If you're self-employed, receive 1099 income, or have unique financial circumstances that don’t fit traditional mortgage guidelines, you may be wondering whether it’s possible to get a Non-QM (Non-Qualified Mortgage) loan with only 10% down. The good news: Yes, it’s possible—depending on your credit profile and loan type.
At NASB, we offer a variety of non-QM programs designed to help creditworthy borrowers qualify with alternative documentation. Below, we break down what’s available, how it works, and what you may need to qualify.
What Is a Non-QM Loan?
A non-QM loan is a mortgage that allows borrowers to qualify using methods outside the standard income-verification rules for traditional mortgages. This can be especially helpful for:
- Self-employed borrowers
- Freelancers or gig workers
- Real estate investors
- Borrowers with complex income
- Those relying on assets rather than standard income
Non-QM loans expand access to home financing by offering flexibility in income verification.
Can You Get a Non-QM Loan With 10% Down?
Yes. NASB offers several Non-QM loan options with 10% down, depending on the borrower’s credit score and documentation type.
Here’s a breakdown of what’s available:
Non-QM Loan Options Available With 10% Down
1. 1099 Loans — 10% Down, No Mortgage Insurance
For qualified borrowers with a 740+ FICO, NASB offers a 1099 loan with:
- 10% down payment
- No mortgage insurance
- Income calculated using recent 1099 statements instead of tax returns
This is ideal for independent contractors or gig workers whose taxable income may not reflect their true earning power.
2. Bank Statement Loans — 10% Down (Two Options)
Option A: 10% Down with No Mortgage Insurance (740+ FICO)
For higher-credit borrowers, NASB offers bank statement loans with:
- 10% down
- No mortgage insurance
- Qualification using 12–24 months of personal or business bank statements
- Analysis of deposits to determine income (no tax returns required)
Option B: 10% Down with Mortgage Insurance
If your credit score is between 700 and 740, you may still qualify for a bank statement loan with:
- 10% down
- Mortgage insurance required
- Same flexible bank-statement income calculation
This option expands access for borrowers with strong cash flow but lower credit scores.
3. Asset Depletion Loans — 10% Down, No Mortgage Insurance (740+ FICO)
For borrowers who prefer to qualify based on assets rather than income, NASB offers an Asset Depletion loan with:
- 10% down
- No mortgage insurance
- Qualification using liquid assets such as checking, savings, investment accounts, or retirement funds (depending on eligibility)
This is ideal for retirees, high-net-worth borrowers, or those with irregular income but strong assets.
Why Borrowers Choose NASB for Non-QM Loans
NASB’s Non-QM programs are designed to give qualified borrowers more flexibility while maintaining responsible underwriting. Benefits include:
- Alternative income documentation
- Lower down payment options
- Programs with no mortgage insurance
- Competitive non-QM pricing
- A lender experienced in working with self-employed borrowers
Is a 10% Down Non-QM Loan Right for You?
A non-QM mortgage may be a strong fit if:
- You’re self-employed
- Your tax returns don’t reflect your actual cash flow
- You receive 1099 income
- You have substantial assets
- You need a flexible income qualification
- You have a strong credit profile
Every borrower’s situation is unique, so speaking with a NASB mortgage professional can help determine which documentation and loan option are the best fit.
Next Step: Talk With a Non-QM Specialist
If you're ready to explore your options, NASB can help. Our team can walk you through available programs, guide you through the documentation process, and help you determine whether you qualify for 10% down non-QM financing. Call us today at 888-661-1983, or click here for more information.
*Not all products are available for collateral located in all states or for all amounts.
