For a borrower needing a loan over the $417,000 conforming loan limit.

Some borrowers find it challenging to qualify for a mortgage given current agency (FHA, VA, USDA and conventional) guidelines. This is when a non-conforming loan may be the solution. Here are a few examples of when a non-conforming loan is used:

• Maybe you have had a recent bankruptcy, short sale, or foreclosure. Current agency guidelines require waiting periods after such credit events before qualifying. Non-conforming loans have qualifying provisions without the waiting periods.
• Perhaps you are self-employed and need to verify your income with documentation other than tax returns. Non-conforming loans accept alternative documentation.

Jumbo and non-conforming loans typically require larger down payments and have higher interest rates than agency loans.