Miami Non-QM Condo Loans
How non-QM programs serve self-employed borrowers, foreign nationals, investors, and buyers in non-warrantable Miami buildings.
Non-QM (non-Qualified Mortgage) loans use alternative documentation paths — such as bank statements, assets, or property income — to qualify borrowers who don't fit conforming guidelines. In Miami, non-QM is commonly used by self-employed buyers, foreign nationals, investors, and buyers in non-warrantable condo buildings.
- Bank-statement programs (12–24 months)
- Asset-based qualification
- 1099-only programs
- DSCR investor structures
- Foreign-national programs
- Non-warrantable condo financing
Who non-QM serves
Non-QM is built for borrowers whose financial profile is real and verifiable but doesn't translate cleanly onto a Form 1040. That includes self-employed business owners with significant write-offs, 1099 contractors, real-estate investors qualifying on property income, high-net-worth borrowers using assets, foreign nationals, and buyers in buildings that don't meet agency project guidelines.
Main non-QM program types
- Bank-statement loans: qualifying income derived from 12 or 24 months of business or personal bank deposits, with calculations varying by lender.
- Asset-based qualification: qualifying based on liquid assets converted into income equivalent over a defined horizon.
- 1099-only programs: qualifying based on recent 1099s rather than tax returns.
- DSCR loans: property-income qualification for investors — see the DSCR Loans page.
- Foreign-national programs: international documentation alternatives — see the Foreign Buyer Loans page.
- Non-warrantable condo programs: portfolio financing for buildings outside Fannie Mae or Freddie Mac guidelines.
Non-warrantable condos in Miami
Many Miami buildings — particularly investor-heavy projects, condo-hotels, buildings with significant commercial space, or projects with active litigation — fall outside conforming guidelines. Non-QM portfolio lenders often finance these buildings, generally with adjusted down payment, reserves, or pricing. Each lender maintains its own non-warrantable overlay, so a building turned down by one program may be approved by another.
How pricing and structure typically work
Non-QM pricing reflects the documentation type, occupancy, loan-to-value, property profile, and credit. Some programs price near conforming for strong borrowers; others carry premiums for higher-risk profiles. Down payment requirements vary by program. Many non-QM programs allow interest-only periods, longer amortizations, and prepayment-penalty options that adjust the rate.
When non-QM is the right call
Non-QM is rarely the first option for borrowers who fit cleanly into conforming or jumbo programs. It earns its place when documentation, building type, or borrower structure makes conforming impractical — and when the borrower would otherwise be told "no" rather than offered an alternative path.