Non-QM Jumbo Loans - Quick Answers
What is a Non-QM Jumbo Loan?
A Non-QM Jumbo Loan is a mortgage over $1 million that qualifies borrowers using bank statements or assets instead of W-2s. Perfect for self-employed, business owners, and investors.
Common Questions About Non-QM Jumbo Loans
You qualify if you are:
- Self-employed or business owner
- Real estate investor
- High-net-worth individual with assets but limited W-2 income
- Credit score 660 or higher
- Can provide 10-30% down payment
Required documents:
- 12-24 months personal and business bank statements
- Photo ID (driver's license or passport)
- Investment/retirement account statements
- Property address and estimated value
- Proof of down payment source
NOT required: W-2s, pay stubs, or tax returns in most cases
Down payment ranges from 10% to 30% depending on:
- Primary residence: typically 10-20% down
- Investment property: typically 20-30% down
- Loan amount and property value
- Your credit score and financial profile
Non-QM jumbo loan rates are typically 0.5% to 2% higher than conventional conforming loans. Rates depend on:
- Credit score (higher score = better rate)
- Down payment amount (more down = better rate)
- Property type and loan-to-value ratio
- Your overall financial profile
Pacific Rate shops 265+ lenders to find you the most competitive rate available.
Timeline breakdown:
- 48-72 hours: Pre-approval (with complete documents)
- 7-10 days: Appraisal and property evaluation
- 30-45 days: Total time from application to closing
Having your documents organized upfront speeds up the process significantly.
Yes! Investment properties use DSCR loans:
- Qualify based on property's rental income, not personal income
- DSCR as low as 0.75 accepted
- No limit on number of properties
- LLC ownership allowed
- No tax returns required
Trust ownership is fully accepted:
- Revocable living trusts qualify easily
- Provide complete trust agreement and certification
- Trustee must have authority to borrow
- Bank statements in trust name required
No, you don't need perfect credit. Most programs accept:
- Minimum credit score: 660 (some programs accept 600)
- Recent bankruptcy OK (1-2 years out)
- Recent foreclosure considered on case-by-case basis
- Credit events explained with strong financial position
How to Apply for a Non-QM Jumbo Loan
Contact Pacific Rate
Call (630) 332-9116 or (818) 880-1466, email support@pacificrate.com, or submit our online intake form. Discuss your needs and financial situation.
Provide Documents
Submit 12-24 months bank statements, photo ID, and asset documentation. No W-2s or tax returns needed.
Get Pre-Approved
Receive pre-approval within 48-72 hours. We shop 265+ lenders to find your best rate.
Close Your Loan
Complete underwriting and appraisal. Close in 30-45 days.
Non-QM Jumbo Loan Quick Facts
$1 Million to $20 Million+
No upper limit on portfolio programs
660+ Minimum
Some programs accept 600 with larger down payment
Primary, Second Home, Investment
Single-family, condo, multi-unit accepted
Bank Statements or Assets
W-2s and tax returns typically not required
