Loan Programs · Self-employed and non-QM

Non-QM loans for income that doesn't fit a box

Some strong borrowers do not fit the standard mortgage rules. Retirees with large savings, investors, recent credit events, or income that is real but hard to document. Non-QM programs use other ways to show you can repay.

No-Doc and Non-QM Loans explained

A non-QM loan is a mortgage that falls outside the federal Qualified Mortgage standards, usually because it uses alternative documentation. Lenders must still make a reasonable, good-faith determination that you can repay. Common types include asset depletion (qualifying on savings and investments), 1099-only, CPA-prepared profit and loss only, and programs for borrowers a short time past a bankruptcy or foreclosure. So-called no-doc loans today still verify something, such as assets or the property's rent. Terms vary widely by investor and are subject to credit approval and program guidelines.

Who it fits

  • Retirees and high-net-worth buyers with substantial assets but modest income
  • 1099 contractors and commission earners
  • Borrowers recently past a bankruptcy, foreclosure or short sale
  • Buyers of properties that do not meet agency standards, such as some non-warrantable condos
  • Borrowers with income from several sources that is hard to combine

Florida specifics

  • Many South Florida retirees and relocating buyers have significant assets and little W-2 income, which is where asset depletion programs can help.
  • Non-warrantable condos are common in South Florida, especially in buildings with many rentals, commercial space or pending repairs. Some non-QM investors finance them.
  • Florida's condo safety laws have pushed some buildings off agency-approved lists, which makes non-QM an option for certain units.
  • Seasonal residents may use non-QM to finance a second home when their income is complex.

How it works with Justin

  1. We review how you earn and save, and what has kept a standard loan out of reach.
  2. We match you with the documentation type that best shows your ability to repay.
  3. You receive a preapproval with clear conditions.
  4. Underwriting verifies the chosen documentation and the property, and you close.

Documents to gather

  • Depends on the program: asset statements, 1099s, a CPA-prepared P&L, or bank statements
  • Explanation and documentation of any past credit events
  • Photo ID
  • Condo questionnaire and budget for condo purchases
  • Proof of funds for down payment and reserves

Things to consider

  • Non-QM loans usually cost more than agency loans.
  • Down payment and reserve requirements are often higher.
  • Some programs include prepayment penalties, mainly on investment properties.
  • Many borrowers plan to refinance into a conventional loan once their situation fits standard rules.

Share a few details and Justin will tell you whether Non-QM fits, with real numbers for your loan.

No-Doc and Non-QM Loans: common questions

What is a non-QM loan?

A non-QM loan is a mortgage that does not meet the federal Qualified Mortgage definition, usually because it uses alternative documentation. The lender still has to verify that you can reasonably repay the loan.

Are no-doc mortgages still available?

True no-documentation loans ended after the 2008 crisis. Today's reduced-documentation loans verify something else instead of tax returns, such as assets, bank deposits or rental income.

Can I qualify for a mortgage using my savings?

Yes, asset depletion programs may convert eligible savings and investments into a monthly income figure for qualifying. How much of each account counts depends on the investor and the account type.

Can I buy a non-warrantable condo in Florida?

Often, yes, through certain non-QM programs. Lenders still review the building's finances and condition, and the down payment is often larger than for an approved condo.

How soon after bankruptcy can I get a mortgage?

Agency programs require waiting periods that depend on the type of event. Some non-QM programs may allow a shorter wait with a larger down payment. We review your dates and options.

Related loan programs

  • Bank Statement Loans for the Self-Employed — Bank statement mortgages for self-employed Florida borrowers: qualify on deposits instead of tax returns. How income is figured and what to prepare.
  • DSCR Loans — DSCR loans for Florida real estate investors: qualify on rental cash flow instead of tax returns. How the ratio works, LLC closings and South Florida tips.
  • Foreign National Loans — Mortgages for foreign nationals buying in South Florida: no U.S. credit history needed with some lenders, documents to prepare and Florida rules to know.
  • Jumbo Loans — Jumbo mortgages for South Florida homes above the 2026 conforming limit of $832,750 in Palm Beach, Broward and Miami-Dade. Reserves, condos and more.

South Florida areas where it fits

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