Florida Non-QM Loans • NMLS #303217

Florida Non-QM Loans — Alternative-Documentation Mortgages

Bank statement, DSCR, asset-based, and 1099 programs for when traditional guidelines don’t fit your file.

Written by Keith Meredith·NMLS 303217·Division President, Black Rock Mortgage

No Tax Returns

Most of these programs never ask for a 1040. We qualify you off bank statements, a P&L, the property’s cash flow, or your assets instead.

Built for How You Earn

Business owners, real estate investors, retirees, contractors, foreign buyers — each one has a program built around the way the money actually comes in.

Same Loan Sizes

Don’t let anyone tell you non-QM is a consolation prize. With a strong file these go to $5M+. The qualification path is different — the loan amount isn’t capped because of it.

Florida Non-QM Programs — Choose Your Qualification Path

Each program qualifies you a different way. Find the one that matches how you actually earn:

Bank Statement

12 or 24 months of bank statements, personal or business. I calculate your income off the deposits, minus an expense factor for your line of work. Built for the owner whose Schedule C makes them look broke on paper.

DSCR (Investor)

We don’t look at your personal income at all — the property qualifies on its own rent. If you’re building a rental portfolio, this is usually the cleanest path.

P&L Only

A profit-and-loss statement from your CPA. No tax returns, no bank statements. Best if your books are clean and your business is established.

Asset Depletion

We take your liquid assets — investments, retirement, savings — and turn them into a monthly income figure you qualify on. Made for retirees and anyone who’s asset-rich but light on monthly income.

1099 Mortgage

Two years of 1099s. If you’re a contractor, gig worker, agent, or commissioned salesperson with a steady 1099 history, this fits.

Foreign National

No US tax returns. ITIN or alternative ID works. We qualify you on assets. This is for buyers who don’t live in the US but want to own here — and Florida’s one of the busiest markets in the country for it.

Florida Non-QM Programs — At a Glance

Program	Income Doc	Min FICO	Min Down	Max Loan
Bank Statement	12-24 mo statements	620	10% (680+)	$3M typical
DSCR	None — property cash flow only	660	20%	$3M typical
P&L Only	CPA-prepared P&L	700	20%	$3M
Asset Depletion	Liquid asset balances	700	20%	$3M
1099 Mortgage	2 years 1099s	660	10%	$2M
Foreign National	Asset-based, alt ID	n/a (alt credit)	30%	$2M
WVOE / Written VOE	Employer/business letter	620	10%	$1.5M

Here’s the honest trade-off: non-QM rates run about 0.5% to 1.5% higher than a standard conventional loan at the same credit score and down payment. That’s the price of skipping the tax returns. For most of my non-QM clients it’s an easy call — a slightly higher rate beats not buying the house at all. And the gap is a lot smaller than it used to be; this market has grown up since 2020 and the spreads have come way in.

“QM” is the CFPB’s rulebook for conforming loans — strict debt-to-income limits, full income docs, the works. Non-QM loans just don’t play by those exact rules; we use other ways to prove you can pay. That’s it. It doesn’t mean risky and it doesn’t mean subprime. Most of the people I put in these loans are high earners who simply don’t fit the conforming box — self-employed owners, investors, retirees sitting on assets.

No, and I get why people mix them up. Subprime meant loans to credit-damaged borrowers, often on predatory terms — that’s what blew up in 2008, and it’s largely gone. Non-QM is the opposite crowd: strong borrowers, usually 700+ FICOs with real assets, who just can’t document income the traditional W-2 way.

Usually 0.5% to 1.5% higher at the same credit and down payment, and the gap has narrowed a lot since 2020. If your tax returns hide what you really make, that small premium is almost always cheaper than sitting on the sidelines.

Yes — once your file catches up. Say you start out self-employed on a bank statement loan, then build two or three years of clean tax returns showing strong income. At that point we can refinance you into a standard conventional loan and grab the lower rate. I do these all the time.

Up to $5M+ on the super-jumbo programs with a strong file. Most non-QM tops out around $3M on a primary home, and asset-depletion can stretch higher for high-net-worth borrowers. Send me your scenario and I’ll point you to the right program.

Absolutely. DSCR is the go-to for investors because it qualifies on the property’s rent, not your personal income. Bank statement, P&L, and asset-depletion work for investment properties too, just with a little more down. DSCR details →

Yes — there’s no first-time-buyer restriction. If you’re self-employed and buying your first place, bank statement, 1099, or P&L programs are all on the table. A few even pair with down payment assistance, though those combinations are tighter than on conforming loans.

Yes, and Florida’s one of the strongest markets in the country for it — a ton of demand out of Latin America, Europe, and Canada. Plan on about 30% down, asset-based qualifying (no US tax returns), and either an ITIN or qualifying alternative ID. I close these regularly for second homes and investment properties.

About the Author

Keith Meredith

Division President, Black Rock Mortgage
NMLS 303217 · 16+ years originating · $100M+ in mortgages closed

Keith Meredith is a 16 year mortgage industry expert who has originated over $100,000,000 in mortgages. Headquartered in Ocala, Florida, Keith runs Black Rock Mortgage as a division of Coast 2 Coast Mortgage, a lender licensed in 40 states. Keith specializes in manufactured home financing, self-employed mortgages, VA construction loans, and helping first-time buyers navigate FHA, USDA, and conventional programs. He creates written and video content to help borrowers understand their financing options.

Call or text directly: 352-619-4959 · Follow Keith on X, Facebook, Instagram, and LinkedIn

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Bank statement, DSCR, asset-based, and 1099 programs for when traditional guidelines don’t fit. Send us your file.

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