1099 income
One year of 1099s
| Interest | APR | Points |
|---|---|---|
| 6.625% | 6.809% | +1.875 |
| 6.75% | 6.873% | +1.25 |
| 6.875% | 6.937% | +0.625 |
| 7.00% | 7.012% | +0.125 |
Non-QM Pricing, Explained
Non-QM Loan Rates (2026)
How you document your income changes your rate. Here is today’s published pricing for full doc and every alt doc path — bank statements, 1099s, a P&L, a written VOE and asset depletion — side by side on one representative investment-property scenario.
As of October 22, 2026, full doc non-QM rates start as low as 6.625% and alt doc rates as low as 6.75% on 12 months of bank statements. The lowest rates include discount points paid at closing.
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Today’s non-QM rates
Every table below is priced on the same scenario, so the only difference between them is how you document your income. The points column shows what each rate costs at closing.
Full doc non-QM
W-2s and tax returns — the most documentation, and usually the lowest rate.
Full doc non-QM rates start as low as 6.625%* (6.809% APR) on the scenario below. The lowest rate shown includes discount points paid at closing.
Alt doc non-QM
Bank statements, 1099s, a P&L, a written VOE or asset depletion — no tax returns.
Alt doc non-QM rates start as low as 6.75%* (6.936% APR) on 12 months of bank statements. The lowest rate shown includes discount points paid at closing.
See 1099, P&L only, WVOE and asset depletion priced on their own
They are alt doc too, but on a given day they don’t always land on the bank statement rate, so each one is priced on the same scenario here.
P&L only
A profit and loss statement prepared by a CPA or tax preparer
| Interest | APR | Points |
|---|---|---|
| 7.25% | 7.403% | +1.5 |
| 7.375% | 7.451% | +0.75 |
| 7.50% | 7.513% | +0.125 |
Written VOE
A written verification of employment from your employer
| Interest | APR | Points |
|---|---|---|
| 7.25% | 7.364% | +1.125 |
| 7.375% | 7.413% | +0.375 |
Asset depletion
Income figured from your eligible assets
| Interest | APR | Points |
|---|---|---|
| 7.125% | 7.302% | +1.75 |
| 7.25% | 7.339% | +0.875 |
| 7.375% | 7.388% | +0.125 |
More non-QM rates
What are points?
A point is 1% of the loan amount, paid at closing, to buy a lower rate. On this $650,000 loan, one point is $6,500. A positive number is what you pay; a negative number is a lender credit back to you.
The interest rate sets your monthly payment. The APR restates that same loan to include what you paid up front, which is why the two match exactly when you pay no points and drift apart as you buy the rate down. Buying points pays off only if you hold the loan long enough for the lower payment to earn the up-front cost back — so weigh them against how long you plan to keep the property before selling or refinancing.
* Rates as of October 22, 2026
Priced on a single representative scenario: a $1,000,000 single-family investment property in Los Angeles County, CA, purchased with a $650,000 loan (65% LTV), 781 credit score, 35% debt-to-income ratio, 30-year fixed, 5-year prepayment penalty, 30-day lock, with income documented the way each table shows. Your rate depends on your full scenario and will differ.
Rows in a table may price on different investor programs sharing the same 30-year fixed structure and documentation, and each table shows them together.
These rates are for an investment property. A home you live in or a second home prices differently, and a loan officer will quote it for you.
Rates and APRs are estimates for comparison only, are not an offer or a commitment to lend, and change daily with the rate sheet. APR reflects the interest rate plus lender fees expressed as a yearly rate. Loans are for business-purpose, non-owner-occupied investment property. Equal Housing Lender.
The 30-second answer
Non-QM rates are risk-based: how you document income comes first — full doc with W-2s and tax returns usually prices best — then your credit score, LTV, loan amount, occupancy and purpose fine-tune the price. They typically run above conventional rates because there is no agency backing, and in exchange you can qualify on the documentation that actually reflects your income. Rates change daily, so the only honest number is a quote against today’s rate sheet.
- Credit scores from
- 620
- Max LTV, investment purchase
- 85%
- Loan amounts
- $150K – $4M
- Initial quote
- Same day, soft pull
What sets your non-QM rate
These are the same variables that gate eligibility in the program matrix — pricing follows the identical risk logic.
1.How you document income
The biggest difference between the tables on this page. W-2s and tax returns are full doc and usually price best. Bank statements, 1099s, a P&L, a written VOE and asset depletion are alt doc: the alt doc list is priced on bank statements, and the other paths are priced on their own below it.
2.Credit score tier
Pricing is tiered by credit score. 620 is the program floor, and the best terms start at 720. P&L only, WVOE and asset depletion start at 680.
3.Loan-to-value (LTV)
The less leverage, the better the price. Every LTV band you drop improves pricing, and the alt doc paths with the most documentation risk carry lower maximum LTVs.
4.Occupancy
A home you live in, a second home and an investment property each price differently. The rates on this page are for an investment property, which is what makes them business-purpose loans.
5.Loan amount
Loans run $150K to $4M. Larger loans carry lower maximum LTVs and price differently than the mid-range.
6.Debt-to-income ratio
Non-QM loans that verify income still count your debt-to-income ratio — up to 50% is allowed (up to 55% on a primary residence with conditions), and pricing can step as it rises.
How documentation changes what you can borrow
On an investment-property purchase, full doc, bank statement and 1099 files share one matrix; P&L only, WVOE and asset depletion share a stricter one:
| Income documentation | Credit scores from | Max purchase LTV | Largest loan |
|---|---|---|---|
| Full doc, bank statement, 1099 | 620 | 85% | $3.5M |
| P&L only, WVOE, asset depletion | 680 | 80% | $2.5M |
Frequently asked questions
What are non-QM loan rates today?
This page publishes today's ladder for each documentation type on one anchored investment-property scenario, refreshed each morning from our rate sheet. Your own rate depends on how you document income, your credit score, LTV, loan amount, purpose, occupancy and the prepayment structure. A loan officer quotes your exact scenario from a soft credit pull with no FICO impact.
Why does full doc price better than alt doc?
W-2s and tax returns are the most complete proof of income, so a full doc file carries the least documentation risk and usually gets the lowest rate. Alt doc paths trade some of that certainty for flexibility — qualifying on deposits, 1099s, a P&L, an employer's verification or your assets — and the rate reflects it.
Do all alt doc loans have the same rate?
Not always. Our alt doc rate list is priced on bank statements, and 1099s, a P&L, a written VOE and asset depletion are each priced on their own on this page too, because on a given day they don't always land on the same rate. A loan officer quotes the path you'll actually use.
Is a DSCR loan a non-QM loan?
Yes. A DSCR loan is a non-QM investor loan that qualifies on the property's rent instead of your income, so it has its own pricing and its own page: today's DSCR rates are published on our DSCR Loan Rates page.
Why are the rates on this page for an investment property?
An investment property loan is business-purpose credit, so it can be published with the same disclosures as our DSCR rates. Non-QM loans for a home you live in or a second home are available too; they price differently, and a loan officer will quote them for you.
Are non-QM rates higher than conventional rates?
Typically yes. Non-QM loans have no agency (Fannie Mae or Freddie Mac) backing, so they carry a premium. What the premium buys is flexibility: qualifying without tax returns, on the documentation that actually reflects your income.
How do I get an actual non-QM rate quote?
Start online or call. Day one is a soft credit pull (no FICO impact), a pre-screen against the program guidelines, and a same-day initial quote range. A hard pull only happens later, at document collection, when you've decided to proceed. Quotes are free and don't obligate you to anything.
See your real rate — same day, soft pull
A loan strategist prices your exact scenario against today’s rate sheet. No FICO impact, no obligation.