Non-QM Loans For Lower Credit Scores
When your score is lower than many loans allow, a non-QM program can still work. At least one program we offer covers primary residences and second homes down to a 640 score on loans up to $2,000,000, and investment properties down to 600.
What you need to qualify
Each item below is a requirement of at least one non-QM program we offer.
- A 640 minimum credit score for a primary residence or second home, on loans up to $2,000,000.
- A loan amount from $150,000 to $3,000,000.
- A debt-to-income ratio up to 50%, or 55% with $3,000 in residual income, lower in some cases.
- For self-employed borrowers, one year of personal and business tax returns, a year-to-date P&L, and IRS Form 4506-C.
- A primary residence, second home, or investment property.
- An investment property score as low as 600 on loans under $1,000,000.
Scores from 640 can work
Loans up to $3,000,000
Alternative documentation
One year of tax returns
Gifts can cover it
Many property types
Can You Get A Non-QM Loan With A Lower Score
Yes. At least one program we offer goes down to 640 on a primary residence or second home.
At least one non-QM program we offer covers primary residences and second homes down to a 640 score, with loan amounts up to $2,000,000 at that score, using full documentation or alternative documentation such as bank statements, a P&L, a written verification of employment, 1099s, or asset utilization. Loan amounts on the program run from $150,000 to $3,000,000.
Past credit trouble is not an automatic no. At least one program allows a loan 12 months after a bankruptcy, foreclosure, short sale, or deed in lieu, on a purchase or rate-and-term refinance. Investment properties can go down to a 600 score on loans under $1,000,000. Working through a recent bankruptcy or foreclosure? See our recent credit event page.
At least one program lets gift funds cover the whole down payment, though not reserves, allows seller concessions up to 6%, and accepts a home with one ADU, modular homes, non-warrantable condos, rural properties, and up to 20 acres. Fixed-rate and adjustable-rate options are available, without interest-only on primary residences and second homes.
Why choose Saxton for a non-QM loan with a lower score
For buyers with lower credit scores who need a larger loan, a second home, or alternative income documents.
Scores From 640 Can Work
At least one program covers primary residences and second homes down to a 640 score on loans up to $2,000,000, and investment properties down to 600 on loans under $1,000,000.
Loans Up To $3,000,000
At least one program offers loan amounts from $150,000 to $3,000,000.
Alternative Documentation
Bank statements, a P&L, a written verification of employment, 1099s, or asset utilization can document income on at least one program.
One Year Of Tax Returns
Self-employed borrowers can use one year of personal and business tax returns with a year-to-date P&L on at least one program.
Gifts Can Cover It
At least one program lets gift funds cover the whole down payment and cash to close, though not reserves.
Many Property Types
A home with one ADU, modular homes, townhomes, 2-4 units, non-warrantable condos, rural properties, and up to 20 acres are eligible on at least one program.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about non-QM loans with a lower credit score.
At least one program goes down to 640 on a primary residence or second home, on loans up to $2,000,000. Investment properties can go down to 600 on loans under $1,000,000.
At least one program offers $150,000 to $3,000,000, with loans up to $2,000,000 at a 640 score.
Yes, on at least one program, which accepts bank statements, a P&L, a written verification of employment, 1099s, or asset utilization.
Up to 50% on at least one program, or 55% with $3,000 in residual income, and lower in some cases.
Yes. At least one program covers primary residences and second homes.
On at least one program, gift funds can cover 100% of the down payment and cash to close, but not reserves.
At least one program allows it 12 months after a bankruptcy, foreclosure, short sale, or deed in lieu, on a purchase or rate-and-term refinance.
Find out what you qualify for
Tell us your credit score and what you want to buy, and we will show you the non-QM options that fit.
Get Pre-QualifiedLoan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.