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Non-Conforming Loan

Bank Statement Loan

Allows self-employed borrowers to verify their income based on their personal or business bank statements, rather than traditional methods like tax returns, W-2s, or paystubs.

  • Loans up to $4 million with a minimum of $150,000
  • Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
  • Owner-occupied, second homes, and investment properties
  • 12 or 24 months' business or personal bank statements
  • Borrowers can own as little as 25% of the business

Profit & Loss Loan

 1-year and 2-year Profit & Loss Statement loans tailored for self-employed individuals. These loans allow borrowers to use their business’s Profit & Loss (P&L) statement to qualify, bypassing traditional income verification.

  • Loans up to $4 million with a minimum of $150,000
  • Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
  • Owner-occupied, second homes, and investment properties
  • Prepared by CPA/Tax preparer

1099 Income Loan

A 1099 income loan option is for underserved self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a mortgage under Agency guidelines.

  • Loans up to $3 million with a minimum of $150,000
  • Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
  • Owner-occupied, second homes, and investment properties
  • No tax returns are required
  • Most recent one or two years' 1099 plus year to date earning statement allowed
  • 1099s must be from a single employer and issued in the borrower’s personal name
  • Borrower must be self-employed working in the same line of work for at least two years

Asset Qualifier Loan

Allows borrowers to qualify using their liquid assets. We do not require employment, income or DTI to justify ability-to-repay. We qualify based on required assets that meet seasoning requirements.

  • Loans up to $4 million with a minimum of $150,000
  • Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
  • Primary residence only
  • No employment, no income, no DTI
  • Rates are 30-year fixed
  • Interest only program available
  • All assets must be sourced and seasoned for a minimum of six months

Foreign National Loan

This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. They must reside and work in their home country.

  • Loans up to $1.5 million, with a minimum of $100,000
  • Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
  • Investment property only
  • Cannot reside in the United States
  • Closing in a U.S. LLC entity permitted
  • Assets sourced and seasoned for 60 days - must be in a U.S. FDIC insured bank for a minimum of 30 days

DSCR Loan

A DSCR loan, or debt service coverage ratio loan, is a type of mortgage used for purchasing short-term or long-term rental investment properties. With a DSCR loan, borrowers can qualify for a mortgage based on a property’s rental analysis. No personal income or employment information is required to qualify.
  • Loans up to $3 million with a minimum of $100,000
  • Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
  • Short-term rentals allowed (AirDNA's reports accepted)
  • DSCR < 1.0 and No DSCR options available
  • No income or employment required; qualifications based on property cash flow
  • First time home buyer (FTHB) not allowed
  • Properties can vest title in LLC, S corp, C corp, or revocable trusts
  • Permanent and non-permanent residents allowed
Zarro Mortgage Group - Stuart, FL

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Non-Conforming Loan FAQs

What credit score do I need for a non-conforming loan?

Most non-conforming mortgage programs require a credit score between 660 and 700 or higher for competitive rates. Jumbo and portfolio loans often favor borrowers with strong credit histories and low debt-to-income ratios, while FHA loans, VA loans, and USDA loans—all technically non-conforming—allow lower scores (sometimes as low as 580) with additional requirements. Your credit score impacts your loan approval, interest rate, and reserve requirements. To see where you stand, try our Debt-to-Income Calculator or learn about current credit guidelines on the Federal Housing Finance Agency (FHFA) website.

Are non-conforming loans only for luxury or high-end homes?

No — non-conforming loans aren’t limited to luxury properties. While jumbo loans are one popular type, there are several other non-conforming mortgage options tailored to everyday buyers. For example, government-backed programs such as FHA, VA, and USDA loans in Martin & St. Lucie County are all considered non-conforming because they follow guidelines from HUD and other federal agencies rather than Fannie Mae or Freddie Mac. These programs often help first-time homebuyers, veterans, and rural homeowners qualify with low or zero down payments. You can explore them further under our First-Time Homebuyer Programs page.

Will my interest rate be higher on a non-conforming mortgage?

It depends on your loan type and borrower profile. In general, non-conforming loans can carry slightly higher interest rates due to increased lender risk. However, with excellent credit, solid reserves, and a larger down payment, your non-conforming loan rate may match or even beat conforming loans. For example, VA loans and some jumbo programs offer surprisingly competitive rates for qualified borrowers. The best way to compare is through our Mortgage Comparison Calculator or by discussing your options with a Zarro Mortgage Professional. You can also monitor national rate trends at Consumer Financial Protection Bureau (CFPB) to see how market conditions might affect your refinance or new purchase.

Can I use a non-conforming loan to buy a second home or investment property?

Yes, depending on the loan type. Many non-conforming jumbo loans allow you to purchase a second home or investment property, provided you meet higher credit and down payment standards. Portfolio lenders—those who keep loans in-house—tend to offer the most flexibility on property types, especially for borrowers with strong assets or substantial home equity. Government-backed non-conforming programs like FHA, VA, and USDA loans, however, are limited to primary residences only. If your goal is to expand your real estate portfolio, Zarro Mortgage Group can help you explore jumbo or alternative-doc options that align with your goals. You can start planning with our Mortgage Affordability Calculator or explore current Jumbo Loan programs.

How do I decide between a conforming and non-conforming loan?

Choosing between a conforming and non-conforming loan depends on your financial goals, property type, and loan amount. Conforming loans meet Fannie Mae and Freddie Mac guidelines, typically offering lower interest rates but stricter qualification requirements. Non-conforming loans provide flexibility for larger purchases, self-employed income documentation, or lower credit scenarios. At Zarro Mortgage Group, we’ll build a side-by-side comparison showing your rate, monthly payment, and closing costs for each option. You can estimate differences using our Mortgage Payment Calculator or review all available Mortgage Loan Programs. For deeper reading, the FHFA Conforming Loan Limits Guide explains how loan caps are determined each year.