Non-QM loans — when conventional doesn't fit.
Bank statement, asset depletion, DSCR, and foreign national loans for self-employed borrowers, investors, and anyone with a strong financial profile but non-traditional documentation.
Non-QM programs at a glance
Rough guidelines only — actual qualification depends on the full loan file (credit depth, reserves, property type, occupancy, and investor overlays). We'll confirm your exact numbers in writing.
| Guideline | Bank Statement 12 or 24 months | P&L Only CPA-prepared P&L | Asset Depletion Qualify off liquid assets | Foreign National Non-US citizens / visa holders |
|---|---|---|---|---|
| Min FICO | 660 · best 720+ | 680 · best 720+ | 700+ typical | Not required (international credit reference OK) |
| Min down payment | 10% (740+ FICO) · 15%–20% standard | 15%–20% | 20%–25% | 25%–35% |
| Max DTI | 50% | 50% | 45% (using imputed income) | 50% (where applicable) |
| Reserves | 6 months PITI | 6 months PITI | Held assets count toward both qual & reserves | 12 months PITI in US bank |
| Max loan | $3M–$4M | $3M | $3M+ | $3M–$5M |
| Occupancy | Primary, second, investment | Primary, second, investment | Primary, second, investment | Second home or investment (not primary) |
| Doc type | 12 or 24 mo business or personal bank statements | 12–24 mo CPA-prepared P&L · no bank stmts required | Liquid assets ÷ 60–84 months = monthly income | Foreign income / asset letter from international banker |
| Rate vs conv. | +0.5%–1.5% | +0.75%–1.5% | +0.75%–1.5% | +1%–2% |
| Cash-out refi | Up to 80% LTV | Up to 75% LTV | Up to 70% LTV | Up to 65% LTV |
Bank Statement
12 or 24 months
- Min FICO
- 660 · best 720+
- Min down payment
- 10% (740+ FICO) · 15%–20% standard
- Max DTI
- 50%
- Reserves
- 6 months PITI
- Max loan
- $3M–$4M
- Occupancy
- Primary, second, investment
- Doc type
- 12 or 24 mo business or personal bank statements
- Rate vs conv.
- +0.5%–1.5%
- Cash-out refi
- Up to 80% LTV
P&L Only
CPA-prepared P&L
- Min FICO
- 680 · best 720+
- Min down payment
- 15%–20%
- Max DTI
- 50%
- Reserves
- 6 months PITI
- Max loan
- $3M
- Occupancy
- Primary, second, investment
- Doc type
- 12–24 mo CPA-prepared P&L · no bank stmts required
- Rate vs conv.
- +0.75%–1.5%
- Cash-out refi
- Up to 75% LTV
Asset Depletion
Qualify off liquid assets
- Min FICO
- 700+ typical
- Min down payment
- 20%–25%
- Max DTI
- 45% (using imputed income)
- Reserves
- Held assets count toward both qual & reserves
- Max loan
- $3M+
- Occupancy
- Primary, second, investment
- Doc type
- Liquid assets ÷ 60–84 months = monthly income
- Rate vs conv.
- +0.75%–1.5%
- Cash-out refi
- Up to 70% LTV
Foreign National
Non-US citizens / visa holders
- Min FICO
- Not required (international credit reference OK)
- Min down payment
- 25%–35%
- Max DTI
- 50% (where applicable)
- Reserves
- 12 months PITI in US bank
- Max loan
- $3M–$5M
- Occupancy
- Second home or investment (not primary)
- Doc type
- Foreign income / asset letter from international banker
- Rate vs conv.
- +1%–2%
- Cash-out refi
- Up to 65% LTV
Bank Statement
Qualify off 12 or 24 months of business or personal bank statements. Perfect for self-employed borrowers who write off significant expenses.
View programP&L Only
Use a CPA or EA-prepared profit & loss statement. No bank statements, no tax returns. Cleanest path when your books are organized.
View programAsset Depletion
Qualify off liquid assets — brokerage, savings, retirement. Built for retirees, post-exit founders, and high-net-worth borrowers.
View programForeign National
Mortgages for non-US citizens buying second homes or investment property. No SSN, no US credit, no US tax returns required.
View programDSCR (Investor)
Qualify off the rental property's cash flow — not your personal income. Close in an LLC. Long-term and short-term rentals supported.
View programSelf-Employed Overview
Compare every self-employed and Non-QM option side by side. Find the right program for your income picture.
View programHow Non-QM loans work
Non-QM loans don't follow the strict ability-to-repay rules that define conventional, FHA, VA, and USDA loans. Instead, they use alternative methods to verify that you can repay the loan — methods that often paint a more accurate picture of a borrower's true financial strength.
Bank statement loans: We analyze your deposits over 12–24 months to calculate qualifying income. This is especially powerful for business owners who take minimal salary but generate strong cash flow.
Asset depletion: Your liquid assets are divided by a set period (often 60 or 84 months) to create a monthly income figure. A borrower with $1.2M in assets could qualify with $14,000–$20,000 per month in imputed income.
DSCR: The property's rental income qualifies the loan. See our DSCR program page for more details.
Interest-only options: Some Non-QM programs offer interest-only payments for the first 5–10 years, improving cash flow for investors and borrowers with variable income.
Who Non-QM loans are best for
- Self-employed borrowers with strong cash flow but low taxable income
- Real estate investors with multiple properties
- Retirees with significant assets but limited documented income
- Foreign nationals buying U.S. property
- Borrowers with a recent credit event (bankruptcy, foreclosure) who have rebuilt
- Anyone who exceeds conventional debt-to-income limits
Non-QM loans by city
These Colorado and Florida markets have high concentrations of self-employed, investor, and international buyers who benefit from Non-QM financing.
Non-QM loans in Telluride
Median: $2.4M
View guideNon-QM loans in Ouray
Median: $695K
View guideNon-QM loans in Grand Junction
Median: $415K
View guideNon-QM loans in Boulder
Median: $895K
View guideNon-QM loans in Aspen
Median: $3.2M
View guideNon-QM loans in Vail
Median: $2.1M
View guideNon-QM loans in Steamboat Springs
Median: $1.15M
View guideNon-QM loans in Crested Butte
Median: $1.45M
View guideNon-QM loans in Salida
Median: $595K
View guideNon-QM loans in Pagosa Springs
Median: $575K
View guideNon-QM loans in Buena Vista
Median: $555K
View guideNon-QM loans in Estes Park
Median: $695K
View guideNon-QM loans in Breckenridge
Median: $1.3M
View guideNon-QM loans in Naples
Median: $795K
View guideNon-QM loans in Tampa
Median: $415K
View guideNon-QM loans in Cape Coral
Median: $385K
View guideNon-QM loans in Fort Myers
Median: $365K
View guideNon-QM loans in Jacksonville
Median: $315K
View guideNon-QM loans in Orlando
Median: $385K
View guideNon-QM loans in Miami
Median: $625K
View guideNon-QM loans in Destin
Median: $685K
View guideNon-QM loan FAQs
What is a Non-QM loan?
Non-QM (Non-Qualified Mortgage) loans are mortgage products that fall outside the strict "qualified mortgage" rules set by the CFPB. They use alternative documentation and underwriting methods to qualify borrowers who don't fit the standard W-2, tax-return, and debt-to-income box.
Who should consider a Non-QM loan?
Self-employed borrowers, real estate investors, retirees with asset-based income, foreign nationals, and anyone with a strong financial profile but non-traditional income documentation. If you can't qualify conventional, FHA, or VA, Non-QM may be the answer.
What types of Non-QM loans are available?
Common programs include bank statement loans (use 12–24 months of business or personal bank statements instead of tax returns), asset depletion loans (qualify based on liquid assets), DSCR loans (qualify based on rental income), interest-only loans, and foreign national loans.
What credit score do I need?
Most Non-QM programs require a minimum credit score of 660–680, though some go as low as 620 with larger down payments. The best rates and terms are reserved for scores of 720+.
How much down payment is required?
Non-QM loans typically require 10–25% down, depending on the program, credit score, and property type. Bank statement loans often start at 10%, while foreign national and asset-depletion programs may require 20–30%.
Are Non-QM rates higher?
Non-QM rates are typically 0.5–2% higher than conventional rates, reflecting the additional flexibility and risk. However, for borrowers who can't qualify elsewhere, the rate premium is often worth the access to financing.
Can I refinance out of a Non-QM loan later?
Yes — many borrowers use Non-QM as a bridge solution. Once your income situation changes (for example, you have two years of tax returns showing strong self-employed income), you can refinance into a conventional loan with a lower rate.
Can a self-employed buyer in Colorado use bank statements instead of tax returns?
Yes — bank statement loans are one of the most common Non-QM programs for self-employed Colorado buyers. We use 12 or 24 months of business or personal bank statements to calculate qualifying income. This is particularly useful for business owners in Aspen, Telluride, and Denver who show minimal taxable income due to business deductions. Minimum FICO is typically 660; best rates at 720+.
What is an asset depletion loan and who qualifies?
An asset depletion (or asset dissipation) loan qualifies you based on liquid assets rather than income. Your eligible assets (brokerage, savings, retirement accounts — usually discounted) are divided by 60–84 months to generate a monthly income figure. A retiree with $1.5M in a brokerage account could qualify for $18,000–$25,000/month in imputed income with no other income documentation needed. This is common with Aspen second-home buyers and Colorado snowbirds.
Can a foreign national buy a home in Florida with a Non-QM loan?
Yes — foreign national Non-QM programs are available for non-US citizens buying second homes or investment properties in Florida. No US Social Security number, US credit history, or US tax returns required. Lenders typically require 25–35% down, 12 months PITI reserves in a US bank account, and an international credit reference or asset letter from your home-country banker. Naples, Miami, and Destin are common markets for foreign national buyers.
How does a P&L Only loan work?
A P&L Only (profit and loss) loan uses a 12–24 month CPA or EA-prepared profit and loss statement as the sole income document — no bank statements, no tax returns. The P&L is prepared by a licensed CPA or enrolled agent and signed off on their letterhead. This is the cleanest Non-QM path when your business books are organized but your tax returns show significant deductions. Minimum FICO typically 680.
What is the Non-QM loan limit in Colorado?
Non-QM loans are not subject to the same conforming loan limits as Fannie/Freddie products. Bank statement and asset depletion programs typically go up to $3M–$4M per property. Foreign national programs go to $3M–$5M. Super jumbo Non-QM above $5M may be available through select portfolio lenders. There is no absolute cap tied to FHFA limits.
Can I use Non-QM financing for a Purgatory Village condotel unit?
Yes — Non-QM is one of the primary routes for condotel financing when conventional and FHA are not available. DSCR Non-QM (qualifying on rental income) and portfolio Non-QM programs can accommodate condo-hotel classifications. Expect 25–30% down, 660+ FICO, and a rate premium of 0.5–1.5% above conventional. We've closed Purgatory Village units on Non-QM — contact us before writing an offer.
Find your Non-QM solution
If traditional financing says no, we often say yes. Bank statement, asset-based, and investor programs for Colorado and Florida.
Related loan programs
Not sure this is the right fit? Explore other programs we originate.