Loan Program
Non-QM Loans in Florida
Non-QM (non-qualified mortgage) loans serve borrowers whose income, property, or credit doesn't fit agency guidelines. Options include bank statement, DSCR, asset depletion, and loans for non-warrantable condos or recent credit events. They still require verifying ability to repay, typically with larger down payments.
Last updated October 7, 2026
Non-QM requirements
| Documentation | Bank statements, assets, 1099s, or rental income, depending on program |
|---|---|
| Down payment | Commonly 10%–25% |
| Credit | Programs exist for a range of credit profiles and recent credit events |
| Property | Includes some non-warrantable condos and unique properties |
| Reserves | Usually required |
Florida-specific considerations
Florida's condo market is a big reason Non-QM matters here. Buildings with high investor concentration, short-term rentals, pending litigation, or ongoing repairs from milestone inspections may be non-warrantable, ruling out conventional financing. Some Non-QM programs can still finance those units.
Retirees and high-net-worth buyers relocating to Florida may have significant assets but little traditional income; asset depletion programs can qualify them based on assets instead.
Who a Non-QM loan is for
- Buyers of non-warrantable condos
- Retirees and asset-rich borrowers
- Self-employed borrowers and investors
- Borrowers with recent credit events
Step-by-step process
- 01
Scenario review
Identify why agency financing doesn't fit.
- 02
Program match
Choose the Non-QM option that fits.
- 03
Pre-approval
Document income or assets accordingly.
- 04
Underwriting
Review property and borrower.
- 05
Closing
Sign and close.
Related programs
Related guides
Non-QM loan FAQs
What does Non-QM mean?
Non-QM loans don't meet the Consumer Financial Protection Bureau's qualified mortgage definition, often because of alternative documentation. Lenders still must verify your ability to repay.
What is a non-warrantable condo?
A condo that doesn't meet Fannie Mae or Freddie Mac guidelines — for example, due to high investor ownership, litigation, commercial space, or critical repairs. Non-QM programs may finance these units.
What is an asset depletion loan?
An asset depletion loan calculates qualifying income by dividing eligible assets over a set period, helping borrowers with substantial savings but limited income.
Can I get a mortgage after a recent bankruptcy or foreclosure?
Some Non-QM programs allow shorter waiting periods after credit events than agency loans, typically with larger down payments.
Are Non-QM loans safe?
Today's Non-QM loans require documentation and ability-to-repay verification. They're simply built for borrowers whose situations don't fit standard boxes.
Can I refinance out of Non-QM later?
Yes. Many borrowers refinance into conventional financing once their documentation, credit, or property situation changes.
Ready to see what you qualify for?
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Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and property eligibility. Program availability, terms, and guidelines may change without notice. Information is for educational purposes only.