Non-QM Mortgages in Virginia

Prime Time Loans in Virginia

Total Quality Lending offers the Prime Time non-QM program throughout Virginia for borrowers whose income doesn’t fit a traditional W-2 box. Seven income-documentation paths — full doc plus six alt-doc options — covering primary residence, second home, and investment properties. Up to 90% LTV, credit from 620, loans to $4M.

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Max LTV (purchase): 90%
Min credit score: 620
Loan amounts: $150K–$4M
Doc-type paths: 7

Virginia Prime Time program at a glance

Maximum LTV (purchase): 90%
Maximum LTV (refinance): 85%
Minimum credit score: 620
Loan amounts: $150K – $4M
Occupancy: Primary / Second Home / Investment
Loan purposes: Purchase, Rate/term refinance, Cash-out refinance
Doc-type paths: 7

Available terms

15-, 30-, and 40-year fixed
5/6, 7/6 & 10/6 ARMs (30-year term)
Interest-only (660+ credit, up to 90% LTV, 40-yr ARM eligible)

Eligible property types

Single-family (attached & detached)
2–4 unit properties (max 85% LTV)
Condominiums (max 85% LTV)
Condo hotels (max 85% LTV, max $2.5M loan)
Rural properties (max 80% purchase / 75% refinance, up to 20 acres)

Virginia Prime Time LTV matrices

Prime Time uses two LTV grids per occupancy. The Standard / Bank Statement / 1099 column tops out at 90% LTV; the Profit & Loss / Written VOE / Asset Utilization column tops out at 80% LTV.

Primary Residence — Standard Doc, Bank Statement, 1099

Top LTV: 90% on Purchase at 680–720 FICO with a loan of $1.0M–$1.5M.

Primary residence Standard Doc, Bank Statement, 1099 LTV matrix for Virginia
FICO	Max Loan	Purchase	Rate/Term	Cash-Out
720	$1M	90%	85%	80%
720	$1.5M	90%	85%	80%
720	$2M	85%	80%	80%
720	$2.5M	80%	75%	75%
720	$3M	75%	70%	70%
720	$3.5M	70%	65%	NA
720	$4M	70%	65%	NA
700	$1M	90%	85%	80%
700	$1.5M	90%	85%	80%
700	$2M	85%	75%	70%
700	$2.5M	75%	70%	65%
700	$3M	75%	70%	65%
700	$3.5M	70%	65%	NA
680	$1M	90%	85%	75%
680	$1.5M	85%	80%	75%
680	$2M	80%	75%	70%
680	$2.5M	75%	70%	65%
680	$3M	70%	65%	65%
660	$1M	80%	80%	75%
660	$1.5M	80%	75%	75%
660	$2M	75%	70%	65%
660	$2.5M	70%	65%	65%
640	$1M	80%	75%	70%
640	$1.5M	70%	65%	65%
640	$2M	65%	NA	NA
620	$1M	70%	70%	NA

Primary Residence — P&L Only, Written VOE, Asset Utilization

Top LTV: 80% on Purchase at 680–720 FICO. Not available below 680 FICO.

Primary residence P&L, VOE, Asset Utilization LTV matrix for Virginia
FICO	Max Loan	Purchase	Rate/Term	Cash-Out
720	$1M	80%	75%	70%
720	$1.5M	80%	75%	70%
720	$2M	80%	75%	70%
720	$2.5M	75%	70%	70%
720	$3M	70%	NA	NA
700	$1M	80%	75%	70%
700	$1.5M	80%	75%	70%
700	$2M	80%	75%	70%
700	$2.5M	75%	70%	65%
700	$3M	70%	NA	NA
680	$1M	80%	75%	70%
680	$1.5M	80%	75%	70%
680	$2M	75%	70%	65%
680	$2.5M	70%	65%	60%

Second Home / Investment — Standard Doc, Bank Statement, 1099

Top LTV: 85% on Purchase at 680–720 FICO with loans up to $2.0M.

Second home / investment Standard Doc, Bank Statement, 1099 LTV matrix for Virginia
FICO	Max Loan	Purchase	Rate/Term	Cash-Out
720	$1M	85%	80%	75%
720	$1.5M	85%	80%	75%
720	$2M	85%	80%	75%
720	$2.5M	80%	75%	75%
720	$3M	75%	70%	70%
720	$3.5M	70%	65%	NA
720	$4M	NA	NA	NA
700	$1M	85%	80%	75%
700	$1.5M	85%	80%	75%
700	$2M	85%	75%	70%
700	$2.5M	75%	70%	65%
700	$3M	75%	70%	65%
700	$3.5M	70%	65%	NA
680	$1M	85%	80%	75%
680	$1.5M	85%	80%	75%
680	$2M	80%	75%	70%
680	$2.5M	75%	70%	65%
680	$3M	70%	65%	65%
660	$1M	80%	80%	75%
660	$1.5M	80%	75%	75%
660	$2M	75%	70%	65%
660	$2.5M	70%	65%	65%
640	$1M	80%	75%	70%
640	$1.5M	70%	65%	65%
640	$2M	65%	NA	NA
620	$1M	70%	70%	NA

Second Home / Investment — P&L Only, Written VOE, Asset Utilization

Top LTV: 80% on Purchase at 680–720 FICO. Not available below 680 FICO.

Second home / investment P&L, VOE, Asset Utilization LTV matrix for Virginia
FICO	Max Loan	Purchase	Rate/Term	Cash-Out
720	$1M	80%	75%	70%
720	$1.5M	80%	75%	70%
720	$2M	80%	75%	70%
720	$2.5M	75%	70%	70%
720	$3M	NA	NA	NA
700	$1M	80%	75%	70%
700	$1.5M	80%	75%	70%
700	$2M	80%	75%	70%
700	$2.5M	75%	70%	65%
700	$3M	NA	NA	NA
680	$1M	80%	75%	70%
680	$1.5M	80%	75%	70%
680	$2M	75%	70%	65%
680	$2.5M	70%	65%	60%

The seven Prime Time documentation paths

Each path qualifies on one of the two LTV grids above. The Standard column (Standard Doc, Personal Bank Stmts, Business Bank Stmts, 1099) reaches 90% LTV. The Alt column (P&L Only, Written VOE, Asset Utilization) caps at 80% LTV, requires a 1x30x12 max housing history, and 36 months of credit-event seasoning.

Standard column · up to 90% LTV

Standard Doc (W-2 or Tax Returns)

The traditional full-doc path: paystubs and W-2s for wage earners, or 1–2 years of personal and business tax returns for self-employed borrowers. Also accepts AUS findings (Fannie Mae DU Approve/Eligible or Freddie Mac LPA Accept/Eligible).

What we accept

Wage/salary: paystubs, W-2s, and 1- or 2-years of tax returns
Self-employed: 1- or 2-years personal and business tax returns + YTD P&L
IRS Form 4506-C signed at close + verbal VOE (wage earners)
AUS findings (DU Approve/Eligible or LPA Accept/Eligible) accepted
DU Approve/Ineligible or LPA Accept/Ineligible permitted for: large loan amounts, interest-only, prepay, # financed properties, credit < 720 with ≥ 7 financed properties, or refis > 75% LTV (subject to program max)

Restrictions to know

Caution / Refer with Caution findings NOT allowed
Appraisal waiver from DU/LPA NOT eligible — full appraisal required
Minimum credit score: 620
Minimum two-year employment history

Standard Doc loans in Virginia qualify on the Standard / Bank Statement / 1099 LTV matrix shown above (90% top LTV on primary residence, 85% on second home / investment).

Standard column · up to 90% LTV

Personal Bank Statements

Qualify on the eligible deposits from 12 or 24 months of personal bank statements — ideal for self-employed borrowers whose tax returns don't reflect true cash flow.

What we accept

12 or 24 months of personal bank statements
Plus 2 months of business bank statements showing business activity and transfers to personal
Qualifying income = eligible deposits ÷ # of statements
Up to 90% LTV available at top FICO/loan tiers

Restrictions to know

Business bank statements must reflect business activity + transfers to personal account
Same LTV matrix as Standard Doc and 1099

Personal Bank Stmts loans in Virginia qualify on the Standard / Bank Statement / 1099 LTV matrix shown above (90% top LTV on primary residence, 85% on second home / investment).

Standard column · up to 90% LTV

Business Bank Statements

Qualify on 12 or 24 months of business bank statements using one of three expense-ratio methods. Built for entrepreneurs and S-corp owners.

What we accept

12 or 24 months of business bank statements
Method 1: Fixed Expense Ratio (50%)
Method 2: 3rd-party CPA / EA / tax preparer expense letter (min 10% ratio)
Method 3: 3rd-party prepared Profit & Loss Statement (CPA / EA / tax preparer)
Same Standard Doc LTV matrix — up to 90% LTV

Restrictions to know

Expense ratio cannot be less than 10% when CPA/EA-stated
All three methods require independent third-party preparation

Business Bank Stmts loans in Virginia qualify on the Standard / Bank Statement / 1099 LTV matrix shown above (90% top LTV on primary residence, 85% on second home / investment).

Alt column · up to 80% LTV

Profit & Loss Statement Only

Qualify on a CPA/EA/CTEC/Tax-Attorney-prepared 12- or 24-month Profit & Loss statement — no bank statements required. Built for established self-employed borrowers with consistent business books.

What we accept

12 or 24 months CPA / EA / CTEC / Tax Attorney prepared P&L
Preparer must attest they have completed or filed the borrower's most recent business tax return
Up to 80% LTV at the best FICO/loan tier

Restrictions to know

Maximum housing history: 1x30x12
Minimum credit-event seasoning: 36 months
Not available below 680 credit score

P&L Only loans in Virginia qualify on the P&L Only / Written VOE / Asset Utilization LTV matrix shown above (80% top LTV across both primary and second home / investment).

Alt column · up to 80% LTV

Written Verification of Employment (WVOE)

Qualify with a single FNMA Form 1005 (Written VOE) from the employer plus two months of personal bank statements showing the payroll deposits. Built for W-2 borrowers with non-traditional pay structures.

What we accept

FNMA Form 1005 completed and signed by employer
Two most recent months of personal bank statements reflecting deposit(s) from the employer on each statement
Deposits must support at least 65% of the gross wage/salary reflected on the WVOE
Up to 80% LTV at the best FICO/loan tier

Restrictions to know

Maximum housing history: 1x30x12
Minimum credit-event seasoning: 36 months
Not available below 680 credit score

Written VOE loans in Virginia qualify on the P&L Only / Written VOE / Asset Utilization LTV matrix shown above (80% top LTV across both primary and second home / investment).

Standard column · up to 90% LTV

IRS Form 1099

Qualify on 1 or 2 years of 1099 income — ideal for independent contractors, gig workers, and commission-only earners who don't take traditional W-2 wages.

What we accept

1- or 2-years of 1099s or 1099 transcripts
Minimum 2-year self-employment history (per 1003 application Employment section)
Fixed expense ratio: 10%
Qualifying income = 12- or 24-month average from 1099 totals minus expense factor
Up to 90% LTV available at top FICO/loan tiers (same as Standard Doc column)

Restrictions to know

YTD documentation required if 1099 reporting period is > 120 days from Note date
YTD must support ongoing receipt of income from the same source

1099 Only loans in Virginia qualify on the Standard / Bank Statement / 1099 LTV matrix shown above (90% top LTV on primary residence, 85% on second home / investment).

Alt column · up to 80% LTV

Asset Utilization

Qualify on liquid assets divided by 84 (months) to produce a monthly income stream — perfect for retirees, high-net-worth borrowers, and asset-rich/income-light W-2 earners.

What we accept

Eligible assets ÷ 84 = monthly qualifying income
May be used as sole source of income or to supplement other income
Up to 80% LTV at the best FICO/loan tier
When supplementing other income, the minimum asset requirement is waived

Restrictions to know

Maximum housing history: 1x30x12
Minimum credit-event seasoning: 36 months
Use the lowest credit score among all borrowers as the decision credit score
Not available below 680 credit score

Asset Utilization loans in Virginia qualify on the P&L Only / Written VOE / Asset Utilization LTV matrix shown above (80% top LTV across both primary and second home / investment).

Virginia Prime Time underwriting guardrails

Housing history adjustments

Rating	Max Purchase	Max Refi	Max Loan
1x30x12	See LTV matrix	See LTV matrix	See LTV matrix
0x60x12	80%	75%	$1,500,000
0x90x12	70%	NA	$1,000,000

Forbearance, modification, or deferral within 12 months of Note date is treated as 0x90x12 for Prime Time.

Credit-event seasoning

BK / FC / SS / DIL / PreFC / MC	Max Purchase	Max Refi	Max Loan
>= 36 mo	See LTV matrix	See LTV matrix	See LTV matrix
>= 24 mo	80%	75%	$1,500,000
>= 12 mo	70%	NA	$1,000,000

Reserves

LTV ≤ 80%3 months PITIA
LTV 80.01% – 85%6 months PITIA
LTV > 85%12 months PITIA
Loan amount > $1.5M9 months PITIA
Loan amount > $2.5M12 months PITIA

Cash-out proceeds may be used to satisfy the reserve requirement.

DTI, gifts & tradelines

Max DTI: 50%Primary residence up to 55% allowed with min residual income $3,500, LTV/CLTV ≤ 80%, Standard Doc 2-year, min 6 months reserves, min 660 credit; FTHB not eligible at 55% DTI.
Gift fundsMin 5% borrower contribution on primary/second home; min 10% on investment.
TradelinesMin 2 reporting 24-months with activity in last 12, or 3 reporting 12-months with recent activity. Waived if primary borrower has 3 credit scores.
Document ageCredit, income, and asset documents valid for 120 days. Assets require min 30-day verification; any large deposit must be sourced.

Virginia Prime Time loan FAQs

Can I get a Prime Time loan in Virginia?

Yes. Total Quality Lending offers the Prime Time non-QM program throughout Virginia. Prime Time covers primary residence, second home, and investment properties, with seven different income-documentation paths so we can qualify W-2, self-employed, 1099, and asset-rich borrowers alike.

What credit score do I need for a Prime Time loan in Virginia?

Prime Time loans in Virginia are available with credit scores starting at 620. Higher credit scores unlock higher LTVs and larger loan amounts — the best terms are reserved for 700+ borrowers.

What is the maximum LTV for a Prime Time loan in Virginia?

In Virginia, Prime Time loans are available up to 90% LTV/CLTV for purchases on a primary residence at the top FICO/loan tier. Refinance LTVs and Second Home / Investment LTVs vary by FICO and loan amount — see the LTV matrix on this page for the full grid.

Can I use bank statements to qualify for a Virginia Prime Time loan?

Yes. Prime Time supports both personal bank statements (12 or 24 months of personal + 2 months of business) and business bank statements (12 or 24 months with fixed 50% expense ratio, third-party CPA letter, or third-party P&L). Both paths qualify on the same Standard Doc LTV matrix — up to 90% LTV at the top FICO/loan tier.

How much can I borrow with a Prime Time loan in Virginia?

Prime Time loan amounts in Virginia range from $150K to $4M, available for single-family, 2–4 unit, condominium, condo-hotel, and eligible rural properties on primary, second home, or investment occupancies.

Does Prime Time work for second homes and investment properties in Virginia?

Yes. Prime Time covers primary residence, second home, and investment occupancies in Virginia. The Second Home / Investment LTV matrix tops out at 85% (Standard Doc column) or 80% (Alt Doc column), versus 90% / 80% for primary residence. See the matrices on this page for the FICO-by-loan grid.

Is interest-only financing available for Prime Time in Virginia?

Yes. Prime Time interest-only loans are available in Virginia with a minimum 660 credit score and up to 90% LTV. Interest-only is also eligible when combined with the 40-year ARM term for the maximum cash-flow flexibility.

Ready to finance your Virginia purchase or refinance with Prime Time?

Tell us how you earn and we’ll match you with the doc path that delivers the highest LTV at the best terms.

Start my Prime Time quote (800) 304-1925

Prime Time loans in other states

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