Non-QM Loan: Flexible Financing for Self-Employed and Non-Traditional Borrowers
Quick Facts
- Alternative income documentation
- Bank statement and asset-based options
- Flexible credit guidelines
- Ideal for self-employed borrowers
- Higher loan limits available
What Is a Non-QM Loan?
A Non-QM Loan is a mortgage designed for borrowers who don’t fit traditional lending guidelines. These loans allow alternative income documentation such as bank statements, 1099s, or asset-based qualification, making them ideal for self-employed or non-traditional earners.
Non-QM Loan Benefits
- Bank statement and 1099 income options
- Asset-based qualification available
- Flexible credit and debt ratio guidelines
- Higher loan limits than many traditional programs
- Ideal for self-employed or complex-income borrowers
Non-QM Loan Eligibility Requirements
- Alternative income documentation accepted
- Stable financial history
- Acceptable credit profile
- Sufficient assets or reserves
- Property must meet lender guidelines
- Full underwriting review required
How a Non-QM Loan Works
Non-QM Loans use alternative income verification methods such as bank statements, 1099s, or asset-based qualification. Borrowers complete a full underwriting review, and lenders evaluate income patterns, assets, and credit history to determine eligibility.
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