Non-QM Loans

What is a Non-QM loan?

Non-QM (non-qualified mortgage) loans are mortgages that don't meet the Consumer Financial Protection Bureau's Qualified Mortgage rules or aren't eligible for purchase by Fannie Mae or Freddie Mac. They're designed for borrowers whose income, credit, or property situation falls outside standard agency guidelines — not for people who simply want to skip documentation.

Non-QM note: Non-QM loans are not eligible for purchase by Fannie Mae or Freddie Mac and may have higher rates, fees, or costs than agency loans. Terms vary by lender.

Common Non-QM options I can shop

• Bank statement loans — for self-employed borrowers using personal or business bank deposits
• 1099 / P&L-only documentation — for independent contractors and business owners with profit-and-loss statements prepared by a CPA or tax professional, subject to lender guidelines
• Asset depletion / asset-based qualifying — use liquid assets as a basis for repayment ability
• ITIN loans — for borrowers with an Individual Taxpayer Identification Number
• Foreign national loans — for non-U.S. citizens purchasing U.S. property
• DSCR investor loans — qualify on rental income for investment properties

Related: Bank statement · Jumbo · Investor loans

Program availability, guidelines, and eligibility are subject to lender guidelines and eligibility, credit approval, income or asset verification, and property eligibility. This is not a commitment to lend and does not guarantee loan approval. See Disclosures.