Which of the following is an example of a non-QM loan?

A non-QM (non-Qualified Mortgage) loan is specifically designed for borrowers who do not fit the traditional lending criteria applicable to Qualified Mortgages. This includes individuals with unique financial situations, such as those with irregular incomes or credit histories that don’t meet the standard requirements. Non-QM loans can serve a variety of borrowers, including self-employed individuals, investors, or those with high debt-to-income ratios, providing them with access to mortgage financing that might not be available through conventional channels.

The other options all refer to loans that either fit standard lending criteria or are specifically designed for a broad range of borrowers based on conventional guidelines, which does not fall under the category of non-QM loans. A loan meeting Qualified Mortgage standards adheres to specific regulations set forth by the Consumer Financial Protection Bureau (CFPB), and both standard FHA loans and conventional loans with low-interest rates are designed to be accessible to a wide array of borrowers, focusing on mitigating lending risk and improving homeownership access within established criteria. Thus, the loan designed for borrowers with non-standard financial situations is the clear example of a non-QM loan.