Home loans forreal life,not a checklist.
Non-QM loans don't follow Fannie Mae and Freddie Mac rules, so they can say yes when a standard loan can't. They're built for self-employed buyers, investors, ITIN and foreign national borrowers, credit scores as low as 600 (or no score), recent credit events, and condos a conventional lender won't touch.
Secure application, about 10 minutes. A licensed loan officer reviews it and reaches out to walk you through your options.
Who Non-QM is built for.
A strong fit if
- You're self-employed and your tax returns don't show what you really earn
- Your credit score is between 600 and 680, or you don't have one yet
- You had a bankruptcy, foreclosure or short sale recently
- You have an ITIN, you're a non-permanent resident, or you live outside the U.S.
- You're an investor who wants to qualify on rent or assets, or you want interest-only payments
- You're buying a condo that doesn't meet Fannie Mae or Freddie Mac rules
Compare options if
- You qualify for FHA, VA or conventional. Those usually have lower rates
- You can't put at least 10% down. Look at FHA's 3.5% down or VA's 0% down
Every Non-QM program we offer.
Non-QM lenders write their own rules, and each program solves a different problem. These are the programs we offer through our lender partners. Exact terms change often.
| Bank statement | Qualify on 12 or 24 months of personal or business bank statements instead of tax returns. Built for self-employed buyers. |
|---|---|
| Profit and loss (P&L) | Qualify on a profit and loss statement for your business, signed by a CPA, enrolled agent or tax preparer. |
| 1099 only | Paid as a contractor? Qualify on your 1099s instead of tax returns. |
| Employer letter (WVOE) | Qualify with a written verification of employment, a form your employer fills out confirming your pay, with no paystubs or W-2s. |
| Savings-based | Qualify using your savings, investments and retirement accounts instead of a paycheck (called asset depletion). |
| DSCR for rentals | Investors qualify when the rent covers the mortgage, not on personal income. See DSCR loans. |
| ITIN | For borrowers with an Individual Taxpayer Identification Number instead of a Social Security number, usually with 2 years of U.S. work history. |
| Foreign national | For buyers who live outside the U.S. or have no U.S. credit, usually with a larger down payment. |
| Recent credit event | A bankruptcy, foreclosure or short sale with no waiting period on some programs. |
| Credit score | From 600, or no credit score on some programs if you can prove 6 months of on-time rent or mortgage payments. |
| Interest-only | Pay only the interest for the first years of the loan to keep the payment lower, on qualifying loans. |
| Home equity line or 2nd mortgage | Borrow against your home's equity with flexible income documents, and keep the low rate on your first mortgage. |
| Non-warrantable condo | Financing for condos in buildings that don't meet Fannie Mae and Freddie Mac rules. See all condo options. |
| Down payment | Usually 10% to 20% down, depending on your credit, the property and the program. Non-warrantable condos and foreign national loans usually need 15% to 25% or more. |
| Your monthly debts | Your total monthly debts, including the new mortgage, can usually be up to about half of your monthly income (50% to 55%) with extra savings or a strong credit score. |
What to have ready.
Don't have everything yet? Apply anyway. Your loan officer will tell you exactly what's missing.
- A photo ID, plus your ITIN or visa documents if they apply
- 12 or 24 months of bank statements, or your P&L or 1099s, depending on the program
- 2 months of statements for the account your down payment comes from
- Your purchase contract, or the property address if you're still shopping
What happens after you apply.
You apply in about 10 minutes
Online, from your phone or computer. Prefer to talk? Call (301) 341-2200 and we'll fill it out with you.
A loan officer calls you
We review your goals and your documents and tell you plainly what you qualify for.
We shop the lenders
We compare programs and pricing across our lender partners and walk you through the options before you commit.
Non-QM questions we hear every week.
What does Non-QM mean?
QM stands for Qualified Mortgage, the federal standard most loans follow so they can be sold to Fannie Mae or Freddie Mac. A Non-QM loan follows the lender's own rules instead, so it can say yes to people those standards leave out. You still have to show you can afford the payment.
Are Non-QM rates higher?
Usually yes, because the lender takes more risk. Many buyers use a Non-QM loan to buy now, then refinance into FHA or conventional once their credit or income history is in place.
I'm self-employed. Which program fits?
If your bank deposits tell the story better than your tax returns, a bank statement loan. If a tax professional prepares your books, a P&L loan. If you're paid on 1099s, a 1099 loan. We'll run more than one and show you the difference.
Can I really get a mortgage with no credit score?
Yes, on some programs. You'll need proof of on-time rent or mortgage payments from a third party, or most of the down payment from your own money.
I live outside the U.S. Can I buy here?
Yes. Foreign national programs let you buy a U.S. home without U.S. credit or residency, usually with a larger down payment and savings in reserve.
Is Non-QM the same as the risky loans of 2006?
No. Non-QM loans must still verify that you can repay, and loans over federal high-cost limits aren't allowed. They cost more because the lender takes more risk, but they are not the no-documentation loans of 2006.
Compare other options.
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