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Non-QM Loans in New York

What New York borrowers should know, with county data and local pages.

Across New York, many borrowers have finances that do not fit standard mortgage guidelines: business owners, retirees drawing on savings, borrowers with an ITIN and buyers in condo projects agency loans will not finance. Non-QM loans are built for those situations. They fall outside the Qualified Mortgage rules, but lenders must still confirm you can repay. Choose your city below to compare non-QM program types and to talk with a licensed loan officer.

Questions about Non-QM loans in New York?

Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.

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Mortgage lenders, brokers and loan originators serving New York are licensed by the New York State Department of Financial Services. 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 New York

Counties with the most first liens with interest-only, balloon or other non-amortizing features (2024):

CountyFirst liens with interest-only, balloon or other non-amortizing features (2024)
New York County668
Suffolk County377
Westchester County328
Kings County313
Nassau County205
Monroe County163
Saratoga County78
Onondaga County77
Ontario County76
Erie County63
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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 New York

Common questions

Can I still get a no-doc or stated income mortgage?

True stated-income lending, where a lender took your word for your income, largely ended after the 2008 crisis when ability-to-repay rules took effect. Searches for no-doc or stated income loans today usually lead to alternative-documentation programs that verify income through bank statements, a profit-and-loss statement, assets or a rental property's cash flow. You still document your finances, just not always with tax returns.

Should I use a broker or a lender for a non-QM loan?

Both can work. Because each non-QM investor writes its own guidelines, a broker who submits to several wholesale lenders may find a program that fits an unusual file. A direct lender may offer more control over its own process. Ask either one which programs they can offer, how often they close non-QM loans and how they would compare options for you.

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.

Other non-QM options in New York

Bank statement loansSelf-employed1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-only

Related guides

Non-QM Loans overview · New York non-QM overview

  • 2024 HMDA data
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