A number of people will specifically try to get non-qualified mortgage loans today. The differences between qualified loans and non-qualified loans are actually more complicated and extensive than they seem, at least in practice. Still, non QM loans are unmistakable.
Qualified loans come with a lot of their own complicated rules. The non-qualified mortgage loans won’t comply with these rules, which will make them inherently different from qualified mortgage loans in an overarching sense. However, it’s just as important for people to understand the more specific differences between these two loan categories.
Non-qualified mortgages versus qualified mortgages
Understanding Non-Qualified Mortgage Loans and Qualified Mortgages
1. People who have a difficult time completely documenting their income levels might have to get non-qualified mortgage loans.
The people who heavily participate in the modern gig economy might struggle when it comes to fully documenting the amount of money that they earn. This might also be the case for some of the people who earn a living online.
Different organizations will have different standards when it comes to the level of documentation that they expect. People who are in this situation might struggle to get loans in general, but getting a non-qualified mortgage loan should be possible for them.