Non-QM Loans in Florida: Bank Statements, DSCR & Asset Depletion
Non-QM loans in Florida are mortgages that do not conform to the qualified mortgage (QM) rules that govern Fannie Mae, Freddie Mac, FHA, and VA loans. Non-QM is not subprime — it is an alternative documentation pathway for creditworthy borrowers who can’t verify income the conventional way.
Who uses non-QM loans in Florida
- Self-employed borrowers whose tax returns show lower income due to deductions
- Real estate investors qualifying on rental income via DSCR
- Foreign nationals without US credit history or Social Security numbers
- Retirees with significant assets but limited W-2 income
- High earners with complex income structures (equity compensation, K-1 distributions)
Main non-QM program types
Bank Statement Loans: 12 or 24 months of bank statements replace tax returns for income documentation. Lenders typically use 50% of gross deposits for self-employed borrowers or 100% of deposits for employees paid by direct deposit without business expenses.
Asset Depletion/Depletion Loans: Total liquid assets divided by the loan term calculates a monthly income figure. A retiree with $2 million in a brokerage account qualifies for a $7,000/month income assumption over 240 months.
P&L Loans: A CPA-prepared 12-month Profit and Loss statement replaces tax returns. Common for business owners.
Non-QM rates and requirements
Non-QM rates run 0.5–1.5% above comparable QM programs. Minimum credit scores typically start at 660. Down payments range from 10–25% depending on program. Mortgage Capital offers multiple non-QM programs in Florida for self-employed, investor, and foreign national buyers.
For personalized guidance on buying or selling in South Florida, contact the team at Pure Equity Realty. We serve Palm Beach, Broward, Miami-Dade, St. Lucie, and Highlands counties with expert representation and a 1% listing fee.
Onias Derilus is the Broker/Owner of Pure Equity Realty, a South Florida brokerage specializing in 1% listing commissions and free buyer representation across Palm Beach, Broward, Miami-Dade, St. Lucie, and Highlands counties. He holds an NMLS mortgage originator license and founded Mortgage Capital and Verified Title to serve clients through every step of the transaction.