Florida Non-QM Loans — Alternative-Documentation Mortgages

If standard mortgage underwriting doesn’t fit you — self-employed, investor, foreign national, asset-rich-but-income-modest, P&L-only, 1099, recently retired — you’re a non-QM borrower. Non-QM (Non-Qualified Mortgage) programs use creative ways to verify income, qualify on cash flow, or skip income docs entirely. We close non-QM loans for Florida buyers every week.

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Call Keith: 352-615-1613

No Tax Returns

Most non-QM programs skip tax returns entirely. Bank statement, P&L, DSCR, asset depletion — all qualify you without 1040s.

Built for Specialists

Self-employed business owners, real estate investors, retirees, and foreign nationals all have dedicated programs.

Same Loan Amounts

Non-QM isn’t ‘subprime’ — loan amounts go up to $5M+ with the right file. The qualification path is alternative; the loan size isn’t restricted.

Florida Non-QM Programs — Choose Your Qualification Path

Each non-QM program qualifies you using a different income approach. Pick the path that matches your file:

Bank Statement

12 or 24 months of personal/business bank statements. Income calculated from deposits with an industry-specific expense factor.

DSCR (Investor)

No personal income at all. Qualify based on the property’s rental cash flow. Best for real estate investors building a portfolio.

P&L Only

CPA-prepared profit & loss statement. No tax returns, no bank statements. Best for established business owners with clean books.

Asset Depletion

Qualify on liquid assets — investments, retirement accounts, savings — converted into a monthly income figure. Built for retirees and the asset-rich.

1099 Mortgage

2 years of 1099 income docs. Best for independent contractors, gig workers, real estate agents, sales reps with stable 1099 history.

Foreign National

No US tax returns required. ITIN or alternative ID accepted. Asset-based qualification. Built for non-US residents buying Florida property.

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

Non-QM rates run 0.5-1.5% above standard conventional rates at the same FICO/LTV — the trade-off for skipping tax returns or income docs entirely. For most non-QM borrowers, that’s worth it. The market has matured significantly since 2020; rate spreads have narrowed.

Non-QM = ‘Non-Qualified Mortgage’. The ‘QM’ rules are CFPB underwriting standards (debt-to-income limits, full income docs, etc.) that conforming loans must follow. Non-QM loans don’t follow those exact rules — they use alternative qualification methods. That doesn’t make them risky or subprime; they’re just underwritten differently. Most non-QM borrowers are high-earning self-employed, investors, or asset-rich retirees who don’t fit the conforming-loan box.

No — and this is a common confusion. ‘Subprime’ meant loans to credit-impaired borrowers, often with predatory terms. Those caused the 2008 crisis and largely don’t exist anymore in their old form. Non-QM is specifically about alternative income documentation for high-quality borrowers who can’t use traditional W-2/tax-return verification. Most non-QM borrowers have FICOs of 700+ and substantial assets.

Typically 0.5-1.5% higher at the same FICO/LTV. The premium has narrowed considerably since 2020 as the non-QM market matured. For a self-employed borrower whose tax returns don’t reflect actual cash flow, the slight rate premium is often dramatically cheaper than not buying the home at all.

Yes — if your file evolves to where conventional underwriting works. For example, you started self-employed (used bank statement loan), then over 2-3 years built up clean tax returns showing high income — you could refinance into a standard conventional loan to capture the lower rate. We do these regularly.

Up to $5M+ on super-jumbo non-QM programs with strong files. Most non-QM caps at $3M for primary residences. For ultra-high-net-worth borrowers, asset-depletion programs can go higher. Tell us your scenario; we’ll match you to the right program.

Absolutely — DSCR is the most popular non-QM investor program because it qualifies on the property’s rental income, not your personal income. Bank statement, P&L, and asset-depletion programs also work for investment properties at slightly higher down-payment requirements. DSCR details →

Yes — non-QM doesn’t have a first-time buyer restriction. If you’re self-employed and buying your first home, you can use bank statement, 1099, or P&L programs. Some non-QM programs even pair with down payment assistance, though the combinations are more limited than with conforming.

Yes — and Florida is one of the strongest markets for foreign national buying due to demand from LATAM, Europe, and Canada. Foreign national programs typically require 30% down, asset-based qualification (no US tax returns), and either ITIN or qualifying alternative ID. We close these regularly for second-home and investment property buyers.

About the Author

Keith Meredith

Division President, Black Rock Mortgage
NMLS 303217 · 15+ years originating · $100M+ in mortgages closed

Keith Meredith is a 18 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: 352-615-1613 · Follow Keith on X, Facebook, Instagram, and LinkedIn

Tell Us About Your File — We’ll Match the Right Program

Send us your scenario: how you earn income, what you want to buy, and your rough credit/asset profile. We’ll come back with which non-QM programs fit and what the monthly numbers look like.

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