Question 1

What is a NonQM loan?

Accepted Answer

A NonQM (Non-Qualified Mortgage) loan is a flexible mortgage option for borrowers who don't fit traditional lending guidelines. These loans use alternative documentation like bank statements, rental income (DSCR), or assets to qualify instead of tax returns and W-2s.

Question 2

Who qualifies for a NonQM loan?

Accepted Answer

NonQM loans are ideal for self-employed professionals, business owners, real estate investors, 1099 contractors, high-net-worth individuals, and anyone with complex income situations or unique financial circumstances that don't fit traditional mortgage requirements.

Question 3

How long does NonQM approval take?

Accepted Answer

We provide pre-approval decisions in 24-48 hours. Full underwriting and closing typically takes 15-30 days, which is faster than many traditional mortgages.

Question 4

What are the interest rates for NonQM loans?

Accepted Answer

NonQM loan rates typically start around 6.5% and vary based on credit score, loan-to-value ratio, property type, and documentation provided. Rates are competitive given the flexibility these programs offer.

Question 5

Do I need tax returns for a NonQM loan?

Accepted Answer

No! That's the main benefit of NonQM loans. Bank statement loans use 12-24 months of bank statements. DSCR loans use rental income from the property. Asset-based loans use your investment accounts. No tax returns required.

Non-QM Loan Rates: What to Expect in 2026

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