Home financing in Georgia & South Carolina
Non-QM / Alternative Documentation Mortgages
When your income is more complex than a regular paycheck, the way it is documented matters. A conversation about alternative documentation can help you understand what a lender needs to evaluate your application.
Tell Samantha about your work, income sources, and home financing goals. Ask which documentation options are available and how their costs and requirements compare with other mortgages.
What does Non-QM mean?
A Non-QM loan is a mortgage that does not meet the Qualified Mortgage criteria. Alternative documentation describes how financial information is supported; it does not automatically determine whether a loan is Non-QM.
Documentation still matters
For consumer mortgages covered by the Ability-to-Repay rule, lenders must make a reasonable, good-faith determination that the borrower can repay. Alternative documentation does not mean automatic approval or an application without financial verification.
Alternative documentation and Non-QM options to discuss
- Bank-statement loans: May use bank statements as part of the income review.
- Asset-depletion or asset-utilization loans: May use qualifying assets in the lender's income calculation.
- DSCR loans for residential investment property: May consider the property's debt-service coverage as part of the loan review.
- 1099 income loans: May be appropriate to discuss when income is reported on 1099 forms.
- Profit-and-loss statement loans: May use a qualifying profit-and-loss statement as part of the documentation review.
- Interest-only mortgages: Have an initial payment structure that covers interest only, subject to the loan terms.
Questions to bring to your consultation
- Which records can the lender accept to evaluate my income and assets?
- How much down payment and cash reserves would be required?
- How do the interest rate, fees, and total payment compare with other options?
- Can the payment change, and are there any special repayment terms?
A review based on your circumstances
Start with your income sources, property plans, and timeline. Specific documentation methods and loan availability depend on the lender and program; we can discuss what needs to be reviewed before you apply.
Learn about the CFPB’s Ability-to-Repay and Qualified Mortgage rule.
Important: This page is educational and is not financial, legal, or tax advice, or a commitment to lend. All loans are subject to credit approval, property eligibility, and applicable program requirements. Mortgage Capital Services LLC, NMLS #2694379 · Samantha S. Peel, Mortgage Loan Officer, NMLS #2685482, licensed in Georgia & South Carolina · Equal Housing Opportunity.