$410,000
Median Home Price
$425,000
Avg. Loan Amount
78+
Licensed Lenders
12+
Major Markets
Florida Real Estate Market
Why Non-QM loans are popular in Florida
No state income tax attracts wealthy retirees and business owners
Strong international buyer presence, especially from Latin America
Vacation rental market creates unique DSCR opportunities
Large retiree population benefits from asset depletion loans
Condo market requires specialized Non-QM financing
Hurricane insurance considerations factored into underwriting
Non-QM vs Conventional in Florida
See how Non-QM mortgage options compare to conventional loans for Florida borrowers
| Feature | Non-QM Loans | Conventional |
|---|---|---|
| Interest Rates | 6.5% - 8.5% | 6.25% - 7.0% |
| Min. Credit Score | 580-620 | 620-680 |
| Max DTI Ratio | Up to 50-55% | Up to 43-45% |
| Down Payment | 10-25% | 3-20% |
| Income Documentation | Bank Statements, 1099, P&L, Assets | W-2, Tax Returns, Pay Stubs |
| Max Loan Amount | Up to $5M | $766,550 |
| Closing Time | 21-28 days | 30-45 days |
| PMI Required | No (typically 10%+ down) | Yes (if < 20% down) |
* Rates and terms are approximate and vary by lender, credit profile, and property type. Data reflects typical Florida market conditions as of 2026.
Popular Non-QM Programs in Florida
These loan programs are especially popular among Florida borrowers
Top Florida Markets We Serve
Non-QM lending available throughout Florida
Florida Lending Regulations
Florida is regulated by the Office of Financial Regulation (OFR). Mortgage lenders must be licensed under Chapter 494 of the Florida Statutes. Florida has specific disclosure requirements and allows deficiency judgments on foreclosures, which affects risk assessment.
Florida Non-QM Loan FAQs
Common questions about Non-QM loans in Florida
Can foreign nationals get Non-QM loans in Florida?
Yes! Florida is one of the most active states for foreign national lending. Many lenders offer programs for non-US citizens with 25-30% down payment. Popular with buyers from Latin America, Canada, and Europe.
Are Non-QM loans available for Florida condos?
Yes, including non-warrantable condos that don't meet conventional guidelines. This is especially important in Miami and coastal areas where many buildings don't meet Fannie Mae requirements due to investor concentration or reserve issues.
Can I use Airbnb income to qualify for a loan in Florida?
Yes! Many DSCR lenders in Florida will consider short-term rental income from platforms like Airbnb and VRBO. Some use actual rental history, while others use projected income from services like AirDNA.
How do hurricane insurance requirements affect my loan?
Florida properties require wind/hurricane insurance, which can be expensive in coastal areas. Lenders factor this into your debt-to-income ratio and DSCR calculations. Some areas may require flood insurance as well.
What are the loan limits for Non-QM in Florida?
Non-QM loans in Florida can go up to $2-3 million or more depending on the lender. High-value markets like Miami Beach, Palm Beach, and Naples often have higher limits available for qualified borrowers.
What are current Non-QM mortgage rates in Florida?
Non-QM mortgage rates in Florida typically run 0.5-1.25% higher than conventional rates. As of 2026, expect rates between 6.5% and 9.5% depending on the program, credit score, and down payment. Bank statement loans and DSCR loans in Miami and Tampa tend to have competitive pricing due to higher lender competition.
What income documentation alternatives are accepted for Non-QM loans in Florida?
Non-QM lenders in Florida accept several alternative income documentation methods: 12 or 24 months of bank statements (personal or business), 1099 forms, profit and loss statements prepared by a CPA, asset depletion calculations, and rental income from DSCR analysis. This flexibility makes homeownership accessible for self-employed borrowers, freelancers, and investors throughout Florida.
What property types qualify for Non-QM financing in Florida?
Non-QM loans in Florida cover a wide range of property types including single-family homes, condos (including non-warrantable), townhomes, 2-4 unit properties, and some commercial mixed-use properties. Investment properties, vacation homes, and primary residences all qualify. In markets like Miami and Tampa, multi-unit properties are especially popular for DSCR loans.
What is the minimum down payment for a Non-QM loan in Florida?
Most Non-QM programs in Florida require a minimum down payment of 10-20%, though some lenders offer options as low as 10% for primary residences with strong compensating factors. DSCR loans for investment properties typically require 20-25% down. With the median home price in Florida around $400,000, this means a down payment starting at approximately $60,000 to $80,000.
Can I refinance into a Non-QM loan in Florida?
Yes, Non-QM refinancing is available in Florida for both rate-and-term and cash-out refinancing. Cash-out refinances allow up to 75-80% LTV in most cases. This is particularly popular among Florida homeowners who want to tap equity without providing traditional income documentation, or investors looking to pull equity from rental properties in Miami or Tampa to fund additional purchases.
How do DSCR loans work for Florida investment properties?
DSCR (Debt Service Coverage Ratio) loans in Florida qualify borrowers based on the rental income of the property rather than personal income. The property's monthly rental income must typically cover 1.0x to 1.25x the monthly mortgage payment (PITI). No employment verification, tax returns, or W-2s are required. This makes DSCR loans ideal for scaling a rental portfolio in Florida's growing markets.
What happens if I have a recent bankruptcy or foreclosure in Florida?
Non-QM lenders in Florida offer programs for borrowers with recent credit events. Many programs allow financing just 1-2 years after a bankruptcy discharge (compared to 4-7 years for conventional loans) and 2-3 years after a foreclosure. Expect to provide a larger down payment (typically 20-25%) and accept a slightly higher interest rate, but homeownership is still achievable.
Are Non-QM loans available for foreign nationals buying property in Florida?
Yes, several Non-QM lenders in Florida offer foreign national loan programs. These loans do not require a U.S. Social Security number, credit history, or visa. Foreign nationals can purchase investment properties or vacation homes in Florida with as little as 25-30% down. Popular areas for foreign national buyers include Miami and Tampa.
What is the maximum loan amount for Non-QM loans in Florida?
Non-QM loan amounts in Florida typically range from $100,000 to $3 million, with some lenders offering up to $5 million for jumbo Non-QM programs. There are no conforming loan limits to worry about since Non-QM loans are not sold to Fannie Mae or Freddie Mac. High-value properties in Miami and Tampa can be financed with these higher limits.
How does a bank statement loan work for self-employed borrowers in Florida?
Bank statement loans in Florida allow self-employed borrowers to qualify using 12 or 24 months of personal or business bank statements instead of tax returns. The lender calculates your income by averaging deposits over the statement period, typically using 50-100% of deposits for business accounts and 100% for personal accounts. This is ideal for Florida business owners who maximize tax deductions.
What are the DTI requirements for Non-QM loans in Florida?
Non-QM loans in Florida generally allow higher debt-to-income (DTI) ratios than conventional loans. Most programs accept DTI ratios up to 50%, and some lenders go as high as 55% with compensating factors such as a larger down payment, significant reserves, or a higher credit score. DSCR loans do not use personal DTI at all, focusing instead on the property's cash flow.
Do I need reserves to qualify for a Non-QM loan in Florida?
Most Non-QM lenders in Florida require 3-12 months of mortgage payment reserves in liquid assets after closing. The exact requirement depends on the loan program, property type, and credit profile. Investment property loans and jumbo Non-QM loans typically require more reserves (6-12 months), while primary residence loans may require as few as 3-6 months.
How does Non-QM lending compare to conventional mortgages in Florida?
Non-QM loans in Florida differ from conventional mortgages in several key ways: they accept alternative income documentation (bank statements, 1099s, asset depletion), allow lower credit scores (as low as 580 vs. 620+ for conventional), permit higher DTI ratios (up to 50-55%), and have no conforming loan limits. The trade-off is slightly higher interest rates (0.5-1.25% above conventional) and larger down payment requirements (typically 10-25% vs. 3-5% for conventional).
Florida Non-QM Lending Articles
In-depth guides and market analysis for Florida borrowers and investors
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