>More lenient credit restrictions: <\/strong>In some cases, non-QM loans don\u2019t require a <u>waiting period after bankruptcy<\/u> or foreclosure, enabling individuals to secure a mortgage soon after these events.<\/li>\n<\/ul>\n<h2 id=\"comparison\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How is a non-QM loan different from a qualified mortgage?\" data-outcome=\"\">How is a non-QM loan different from a qualified mortgage?<\/h2>\n<p>With that flexibility comes risk \u2014 for the lender, but also for the borrower. Non-QM loans may have risky features prohibited by the CFPB, including:<\/p>\n<ul class=\"wp-block-list\">\n<li>Loan terms longer than 30 years<\/li>\n<li>\nInterest-only payments without paying down the principal<\/li>\n<li>Balloon payment (a big lump-sum payment at the end of a loan term)<\/li>\n<li>\nNegative amortization, which allows your loan balance to increase over time<\/li>\n<\/ul>\n<p>Additionally, qualified mortgage loans are subject to the CFPB\u2019s cap on up-front mortgage points and fees. For loans of more than $100,000, these charges can\u2019t total more than 3% of the loan amount. But lenders may charge more in points and fees for non-QM loans.<\/p>\n<p>A lender may also issue a non-QM loan without following the CFPB\u2019s \u201cability- to-repay\u201d rule; that is, without examining these eight components of a borrower\u2019s finances:<\/p>\n<ul class=\"wp-block-list\">\n<li>Current income\/assets<\/li>\n<li>Current employment status<\/li>\n<li>Monthly payment for this mortgage loan<\/li>\n<li>Monthly payment on any simultaneous loan that\u2019s secured by the home such as a piggyback mortgage (usually taken out when a borrower doesn\u2019t have enough cash for a down payment)<\/li>\n<li>Monthly payment for mortgage-related obligations<\/li>\n<li>Current debt obligations, alimony and child support<\/li>\n<li>Monthly debt-to-income ratio or residual income<\/li>\n<li>Credit history<\/li>\n<\/ul>\n<p>Less stringent standards on non-QM loans may make it more likely for non-QM borrowers to receive a loan that they can\u2019t truly afford.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table is-style-stripes has-fixed-layout wrapped\">\n<thead>\n<tr>\n<th>Underwriting guidelines<\/th>\n<th>Qualified mortgage<\/th>\n<th>Non-qualified mortgage<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Debt-to-income (DTI) ratio<\/strong><\/td>\n<td>Typically limited to 43%<\/td>\n<td>Typically limited to 50%<\/td>\n<\/tr>\n<tr>\n<td><strong>Income documentation<\/strong><\/td>\n<td>W2s, paystubs<\/td>\n<td>Bank statements, investment account statements, 1099s, other<\/td>\n<\/tr>\n<tr>\n<td><strong>Waiting period after bankruptcy or foreclosure<\/strong><\/td>\n<td>One to seven years<\/td>\n<td>None, in some cases<\/td>\n<\/tr>\n<tr>\n<td><strong>Assets can count as income (\u201casset depletion\u201d)<\/strong><\/td>\n<td>Not allowed<\/td>\n<td>May be allowed<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>The Consumer Financial Protection Bureau established its Qualified Mortgage standards in 2014. They were largely in response to certain irresponsible lending practices of the early 2000s: lack of due diligence into applicant finances, people receiving loans they really couldn\u2019t afford and terms that made delinquency or default more likely. All of this contributed to the 2007 subprime mortgage crisis, with its wave of defaults and foreclosures.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"who-can-benefit\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Who can benefit from non-qualified mortgages?\" data-outcome=\"\">Who can benefit from non-qualified mortgages?<\/h2>\n<p>While the CFPB\u2019s loan standards are intended to safeguard consumers, they can sometimes be exclusionary to those whose financial profiles don\u2019t fit the norm.<\/p>\n<p>Here\u2019s who may benefit most from a non-QM loan:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Self-employed borrowers:<\/strong> These borrowers generally have sporadic pay and multiple income streams, making it hard to get a qualified mortgage. Many self-employed, non-QM borrowers get bank statement loans, which are based on their cash flow and liquid assets (rather than relying on W-2s).<\/li>\n<li>\n<strong>Real estate investors:<\/strong> These are the folks who fix-and-flip homes, or who rent out and generate an income from the homes they buy, and need funding quickly. DSCR loans (short for debt service coverage ratio) and asset depletion home loans (which let you use your assets \u2014 for example, savings and checking accounts or investment accounts \u2014 instead of income to qualify for a loan) often accommodate this sort of borrower.<\/li>\n<li>\n<strong>Foreign nationals: <\/strong>Non-resident borrowers who want to purchase property in the U.S. might not qualify for a traditional loan because of a low or non-existent U.S. credit score. Non-QM lenders use international credit reports and letters from creditors to qualify this group for a foreign national home loan. Mitigating factors, such as a high income, robust liquid assets and a large down payment, also help foreign borrowers qualify for non-QM loans.<\/li>\n<li>\n<strong>Prime borrowers:<\/strong> Borrowers who have pristine credit but are in search of a loan with certain features, such as interest-only payments or a debt-to-income ratio limit above the standard 43%, are considered \u201cprime non-QM borrowers.\u201d<\/li>\n<li>\n<strong>Near or non-prime borrowers:<\/strong> In many cases, these are borrowers who have insufficient credit, a prior bankruptcy or distressed property sale within the last two years. Lenders tend to require more money down and may have tighter standards elsewhere to lessen the credit risk.<\/li>\n<li>\n<strong>Borrowers with significant assets:<\/strong> As noted above, asset depletion loans \u2014 a type of non-QM loan \u2014 are ideal for borrowers with prime credit and substantial assets. Although the buyer could buy the home outright, they may decide to finance the purchase to keep money invested elsewhere. Credit invisibles \u2014 people who have considerable assets but prefer not to use credit cards \u2014 are good candidates, too.<\/li>\n<\/ul>\n<h2 id=\"drawbacks\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What are the drawbacks of a non-QM loan?\" data-outcome=\"\">What are the drawbacks of a non-QM loan?<\/h2>\n<p>There are some drawbacks associated with a non-QM mortgage that are important to bear in mind, including:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Higher fees<\/strong>: These loans often come with higher fees that you\u2019ll need to budget for.<\/li>\n<li>\n<strong>Larger down payment requirements<\/strong>: If you\u2019re struggling to save for a down payment, the larger requirements for these loans could pose a challenge.<\/li>\n<li>\n<strong>Steeper <\/strong><strong>interest rates<\/strong>: Non-QM 30-year fixed-rate loan rates are typically a percentage point or two higher than the prime 30-year fixed mortgage rate.<\/li>\n<li>\n<strong>Riskier for the borrower<\/strong>: There\u2019s a reason the CFPB frowns on features like balloon payments and interest-only repayments \u2014 they increase the likelihood of delinquency and default.<\/li>\n<li>\n<strong>Can be more expensive<\/strong>: Non-QM loans likely cost more than a traditional mortgage of comparable size and term.<\/li>\n<\/ul>\n<div class=\"Callout flex flex-col gap-y-6 border-4 border-solid border-blue-100 rounded-lg py-8 px-6 md:px-10 mt-8 mb-16\">\n            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"heading-3 my-0 text-crop-none text-blue-700\">\n    Is a non-qualified loan the same as a non-conforming loan?<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore --><\/p>\n<div class=\"Callout-content text-gray-900 text-left wysiwyg m-0\">\n        Non-qualified loans are different from non-conforming loans. Both types of loans are outside the norm for mortgages, but they are outside two different norms: A non-QM loan deviates from standards set by the CFPB, and non-conforming loans don\u2019t meet standards set by the Federal Housing Finance Agency (FHFA), often because they exceed a certain amount \u2014 $832,750 in much of the U.S. in 2026. However, non-conforming loans are considered a category of non-QM loans.<\/p><\/div>\n<\/p><\/div>\n<h2 id=\"where\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Where can you get a non-QM loan?\" data-outcome=\"\">Where can you get a non-QM loan?<\/h2>\n<p>If you\u2019re interested in a non-QM loan, there are several companies you can turn to, including:<\/p>\n<ul class=\"wp-block-list\">\n<li>AD Mortgage<\/li>\n<li>New American Funding<\/li>\n<li>CrossCountry Mortgage<\/li>\n<li>NASB (North American Savings Bank)<\/li>\n<li>American Heritage Lending<\/li>\n<\/ul>\n<h2 id=\"how-to-get\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to get a non-QM loan\" data-outcome=\"\">How to get a non-QM loan<\/h2>\n<p>While the specific process for getting a non-QM loan might vary by lender, you\u2019ll typically have to follow these steps:<\/p>\n<ol class=\"wp-block-list\">\n<li>\n<strong>Determine your needs<\/strong>: Before you start searching for a lender, assess your situation and determine whether you would need a non-QM loan or if you might meet the eligibility requirements for a qualifying loan instead. Here\u2019s more on how to get a mortgage.<\/li>\n<li>\n<strong>Shop for a lender<\/strong>: Do your research and find a couple of non-QM loan lenders to compare so you find the best one for your needs. Many mortgage brokers work with non-QM wholesale lenders, so they might be a good resource.<\/li>\n<li>\n<strong>Get preapproved:<\/strong> Once you\u2019ve found a lender you want to work with, submit the required information to apply for a preapproval. Many lenders allow you to do this online.<\/li>\n<li>\n<strong>Complete loan underwriting. <\/strong>After finding a property and having your offer accepted, you\u2019ll formally apply for the loan. The lender will then review your information more in-depth and decide whether or not to approve you for the loan. Be sure to respond to any requests from your lender at this stage promptly to avoid delays in the underwriting process.<\/li>\n<li>\n<strong>Get the funding and close on the home:<\/strong> If you\u2019re approved for the loan and receive the funding, you\u2019re ready for the home closing. <\/li>\n<\/ol>\n<h2 id=\"faq\" data-position=\"7\" data-beam-element-viewed=\"\" data-id=\"br-h2-7-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"FAQ\" data-outcome=\"\">FAQ<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-is-a-non-qm-loan-bad', 'heading-is-a-non-qm-loan-bad']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-is-a-non-qm-loan-bad')\" :aria-controls=\"$id('panel-is-a-non-qm-loan-bad')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Is a non-QM loan bad?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-is-a-non-qm-loan-bad')\" :aria-labelledby=\"$id('heading-is-a-non-qm-loan-bad')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            Neither non-QM loans nor non-QM borrowers are \u201cgood\u201d or \u201cbad.\u201d The loans simply offer a less regulated alternative to mainstream mortgages. In many cases, the borrowers who use non-QM loans have significant income or assets, but they don\u2019t meet the underwriting standards for qualified mortgages. One trade-off: Because non-QM loans are aimed at borrowers who fit underwriting profiles considered more risky by lenders, the rates tend to be higher compared to qualified loans.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-do-banks-offer-non-qm-loans', 'heading-do-banks-offer-non-qm-loans']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-do-banks-offer-non-qm-loans')\" :aria-controls=\"$id('panel-do-banks-offer-non-qm-loans')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Do banks offer non-QM loans?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-do-banks-offer-non-qm-loans')\" :aria-labelledby=\"$id('heading-do-banks-offer-non-qm-loans')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            Some banks offer non-QM loans. However, the lenders most active in the non-QM market are different from the originators most active in QM loans. However, as in the QM market, most of the biggest players are not banks.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-can-you-refinance-out-of-a-non-qm-loan', 'heading-can-you-refinance-out-of-a-non-qm-loan']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-can-you-refinance-out-of-a-non-qm-loan')\" :aria-controls=\"$id('panel-can-you-refinance-out-of-a-non-qm-loan')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Can you refinance out of a non-QM loan?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-can-you-refinance-out-of-a-non-qm-loan')\" :aria-labelledby=\"$id('heading-can-you-refinance-out-of-a-non-qm-loan')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            It is possible to refinance out of a non-QM loan. If you get a non-QM loan because of a bankruptcy or foreclosure, you could refinance into a qualified mortgage after those black marks fade into your past. But for many borrowers, including business owners and real estate investors, non-QM loans are the best \u2014 and perhaps only \u2014 type of mortgage that fits their financial situation.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-are-there-alternatives-to-a-non-qm-loan', 'heading-are-there-alternatives-to-a-non-qm-loan']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-are-there-alternatives-to-a-non-qm-loan')\" :aria-controls=\"$id('panel-are-there-alternatives-to-a-non-qm-loan')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Are there alternatives to a non-QM loan?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-are-there-alternatives-to-a-non-qm-loan')\" :aria-labelledby=\"$id('heading-are-there-alternatives-to-a-non-qm-loan')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            There aren\u2019t really any alternatives to non-QM loans. Non-QM loans are the alternative to qualified loans. If you aren\u2019t currently eligible for a QM loan because of a poor credit score or recent bankruptcy, you might hold off on buying a home until you\u2019ve improved your credit or you\u2019ve completed the bankruptcy waiting period. After that, you could try applying for a QM loan.\n        <\/p>\n<\/div>\n<\/li>\n<\/ul>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"UX9f2wEYOQ\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Thumbs Up 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1-.722.441c-.258.086-.484.097-.742.097l.022-.011a5.39 5.39 0 0 1-.905-.064 2.741 2.741 0 0 1-1.852-1.345c-.71-1.216-.721-3.066-.022-5.496h-.516c-2.283 0-3.424 0-4.34-.548a3.843 3.843 0 0 1-1.722-2.248c-.29-1.033 0-2.13.593-4.324l.517-1.925c.312-1.162.484-1.786.882-2.323.377-.495.872-.871 1.443-1.097.624-.248 1.281-.248 2.476-.248h4.597c.42 0 .635 0 .84.032.215.032.431.086.636.15.193.065.387.162.753.345l1.702.864c.017-.04.033-.082.053-.122a2.333 2.333 0 0 1 1.044-1.043c.496-.247 1.013-.247 1.95-.247h.16ZM7.503 3.798c-1.022 0-1.54 0-1.862.13-.302.118-.56.322-.765.58-.215.28-.345.775-.614 1.753l-.517 1.926c-.495 1.85-.775 2.871-.602 3.474a2.308 2.308 0 0 0 1 1.312c.539.323 1.594.322 3.51.322h1.142c.236 0 .473 0 .72.15.227.14.388.367.453.625.075.28 0 .516-.075.742-.959 2.969-.603 4.27-.301 4.775.183.312.44.506.774.57.162.033.41.033.572.033.128 0 .203 0 .236-.01.021 0 .085-.044.107-.065.032-.032.14-.237.227-.399 2.208-4.308 3.556-5.671 4.352-6.102a39.945 39.945 0 0 1-.003-.523v-7.79L13.63 4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/mortgages\/non-qm-loans\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image by GettyImages; Illustration by Bankrate Key takeaways Non-qualified mortgages, known as non-QM loans, are an option for those who might struggle to qualify for a standard mortgage, such as self-employed borrowers and gig workers. Non-QM loans have more flexible income and credit standards, but they require higher down payments and charge higher interest rates.<\/p>\n","protected":false},"author":1,"featured_media":23098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23097","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is A Non-QM Loan? | BudgetADirect<\/title>\n<meta name=\"description\" content=\"Image by GettyImages; Illustration by Bankrate Key takeaways Non-qualified mortgages, known as non-QM loans, are an option for those who might struggle to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/budgetadirect.com\/?p=23097\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A Non-QM Loan? 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