Bank statement & non-QM loans at a glance
- Income documentation: 12 or 24 months of personal or business bank statements instead of tax returns; 1099-only, CPA-prepared P&L and asset-depletion options also exist.
- Expense factor: business statements usually get an expense factor (often around 50%), adjustable with a CPA letter or by industry.
- Self-employment history: typically 2 years; some programs accept 1 year.
- Down payment: commonly 10–20%+; larger down payments improve pricing.
- Credit: minimums commonly 620–680 depending on program; pricing improves above 700–740.
- Rates: generally higher than agency loans; many borrowers refinance later once tax returns support a conventional loan.
Program availability, limits and terms vary by lender and are subject to underwriting; figures are typical ranges, not offers.
What Is a Non-QM Loan?
A Non-QM (Non-Qualified Mortgage) loan is any mortgage that falls outside the standard guidelines set by the Consumer Financial Protection Bureau (CFPB) for "qualified mortgages." This doesn't mean these loans are risky or subprime — it simply means they use alternative methods to verify a borrower's ability to repay.
Non-QM loans exist because millions of creditworthy Americans — business owners, self-employed professionals, gig workers, real estate investors, and foreign nationals — don't fit neatly into the traditional W-2 lending box. These programs recognize that tax returns don't always tell the full story of someone's income and ability to repay.
With access to hundreds of wholesale lenders, I can compare a wide selection of Non-QM products, which helps us find the right program for your specific situation.
Non-QM Loan Programs
Bank Statement Loans
Use your personal or business bank statement deposits to qualify instead of tax returns. We calculate your income based on average monthly deposits — perfect for self-employed borrowers whose tax returns show lower income due to write-offs and deductions.
| Requirement | Details |
|---|---|
| Documentation | 12 or 24 months of personal or business bank statements |
| Credit Score | 600 minimum; lender overlays vary |
| Down Payment | 10-20% depending on loan amount and credit |
| Loan Amounts | Up to $3M+ |
| Self-Employment | Minimum 2 years self-employed (1 year with some lenders) |
Asset Depletion / Asset Qualifier Loans
Have significant liquid assets but limited documented income? Asset depletion loans let you qualify by dividing your total qualifying assets by the loan term to create a calculated monthly income. Ideal for retirees, high-net-worth individuals, and those living off investments.
| Requirement | Details |
|---|---|
| Documentation | 2-3 months of asset statements (bank, brokerage, retirement) |
| Minimum Assets | Sufficient to cover loan amount + reserves (varies by lender) |
| Credit Score | 620 minimum |
| Down Payment | 15-25% |
| Property Types | Primary residence, second home, investment property |
Foreign National Loans
Foreign nationals can purchase property in Florida without a Social Security number, US credit history, or US-based income. These programs are designed for international buyers investing in Florida real estate or purchasing vacation homes.
| Requirement | Details |
|---|---|
| Documentation | Valid passport, visa (if applicable), foreign credit report or bank references |
| Down Payment | 25-30% minimum |
| Loan Amounts | $100K to $3M+ |
| Property Types | SFR, condos, townhomes, 2-4 units |
| Occupancy | Investment property or second home |
ITIN Loans
ITIN holders who file US taxes but don't have a Social Security number can qualify for mortgage financing. Use your ITIN tax returns to document income and purchase a home in Florida.
Key Benefits of Non-QM Loans
Most Non-QM programs do not require personal or business tax returns, removing the biggest obstacle for self-employed borrowers.
Bank statements, asset statements, 1099s, P&L statements, CPA letters — multiple ways to document your income beyond traditional methods.
Many Non-QM programs allow for recent bankruptcies, foreclosures, short sales, or other derogatory credit events with shorter waiting periods than conventional loans.
Non-QM loans are not bound by conforming loan limits. Loan amounts up to $3M or more are available depending on the program.
Why Work with Jason for Non-QM Loans?
Non-QM lending requires a broker who truly understands the products. Guidelines, overlays, and pricing vary enormously between lenders — and the wrong choice can mean paying thousands more or getting denied unnecessarily. With 25+ years of experience and access to the widest selection of Non-QM products in the market, I'll match your unique situation to the perfect program.
If you've been told "no" by a bank or another lender, call me. There's almost always a path forward — and I know where to find it.