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What Is a Non-QM Loan?

A Non-Qualified Mortgage, or Non-QM loan, is a flexible mortgage option designed for borrowers who may not meet the traditional income documentation standards set by conventional lenders. These loans are especially helpful for self-employed individuals, entrepreneurs, real estate investors, and retirees with non-traditional income sources.

Unlike conventional mortgages, Non-QM loans use alternative methods to verify income—such as bank statements, asset depletion, or rental income—making them an excellent option for financially capable borrowers who simply don’t fit into the conventional lending box.

Key Features:

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Alternative Income Verification

Accepts bank statements, profit and loss statements, or asset documentation instead of traditional W-2s or tax returns.

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Flexible Credit Requirements

Accommodates borrowers with lower credit scores or recent credit events like bankruptcies or foreclosures.

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Higher Debt-to-Income (DTI) Ratios

Allows for higher DTI ratios compared to Qualified Mortgages, benefiting those with substantial debt or unconventional income streams.

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Variety of Property Types:

Applicable for primary residences, second homes, investment properties, condos, townhomes, and manufactured homes.

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Suitable for Unique Financial Situations:

Ideal for self-employed individuals, real estate investors, retirees with substantial assets but limited income, and foreign nationals seeking U.S. property ownership.

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Interest-Only Payment Options

Offers interest-only payment plans, which can lower monthly payments initially.

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Balloon Payments and Longer Loan Terms

May include balloon payments or extended loan terms beyond 30 years, providing flexible repayment structures.

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No Waiting Period After Credit Events

Enables borrowers to apply without mandatory waiting periods following events like bankruptcy or foreclosure.

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Not Backed by Government Entities

These loans are not insured or guaranteed by agencies like FHA, VA, Fannie Mae, or Freddie Mac.

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Higher Down Payments and Interest Rates

Typically requires larger down payments and carries higher interest rates due to increased lender risk.

Who Is a Non-QM Loan For?

  • Self-employed business owners
  • Independent contractors or gig economy workers
  • Real estate investors with rental income
  • Retirees with significant assets but limited monthly income
  • Borrowers with recent credit events (e.g., bankruptcy or foreclosure)

Pros of Non-QM Loans

  • Flexible income verification (e.g., 12-24 months of bank statements)
  • Higher loan amounts available
  • Can qualify even with credit challenges
  • No tax return or W-2 requirements
  • Ideal for unique properties or investment scenarios

Why Choose a Non-QM Loan?

Non-QM loans offer the flexibility that traditional lenders can’t. They are ideal for creditworthy borrowers who have complex or inconsistent income profiles and need customized underwriting solutions. These programs allow you to qualify based on your real financial picture rather than rigid formulas.

Cons of Non-QM Loans

  • Higher interest rates than conventional loans
  • Larger down payments may be required
  • Fewer lenders offer them, limiting shopping options
  • Not eligible for government backing (e.g., FHA, VA)

Is a Non-QM Loan Right for You?

If you’re financially stable but don’t fit into the standard mortgage mold, a Non-QM loan could be your best alternative to get approved and achieve your real estate goals. At Chess Capital Partners, we’ll walk you through every step and structure a loan that fits your life, not the other way around.

Ready to explore your options? Contact us today for a personalized consultation or start your application online.

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