An alternative home loan, often referred to as a non-QM (Non-Qualified Mortgage) loan, provides financing options outside the traditional mortgage standards. These loans cater to borrowers with unique financial circumstances, such as self-employed individuals, those with non-traditional income sources, or individuals with less-than-perfect credit histories. Unlike conventional mortgages, non-QM loans may accept alternative income documentation and offer flexibility in borrower qualifications. While they provide opportunities for those who don’t meet traditional lending criteria, non-QM loans typically come with higher interest rates and costs, requiring borrowers to carefully consider their financial situation before opting for this alternative mortgage product.