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Non-QM loans.
Outside the agency box.

Non-QM (non-qualified mortgage) direct lenders fill the gap between conventional Fannie/Freddie and hard money. Bank statement, asset depletion, 1099, ITIN, foreign national programs. 7-9.5% rate, 30-day close, both residential and commercial. Pre-vetted on Ask Speedy.

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Non-QM programs

Six common non-QM programs.

Bank statement

12-24 months of personal or business bank statements. Average deposits = income. Most common non-QM.

Asset depletion

Use liquid asset balances as income (typically 1/60 of liquid assets = monthly income). For asset-rich, income-low buyers.

1099 income

Use 1099 forms instead of tax returns. Independent contractors and gig workers.

ITIN / foreign national

For borrowers without SSN. Asset and rental income drive underwrite. Up to 70% LTV typical.

Recent credit event

Borrowers with foreclosure, BK, or short sale in last 2-7 years. Higher rate, lower LTV.

DSCR

Property rent qualifies the deal. Technically non-QM under most definitions. See DSCR page for full detail.

FAQ

Non-QM, answered.

What is a non-QM loan?
A non-QM (non-qualified mortgage) loan is a real estate loan that doesn't meet Fannie Mae or Freddie Mac (GSE) underwriting guidelines. Common variants: bank statement loans (self-employed), asset depletion, 1099 income, ITIN/foreign national, DSCR. Direct non-QM lenders fill the gap between conventional and hard money.
What is a bank statement loan?
A bank statement loan qualifies the borrower using 12-24 months of personal or business bank statements instead of tax returns. Average monthly deposits drive income calculation. Common for self-employed borrowers whose tax returns don't reflect actual cash flow.
Who needs a non-QM loan?
Self-employed borrowers, 1099 contractors, foreign nationals, ITIN holders, investors needing higher debt-to-income, borrowers with recent credit events, asset-rich/income-low buyers (asset depletion programs), and anyone outside Fannie/Freddie guidelines but stronger than hard money would price.
Non-QM rates vs conventional?
Non-QM rates are 0.5-2% higher than conventional. Typical range 7-9.5%. Direct lenders price by program — bank statement and asset depletion are typically lowest rate; ITIN and recent credit events price higher.

Non-QM, sourced direct.

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Updated 2026-05-10