LOAN PROGRAMS · NON-QM
Non-QM loans.For income that doesn't fit the box.
Non-QM loans use different ways to verify income than standard loans. They help self-employed borrowers, investors and others whose tax returns do not show their real income. Flexible documentation, same careful review.
By Abdallah H. Fragomeno, Mortgage Advisor, NMLS ID 366447 (opens in a new tab) · PREMIER Financial Group of Florida, LLC, NMLS ID 1318440 · Updated
Have questions? No problem.
Non-QM loans in Miami: the short answer
- What it is
- A mortgage that verifies income in other ways than tax returns and W-2s.
- Who it helps
- Self-employed borrowers, investors, foreign nationals and others with non-traditional income.
- Ways to qualify
- Bank statements, profit and loss statements, 1099s, assets, or a rental property's income.
- Trade-off
- Usually higher rates, fees and down payment requirements than conventional loans.
Who itfits best.
Self-employed
Business owners whose tax returns show write-offs, not real cash flow.
Real estate investors
Including DSCR loans for rental properties.
Foreign nationals
Buyers without U.S. credit history, through select lenders.
Ways toqualify.
Bank statements
12 or 24 months of personal or business bank statements.
Profit and loss
A profit and loss statement, often prepared by a CPA.
1099 income
For independent contractors.
Assets
Some programs qualify you using your savings and investments.
Good to know.Before you decide.
Cost
Non-QM loans may carry higher rates, fees and down payment requirements than conventional loans.
Ability to repay
Every lender still verifies that you can repay the loan.
Questions,answered.
What is a bank statement loan?
A bank statement loan uses 12 or 24 months of deposits, instead of tax returns, to calculate your income. Business accounts usually have an expense factor applied.
Is Non-QM the same as a subprime loan?
No. Non-QM simply means the loan does not follow the standard Qualified Mortgage rules for documentation. Lenders still verify your ability to repay.
Can I refinance out of a Non-QM loan later?
Often, yes. If your tax returns later show enough income, a conventional refinance may be possible.
How does a bank statement loan work?
The lender adds up eligible deposits from 12 or 24 months of statements, applies an expense factor for business accounts and your ownership share, and averages the result into monthly income. Estimate your income from your deposits.
Can a foreign national get a mortgage in Florida?
Yes. Foreign national Non-QM programs can qualify you without U.S. credit or a Social Security number, using a passport, visa, foreign credit or bank references and reserves. Florida also restricts some purchases by people domiciled in certain countries; a Florida real estate attorney can advise on that.
Can I use an ITIN to get a mortgage?
Some Non-QM lenders offer loans for borrowers with an ITIN, each with its own requirements. We will check which lenders fit your situation.
What is an asset-based or asset depletion loan?
A loan that qualifies you on your savings and investments instead of your paycheck. The lender converts eligible assets into a monthly income figure.
Can I get a Non-QM loan after a recent bankruptcy or foreclosure?
Some Non-QM programs have shorter waiting periods than standard loans, usually with stricter terms.
Is a Non-QM loan the same as a DSCR loan?
DSCR loans are one type of Non-QM loan, for investment properties qualified on rent. See our DSCR loans.
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YOUR MORTGAGE ADVISOR
Nice to meet you.I'm Abdallah.
Your trusted Miami mortgage advisor. I'm here to make your home financing simple and stress-free.
Abdallah H. Fragomeno · Mortgage Advisor · NMLS ID 366447
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