If a bank has told you no, a non-QM mortgage may still be an option in Connecticut. Non-QM covers a range of programs that document income through bank statements, a profit-and-loss statement or assets, plus others for ITIN borrowers, foreign nationals and buyers with a past credit event. Pricing and down payment expectations differ from agency loans. Pick a city below to see how to compare programs and lenders near you.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
Mortgage lenders, brokers and loan originators serving Connecticut are licensed by the Connecticut Department of Banking, Consumer Credit Division. Non-QM loans are made by the same licensed lenders and brokers, so you can confirm any company's or loan officer's license on NMLS Consumer Access before you apply.
Where the numbers point in Connecticut
Counties with the most first liens with interest-only, balloon or other non-amortizing features (2024):
| County | First liens with interest-only, balloon or other non-amortizing features (2024) |
|---|---|
| the Western Connecticut Planning Region | 459 |
| the Capitol Planning Region | 77 |
| the Northwest Hills Planning Region | 60 |
| the Southeastern Connecticut Planning Region | 54 |
| the Greater Bridgeport Planning Region | 53 |
| the Lower Connecticut River Valley Planning Region | 47 |
| the Naugatuck Valley Planning Region | 40 |
| the South Central Connecticut Planning Region | 35 |
Start your application in a few minutes. A licensed loan officer reviews it and follows up with your options.
- Takes a few minutes
- Reviewed by a licensed loan officer
- No obligation to proceed
Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Non-QM Loans by city in Connecticut
- Ansonia
- Branford Center
- Bridgeport
- Bristol
- Cheshire Village
- Conning Towers Nautilus Park
- Cos Cob
- Danbury
- Derby
- Glastonbury Center
- Hartford
- Jewett City
- Kensington
- Meriden
- Middletown
- Milford
- Milford city
- Naugatuck
- New Britain
- New Haven
- New London
- Norwalk
- Norwich
- Oakville
- Old Greenwich
- Pawcatuck
- Riverside
- Rockville
- Shelton
- Sherwood Manor
- Simsbury Center
- Southwood Acres
- Stafford Springs
- Stamford
- Storrs
- Terryville
- Thompsonville
- Torrington
- Wallingford Center
- Waterbury
- West Haven
- Willimantic
- Winsted
Common questions
Is non-QM the same as subprime?
No. Subprime describes a borrower's credit, while non-QM describes how a loan relates to the Qualified Mortgage rules. Many non-QM borrowers have strong credit and substantial assets but earn income in ways standard guidelines handle poorly. Non-QM loans must also meet the Ability-to-Repay rule that followed the 2008 crisis, so the lender has to document that you can repay before closing.
Why do non-QM loans usually cost more?
The investors that buy non-QM loans take on more risk than they would with an agency loan, and the market for these loans is smaller. That risk is usually reflected in pricing, so non-QM loans often price higher than conventional or government loans. Lenders may also expect a larger down payment or more reserves. How much more depends on your credit, the property and the program you choose.
Do non-QM programs work for ITIN holders and foreign nationals?
Programs exist for borrowers with an ITIN instead of a Social Security number and for foreign nationals buying in the United States. Lenders commonly ask for an ITIN letter from the IRS, a passport, a visa if applicable, foreign bank statements, a U.S. bank account and credit references. For questions about immigration or tax residency, consult an immigration attorney or talk to a tax professional.
Other non-QM options in Connecticut
Bank statement loansSelf-employed1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-only
Related guides
- What Is a Non-QM Loan?
- QM vs. Non-QM Loans: What the Difference Means for You
- How to Compare Non-QM Loan Offers: Loan Estimates, Features and Fit
Non-QM Loans overview · Connecticut non-QM overview
- 2024 HMDA data