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Non-conforming loans are for borrowers with special circumstances. The term "nonconforming" refers to variance from the rules and regulations governing the granting of conventional and government loans. For various reasons, some people are unable to qualify for the loans which offer the lowest rates (conforming loans). There are generally two categories of situations which dictate the need for a non-conforming loan:
1. Non-conforming properties - The home a borrower wishes to buy does not meet the standards for conforming loans. This does not necessarily mean that there is anything wrong with the home. It may, for instance, have a heating system (perhaps solar heat) that is unusual for homes in the area in which it is located, making it a non-conforming property.
2. Non-conforming borrowers - These are people who have some form of impairment of their credit. Many good people, with the best of intentions, experience temporary problems which cause them to be late in paying their bills. Still, they can have strengths in their overall financial situation that may cause lenders to take the increased risk that is represented by their credit problems.
