Not everyone fits the traditional mold of a mortgage applicant — and that’s okay. At BankSouth Mortgage, we understand that income can come from more than just W-2s. Our Non-Qualified Mortgage (Non-QM) loan programs are designed for today’s dynamic borrowers: freelancers, small business owners, real estate investors, and professionals with unique financial profiles.
What Is a Non-QM Loan?
A Non-QM (Non-Qualified Mortgage) loan is a flexible mortgage product that allows borrowers to qualify using alternative income documentation. These loans do not meet the standard underwriting requirements of conventional or government-backed mortgages, but they are fully regulated and tailored for creditworthy borrowers with non-traditional income streams.
Who It’s For:
- Self-employed professionals
- Gig economy workers (Uber, Doordash, creatives, consultants, etc.)
- Real estate investors
- Retirees or high-asset individuals with irregular income
- Borrowers with recent credit events (bankruptcy, foreclosure)
Our Non-QM Loan Programs
Bank Statement Loans
Use 12–24 months of personal or business bank statements to verify income.
Investor Cash Flow Loans (DSCR Loans)
Qualify based on rental income, not personal income.
Asset Qualifier Loans
Leverage assets like savings or retirement accounts to demonstrate ability to repay.
1099 Income Loans
For independent contractors with strong 1099 history.
Interest-Only Options Available
Why BankSouth Mortgage?
- Personalized lending solutions
- Local decision-makers who understand Georgia’s markets
- Expert loan officers who specialize in complex borrower profiles
- Digital tools like our ReadyLoan® app to make the process easier
FAQs
Q: Do Non-QM loans require a large down payment?
A: Not necessarily. Some options allow as little as 10–15% down, depending on credit profile and loan type.
Q: Are rates higher on Non-QM loans?
A: Rates may be slightly higher than traditional mortgages to account for risk flexibility, but they are competitive — especially compared to private or hard money loans.
Q: Can I refinance into a conventional loan later?
A: Absolutely. Many borrowers use Non-QM loans as a short-term solution and refinance later.
Prefer to talk it through? Contact a Loan Officer to get started.
BankSouth Mortgage Company, LLC, NMLS #690971 is not a bank or other depository institution and is not FDIC-insured.
BankSouth Mortgage Company, LLC is a wholly owned subsidiary of BankSouth, NMLS #688851, a federal savings bank and Member FDIC.
Alabama Consumer Credit License #MC 21415 DBA LoanSouth Mortgage.