Non-QM (non-qualified mortgage) loans qualify you using bank statements, assets, rental income, or DSCR — not W-2s and tax returns. Modern, fully-underwritten loans for borrowers who don’t fit the conventional box: self-employed, investors, retirees, foreign nationals, ITIN holders, and recent-credit-event borrowers. Rates typically 1–2% above conventional, with a clear path to refinance to conventional later.
Find My Non-QM Match
Conventional underwriting was designed for W-2 employees with predictable taxable income. If that’s not you, non-QM gives you a path home — without lying on a loan application or burning years of writeoffs to artificially boost your AGI.
Qualify with 12–24 months of bank statements, asset depletion, P&L statements, 1099s, or DSCR rental income instead of W-2s and tax returns. Ideal for self-employed, gig workers, retirees, and investors with low taxable income but strong cash flow.
Debt-to-income ratios up to 50–55% (conventional caps at 43–50%). Loan amounts up to $5 million on most products. No automatic disqualifier if you carry investment property debt or business loans.
Interest-only periods (10 years on some programs), 40-year amortization, ARM and fixed-rate options, prepayment flexibility on owner-occupied loans. Structures designed around the borrower — not a one-size-fits-all conventional template.
DSCR loans qualify on the rental property’s own cash flow — no personal income verification. Foreign national programs accept overseas income, foreign credit reports, and ITINs in lieu of SSN. The only mainstream route for non-US-resident buyers.
Non-QM doesn’t mean “no documentation” or “no underwriting” — it means the loan falls outside the CFPB’s Qualified Mortgage rules. Here’s what that actually means for you.
After 2008, the CFPB defined a “Qualified Mortgage” — strict income docs, max 43% DTI, no interest-only or balloon features. Loans outside those rules are “non-QM.” They’re not riskier by default — they’re structured for borrowers QM rules can’t accommodate. Lenders still must determine your Ability to Repay (ATR) under federal law.
Non-QM rates typically run 1–2% above conventional 30-year fixed. The premium pays for the lender’s extra underwriting work and the loan staying in their portfolio (no Fannie/Freddie buy). Bank statement: ~0.75–1.5% over. DSCR investor: ~1–2% over. ITIN & foreign national: ~1.5–2.5% over.
Subprime loans of the 2000s skipped underwriting entirely. Modern non-QM requires full Ability-to-Repay analysis — just using alternative documentation. Bank statement loans verify 12–24 months of deposits, DSCR loans verify rental income via lease agreements, asset-based loans verify accounts. Default rates are comparable to conventional.
The smart play: take non-QM now to close on the home or investment property, then refinance to conventional in 1–3 years once your tax returns season or your credit recovers. Most non-QM purchase loans have no prepayment penalty (some investor DSCR loans have a 3-year step-down). We structure the original loan with an eventual conventional refi in mind.
Not sure which non-QM product fits your situation? Send us your scenario — we’ll match you to the right program in 15 minutes.
Match Me to a ProgramEach product solves a specific documentation problem. You may qualify for more than one — we’ll quote the best pricing across all of them.
Qualify on 12–24 months of personal or business bank deposits. Self-employed, gig workers, contractors. 10% down, 660+ FICO.
See Program →Qualify by dividing your liquid assets across the loan term. High net worth retirees, business owners with low taxable income.
See Program →Qualify on credit + assets only, no income docs. 20% down, 660+ FICO. Primary, vacation, and investment properties.
See Program →For investors. Qualify on the rental property’s own cash flow, not personal income. 20% down, 1.0–1.25 DSCR.
See Program →For non-citizen residents without SSN but with ITIN. 15–20% down. Tax-return-based qualification using ITIN filings.
See Program →For non-resident foreign citizens. No US credit required. 25–30% down. Accepts overseas income and foreign credit reports.
See Program →BK, foreclosure, or short sale within last 1–4 years. 20–30% down depending on event recency and credit recovery.
See Program →10-year I/O period, lower initial payments. Useful for cash flow management on primary home or investment property.
See Program →Jumbo non-QM loans above $1.2M with just 10% down. Best for high earners with strong credit but limited liquid down payment.
See Program →How the two main mortgage paths actually differ. Non-QM trades a 1–2% rate premium for dramatic flexibility on documentation and qualification.
| Non-QM | Conventional QM | |
|---|---|---|
| Income Documentation | Bank statements, assets, rental income, P&L, 1099s | W-2s + 2 years tax returns required |
| Minimum Down Payment | 10–30% (varies by product) | 3% (first-time) / 5%+ |
| Minimum FICO | 620–680 (product-dependent) | 620 (best pricing 740+) |
| Max DTI | 50–55% | 43–50% |
| Max Loan Amount | $5,000,000 | $832,750 ($990,150 Monroe County) |
| Rate vs Conventional | +1% to +2% (product-dependent) | Baseline |
| Interest-Only Option | Yes, up to 10 years | No (disqualifies as QM) |
| Foreign Nationals & ITIN | Yes — dedicated programs | No |
| Recent BK / Foreclosure | 1–4 years post-event OK | 4–7 year waiting period |
| Sold to Fannie/Freddie | No — held in portfolio or private MBS | Yes |
Slightly longer than conventional because alternative documentation requires more careful underwriter review. Cash-strong buyers with clean files close faster.
Tell us how you earn and what you can document. We’ll identify which non-QM products you fit — usually 2–4 — in 15 minutes. No hard credit pull.
We compare rates and terms across the products you qualify for and pick the one with the lowest total cost for your specific scenario.
Bank statements, asset statements, lease agreements, P&L — whatever your chosen product requires. We issue a verified pre-approval within 48–72 hours.
Specialized non-QM underwriters review your alternative income docs. We coordinate appraisal, clear conditions, and confirm exact closing costs.
Sign closing docs, get your keys. We’ll watch your conventional eligibility window — many borrowers refi to conventional within 1–3 years.
If you can document W-2 income and qualify conventionally, you’ll get better pricing. Non-QM is the solution when conventional won’t work — not when it will.
The questions Florida borrowers ask most before choosing a non-QM loan. Don’t see yours? Ask Alex directly.
Alex Doce has closed thousands of non-QM loans across Florida over 38 years — self-employed, investors, foreign nationals, ITIN holders, recent credit events. Send us your situation and we’ll tell you exactly which products you fit and quote your real rates. No obligation, no hard credit pull.
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