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For self-employed borrowers whose net taxable income on Schedule C, K-1, or 1120-S does not reflect their actual cash flow. Lender pulls 12 or 24 months of personal or business bank statements, calculates an income figure from average deposits (typically with an expense factor of 25%–50% applied to business accounts), and qualifies the borrower against that number — not against AGI.

Personal bank statement programs use 100% of qualifying deposits. Business bank statement programs apply an expense factor either based on the borrower-attested expense ratio, a CPA-signed letter, or a flat lender-defined percentage by industry. The 24-month version usually prices better than the 12-month version.

This is the single most common non-QM product, and it solves the most common self-employed problem: writing off enough to make a tax bill manageable, then needing to show income to qualify for a mortgage.

Income calculated from a 12- or 24-month profit-and-loss statement instead of tax returns. CPA-prepared P&Ls (signed and dated by a licensed CPA) get the best pricing and the fewest overlays. Self-prepared P&Ls are accepted on some programs but typically require corroborating bank statements and a tighter LTV cap.

The lender uses the net profit figure from the P&L as qualifying income. For business owners who keep clean books mid-year — well before their next tax filing — this is faster and cleaner than a bank statement loan because there is no deposit-to-income calculation to argue about.

Often paired with a bank statement program as a fallback: lender takes whichever method qualifies you for the larger loan.

A licensed CPA writes a signed letter attesting to the borrower's self-employment, business ownership percentage, length of operation, and net income. The lender qualifies against the income figure stated in the letter — no tax returns or bank statements required for income calculation.

These programs are narrower than bank statement or P&L products and typically sit at lower max LTVs. They're ideal when the borrower's relationship with their CPA is well established and the CPA is willing to put their PTIN behind a signed attestation.

Underwriting will still pull a 4506-C transcript request to confirm filings exist, but the income figure used for DTI is the CPA-letter number.

Lender divides eligible liquid assets (checking, savings, brokerage, retirement) by a term — typically 60, 84, or 120 months — and treats the result as monthly qualifying income. A $1.2M brokerage account divided by 84 months produces $14,285/month of qualifying income. No employment, no tax returns required for income.

Two variants: pure asset depletion (the divided figure is the only income used) and asset utilization (the divided figure is added to whatever wage or self-employment income the borrower also has). Retirement accounts may be discounted — common haircut is 70% of pre-tax balance for borrowers under 59½.

The right product for retirees, semi-retired professionals, beneficiaries of inheritances or trusts, and high-net-worth borrowers between businesses.

For W-2 borrowers whose employer can complete a written Verification of Employment form, but who don't want to (or can't) supply paystubs and W-2s. Lender contacts the employer directly, gets the form back with current income and employment dates, and qualifies off that.

Common for borrowers with privacy concerns, recent income changes the W-2 hasn't caught up to yet, or unusual compensation structures (commission, bonus-heavy, tipped). Some programs allow WVOE-only without paystubs; others require WVOE plus one paystub.

Debt Service Coverage Ratio loans qualify the property, not the borrower. Lender calculates DSCR = gross monthly rent ÷ PITIA (principal, interest, taxes, insurance, association dues). Most programs want 1.0 or above — the rent at least covers the payment. True Blue has access to programs that go below 1.0 with rate add-ons.

No personal income documentation, no tax returns, no W-2s, no DTI calculation. Borrower's credit, reserves, and the property's rent are the entire qualification stack. Closes in an LLC or in personal name.

The default product for non-owner-occupied 1–4-unit residential investments and the most-asked-about non-QM program in 2026.

For non-US citizens with no US residency status — typically buying second homes, investment properties, or vacation property. No US credit score required; lender pulls an international credit reference (often a letter from the borrower's home-country bank or two trade lines from a credit reference agency).

Documentation centers on the borrower's passport, a US-bank-account-balance letter, and proof of funds for the down payment and reserves seasoned in a US institution. Some programs allow seasoning in a recognized foreign bank.

These are typically priced 1.5–2.5 points above prime jumbo and require larger down payments and reserves than US-citizen jumbo loans.

ITIN loans serve borrowers who file US taxes under an Individual Taxpayer Identification Number instead of a Social Security Number. Most often these are non-resident workers, foreign business owners with US income, or residents in non-traditional immigration status.

Documentation pattern matches a standard self-employed or W-2 file (returns or paystubs/W-2s) but with an ITIN in place of an SSN. Lender pulls an alternative credit report — typically a 12-month rental history plus 3 trade lines (utility, cell phone, insurance).

These programs are originated through specialty wholesale lenders. True Blue has placement in this channel; most retail banks do not.

A non-warrantable condo is any condominium project that fails one or more agency warrantability tests — too many investor-owned units, ongoing litigation, single-entity ownership above 10%, hotel-like services, short-term rental operations, or commercial space above the agency cap. A condotel is a specific subset: a condominium operated like a hotel, often with on-site front desk, daily rentals, and revenue-share programs.

Both fall outside Fannie/Freddie eligibility, which is why retail lenders decline them. Non-QM specialty programs underwrite the borrower and the project separately and do close them — at higher rates and tighter LTVs than warrantable-condo conventional pricing.

Common in South Florida (Miami Beach, Sunny Isles, Brickell), the Florida Keys, and resort markets where the entire project is a condotel by design.