Alternative documentation
Every way to document income, compared side by side.
New Jersey
Non-QM mortgage lender in New Jersey
A non-QM loan is a home loan made outside the federal QM standards most mortgages follow, so it can show income another way or fit a borrower or home that conventional rules do not. We offer them across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Find your program
Pick one, or call us.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
The basics
Non-QM in plain words
Most home loans follow Fannie Mae, Freddie Mac or jumbo rules. Non-QM loans are not sold to Fannie Mae or Freddie Mac, so each program sets its own rules. They serve two groups: people who show income another way, such as bank statements, 1099 forms or savings, and people with standard pay stubs or tax returns who miss one conventional rule.
It is not a no-document loan. Income or assets, credit and the home are verified, and for a home you live in the lender must make a good-faith decision that you can repay.
QM and non-QM: where the line falls
A qualified mortgage, or QM, is a loan that meets a set of federal standards for how it is built and documented. A non-QM loan sits outside those standards. The lender still verifies your income or assets and your credit, and still has to make a good-faith decision that you can repay. A file usually goes non-QM over one rule, not the whole file:
- How income is shown: bank statements, 1099 forms, a profit and loss statement, an employer’s written verification or your assets, instead of tax returns.
- Debts that are high compared with income, offset by savings and income left over each month.
- A short income history, such as one year of income, or a business under two years old when the owner has past experience in the same line.
- A past bankruptcy, foreclosure, short sale or modification too recent for conventional rules.
- The loan or the payment: a loan larger than conventional limits allow, or an interest-only or forty-year payment.
- The home: a condominium that does not meet Fannie Mae or Freddie Mac rules, a condo-hotel, a two-to-four-unit home or a rural home on acreage.
The same overview without the New Jersey details, with each program and how investor loans differ, is on our non-QM loans page.
Local lender
Why work with a New Jersey lender
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License, with an office at 121 NJ-36, Suite 230, West Long Branch, and a licensed branch at 1 Yorktowne Drive, Manalapan (branch NMLS ID #2103558).
A loan officer nearby can go through your documents and tell you early which programs fit.
Who it suits in New Jersey
- Self-employed owners in Monmouth County and at the Shore
- Contractors and commission earners paid on 1099 forms
- People living on savings and investments
- Borrowers turned down on one rule
- Investors buying or refinancing New Jersey rentals
Home loans
Non-QM programs for your home
Bank statement loans
Income from bank deposits instead of tax returns, with a calculator.
1099 loans
Your 1099 forms instead of tax returns, for independent contractors.
Profit and loss loans
A profit and loss statement from an independent tax professional, in place of tax returns.
Employer verification (WVOE)
Your employer confirms your job and pay in writing, in place of pay stubs and tax returns.
Asset-based loans
Verified savings, investments and retirement accounts count in place of, or as well as, a paycheck.
Full documentation non-QM
Standard income documents, but one conventional rule missed.
After bankruptcy or foreclosure
A past credit event does not rule out a home loan.
ITIN mortgages
For people who file US taxes with an ITIN instead of a Social Security number.
Investors
Rental and investor loans
Most are for business purposes only: nobody on the loan lives in the property.
DSCR loans
A rental financed on its own rent, with a calculator. For business purposes only.
Short-term rental loans
A nightly or weekly rental, financed on its booking income. For business purposes only.
Investment property loans
A rental or second home on a standard mortgage.
Portfolio rental loans
Several rentals under one loan, on their combined rent. For business purposes only.
Small apartment buildings
Small residential and mixed-use buildings, based on the building’s rent. A business-purpose loan.
Commercial and mixed-use loans
Business-purpose loans for small apartment buildings, mixed-use property and rental portfolios.
Fix and flip loans
Short-term financing to buy and renovate, with funds released in draws. For business purposes only.
Construction loans
Renovation and building loans, paid out as the work is done.
Foreign national loans
A rental financed on its rent, for buyers living abroad. For business purposes only.
How it works
How a non-QM loan works
- Talk it through: how you earn, or which rule stopped a conventional loan.
- A program is matched to your file.
- Apply and document: the papers for your option, plus statements for the down payment and closing costs.
- Appraisal, underwriting and closing.
What to prepare
- The documents for your option: bank statements, 1099 forms, a profit and loss statement, your employer’s form, asset statements, or pay stubs, W-2s and tax returns
- Statements for the down payment, closing costs and savings after closing
- A short letter on any past credit event, with the papers that show it was resolved
- Statements for any other properties you own
- Photo identification for each borrower
What to weigh
- Each program sets its own rules, so ask for the terms in writing and compare them with a conventional quote where you can get one.
- On a full documentation non-QM loan, the down payment grows for a second home or a rental, for larger loans and for lower credit scores.
- The money for savings after closing is checked on every option, as on any mortgage.
- An interest-only or forty-year payment lowers the early payments but costs more over the life of the loan; plan on the later, higher payment.
Non-QM loans at a glance
- Credit scores from 600 in some programs; a lower score usually means a larger down payment.
- On a home you live in, the programs we work with do not charge a prepayment penalty, so you can refinance later, for example into a conventional loan.
These terms are as of 29 October 2026 and will be reviewed by 29 November 2026. The credit score is one program’s own limit, not an offer or a loan decision; programs change their terms without notice, and your loan depends on credit, income, the home and underwriting review.
Questions
Questions from New Jersey borrowers
Do you lend on non-QM loans in New Jersey?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License. You can check it on NMLS Consumer Access (opens in a new tab).
Where are you located?
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, and our licensed branch is at 1 Yorktowne Drive, Manalapan, NJ 07726. Call 732-686-9999.
Is a non-QM loan a no-document loan?
No. The documents differ, but income or assets, credit and the home are all verified.
Can you finance a rental at the Shore?
Yes, as an investment property, for business purposes only. A DSCR loan uses the rent; a short-term rental loan covers nightly or weekly letting where local rules allow it.
What does non-QM mean?
A qualified mortgage meets a set of federal standards for how a loan is built and documented. A non-QM loan sits outside those standards, for example because income is shown with bank statements, the debts compared with income are higher, or the payment is interest-only. The lender still verifies your income or assets and your credit, and must make a good-faith decision that you can repay.
My debts are high compared with my income. Is there a program for me?
Higher debts compared with income than conventional loans allow are accepted at some programs, with compensating factors such as savings after closing and enough income left over each month after your debts are paid. A loan officer can tell you which programs allow your ratio.
How soon after a bankruptcy or foreclosure can I get a non-QM loan?
A past bankruptcy, foreclosure, short sale or modification does not rule you out. The wait is shorter than conventional rules, and after about two years many programs offer their full terms. See how lenders treat a past credit event.
How much do I need for a down payment?
It depends on the program, your credit, the size of the loan and the kind of home. Lower credit scores, larger loans, second homes and rental properties call for a larger down payment, and family gifts can help within program limits. A loan officer can lay out the options for your file.
Can I finance a Shore condo or a two-to-four-unit home?
Yes at many programs, including condominiums that do not meet Fannie Mae or Freddie Mac rules, condo-hotels and two-to-four-unit homes. Each program has its own list, so tell your loan officer about the home early.
Can a co-borrower with a regular paycheck apply with me?
Often, yes. Many programs let a co-borrower’s wages, documented the usual way, be added to your bank statement or 1099 income. A loan officer can check how your program combines them.
Not sure which program fits?
Get a quote, or call a licensed loan officer.
Business purpose investor loans are for investment property only.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.