Michigan Non-QM Loan Center
Traditional mortgages work well for borrowers with W-2 jobs and steady paychecks. They work poorly for everyone else. Non-QM loans give business owners, contractors, retirees, and real estate investors a practical path to financing by qualifying with the income and assets they actually have, not the paperwork a conventional underwriter expects to see.
Riverbank Finance LLC offers a full lineup of non-QM mortgage programs in Michigan, including bank statement loans, DSCR loans, 1099 loans, profit and loss statement loans, asset depletion loans, and bridge loans.
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Answer a few quick questions and a licensed Michigan loan officer will follow up with your personalized quote — no obligation.
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Non-QM Loan Programs We Offer
Bank Statement Loans
Qualify with 12 or 24 months of bank deposits instead of tax returns. Built for self-employed borrowers and business owners.
DSCR Loans
Investor financing based on the property's rental income. No personal income or employment verification required.
1099 Loans
Independent contractors and gig workers can qualify using 1099 income statements, no tax returns needed.
Profit and Loss Statement Loans
Qualify with a CPA-prepared profit and loss statement instead of tax returns or bank statements.
Asset Depletion Loans
Turn savings, investments, and retirement accounts into qualifying income. Ideal for retirees and high-net-worth buyers.
Bridge Loans
Use the equity in your current home to buy your next one before you sell. Short-term financing that removes the timing crunch.
What is a Non-QM loan?
A non-QM loan is any mortgage that does not meet the Consumer Financial Protection Bureau's definition of a qualified mortgage. That sounds technical, but the practical meaning is simple. Qualified mortgages follow strict federal rules about how a lender must document income, usually with tax returns, W-2s, and pay stubs. Non-QM lenders are still required to verify that you can afford the loan, but they can use common sense documentation to do it.
That flexibility matters if you write off business expenses aggressively, earn income from contracts or commissions, live off investments, or hold rental properties in an LLC. Your tax return may show far less income than you actually earn. A non-QM lender can look at your bank deposits, your 1099s, a CPA-prepared profit and loss statement, your asset balances, or a property's rental income instead.
Non-QM loans are not the subprime loans of the past. Borrowers still need to demonstrate the ability to repay, and these programs typically require reasonable credit and a meaningful down payment. What changes is the paperwork, not the responsibility.
Who benefits from Non-QM loans in Michigan?
- Self-Employed Borrowers and Business Owners: If your tax returns understate your real cash flow because of deductions, a bank statement or P&L loan lets you qualify on what your business actually brings in.
- Independent Contractors and Gig Workers: 1099 loans use your gross contractor income to qualify, which often paints a far more accurate picture than your adjusted gross income.
- Real Estate Investors: DSCR loans qualify on the rental income of the property itself, with no cap on the number of financed properties.
- Retirees and High-Net-Worth Buyers: Asset depletion loans convert savings, brokerage accounts, and retirement funds into qualifying income, even with little or no employment income.
- Homeowners Buying Before They Sell: Bridge loans unlock the equity in your current home so you can make a strong offer on the next one without a sale contingency.
Not sure which program fits? A licensed loan officer can compare options side by side in one conversation. Compare Your Options
General Non-QM loan requirements
Each program has its own guidelines, and the individual product pages above cover them in detail. As a general rule, non-QM loans in Michigan look for the following:
- Credit scores starting in the low 600s for most programs
- Down payments starting around 10 to 20 percent depending on the program
- Alternative income documentation such as bank statements, 1099s, a P&L, or asset statements
- Cash reserves, typically a few months of mortgage payments
Because these loans are underwritten with more judgment than a conventional loan, pricing and terms depend on your full profile. Stronger credit, larger down payments, and healthier reserves earn better terms.
Apply for a Non-QM loan in Michigan
Getting started is simple. Call our team at 800-555-2098 and tell us about your situation, or fill out the quote form above. A licensed loan officer will match you with the right program, walk you through the documentation, and give you a clear picture of your options, usually within one business day.
What does non-QM mean in a mortgage?
Non-QM stands for non-qualified mortgage. It is a home loan that does not follow the federal qualified mortgage documentation rules, which lets the lender verify your income with alternatives like bank statements, 1099s, or asset balances. Lenders must still confirm you can afford the loan.
Are non-QM loans safe?
Yes. Non-QM lenders are required by federal law to verify your ability to repay. These programs simply use different documentation than a conventional loan. They are fully underwritten mortgages, not the no-doc loans of the early 2000s.
Do non-QM loans have higher interest rates?
Rates on non-QM loans typically run somewhat higher than conventional rates because the lender takes on more flexibility in documentation. Your exact pricing depends on your credit score, down payment, and the program you choose. Many borrowers refinance into a conventional loan later once their documentation situation changes.
Can I get a non-QM loan for a primary residence in Michigan?
Yes. Bank statement loans, 1099 loans, profit and loss statement loans, and asset depletion loans can all be used for a primary residence. DSCR loans are the exception, as they are limited to investment properties.
How do I know which non-QM program is right for me?
It comes down to how you earn and hold your money. Self-employed borrowers usually fit bank statement or P&L programs, contractors fit 1099 loans, investors fit DSCR loans, and borrowers with significant savings fit asset depletion. Call 800-555-2098 and a licensed loan officer will compare the options for your situation.
Submit your information now and a licensed residential loan officer will contact you within 24 hours. If you need immediate assistance then please call us now at 800-555-2098!
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