Are Non-QM loans only for people with bad credit?

No. Many Non-QM borrowers actually have strong credit. The “non-qualified” label is about documentation style, not about being a risky borrower.

Can you use a Non-QM loan to buy your primary residence?

Yes. Many Non-QM programs are available for owner-occupied homes, especially for self-employed and contract-based earners.

Do Non-QM loans have higher interest rates?

Rates can be higher than some traditional loans because the guidelines are more flexible, but the trade-off is access to financing you might not qualify for otherwise. The exact rate depends on your credit, down payment, reserves, and program type.

Can I refinance a Non-QM loan into a conventional loan later?

Yes, and many borrowers do exactly that. If your financial situation changes, your income documentation becomes more conventional, or your credit improves, you can refinance into a conforming loan down the road and potentially lower your rate.

Wichita Falls Non-Qualified Mortgage

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