Entering 2026, the lending landscape has shifted. If you’ve spent any time on Reddit threads like r/loanoriginators recently, you know the frustration: traditional banks are tightening their “credit box” again. For self-employed borrowers, real estate investors, or anyone with a slightly “messy” financial history, the Conventional route is often a dead end.
That’s where Non-QM (Non-Qualified Mortgage) lenders step in. They aren’t “subprime” lenders from the old days. They are essential partners for modern borrowers whose income doesn’t fit a W-2 mold. Whether you are a broker looking for a reliable outlet or a homebuyer trying to navigate this complex market, I’ve broken down the top players. Based on underwriting speed, product flexibility, and reliability, here are the best Non-QM lenders you need to know in 2026. Also, to quickly compare rates online, try Bluerate.
8 Top Non-QM Mortgage Lenders
Choosing a lender isn’t just about the lowest rate on a flyer. It’s about who can actually get you to the closing table. In the Non-QM world, “guidelines” are everything. Some lenders listed below are strictly Wholesale and you need a mortgage broker to access them, while others have Retail divisions, and you can apply directly.
Here is my deep dive into the top 8 lenders leading the pack this year.
#1. First National Bank of America (FNBA)
Suitable for: Borrowers with ITINs, non-warrantable condos, or “unconventional” income stories.
First National Bank of America is unique on this list because it is an actual bank, not just a lender. Based in Michigan, they have been a powerhouse in the “common sense underwriting” space for decades. Because they are a portfolio lender (meaning they keep the loans on their own books rather than selling them to Wall Street), they have the final say. If a deal makes sense, they can often override standard rules that would kill a deal elsewhere.
Features
- True Portfolio Lending: They make their own rules.
- ITIN Program: One of the strongest programs for borrowers without a Social Security Number.
- Non-Warrantable Condos: They fund “condotels” and projects other banks won’t touch.
- Looking past credit events: Flexible on past bankruptcies if the story adds up.
Pros
- Manual Underwriting: Real humans review the file, not just an automated algorithm.
- Stability: As a bank, their funding is extremely reliable.
- Niche Expertise: Excellent for unique property types.
Cons
- Technology: Their portal and process can feel a bit “old school” compared to fintech competitors.
- Geography: While they lend in all 50 states, specific rural areas might have restrictions.
- Paperwork: Expect to provide a detailed “letter of explanation” for everything.
#2. Carrington Mortgage Services
Suitable for: Borrowers with lower credit scores (FICO 500-580) or significant past credit events.
I often call Carrington the “heavy lifter” of the industry. When I see a file with a 550 credit score or a recent foreclosure, Carrington is usually the first name that pops into my head. They specialize in the underserved market. They don’t just dabble in bad credit. They built their entire business model around serving borrowers that 99% of lenders reject instantly.
Features
- FICO flexibility: Programs available down to 550 credit scores.
- Recent Credit Events: Can accept borrowers 1 day out of foreclosure or bankruptcy with specific LTV restrictions.
- Manual Underwriting: extensive use of manual checks for FHA and Non-QM files.
- Fixed & ARM options: Competitive terms despite the high-risk profile.
Pros
- Accessibility: They say “yes” when everyone else says “no.”
- Experience: They have managed high-risk loans for years and know how to structure them.
- Dual Channel: Operates both Wholesale (for brokers) and Retail (direct to consumer).
Cons
- Fees: Expect higher origination fees and rates to offset the risk.
- Strict Process: Because the files are risky, the underwriting scrutiny is intense. Do not hide anything from them.
#3. CrossCountry Mortgage
Suitable for: Borrowers needing speed, technology, and a “mainstream” lending experience.
CrossCountry Mortgage (CCM) has grown into a giant. While they do massive volume in conventional loans, their Non-QM division has become incredibly sophisticated. They are perfect for the borrower who wants the speed and slick app experience of a modern lender but needs a Bank Statement loan or a DSCR product. They bridge the gap between “big corporate efficiency” and “creative lending.”
Features
- Fast Track Processing: One of the quicker turn-times in the industry for Non-QM.
- Broad Product Suite: From Jumbo Non-QM to Asset Depletion.
- Nationwide Presence: Licensed and active virtually everywhere.
- Hybrid Closings: strong digital closing capabilities.
Pros
- User Experience: Great online portal and mobile app.
- Speed: They have the staff to move files quickly.
- Customer Service: Generally high ratings for communication.
Cons
- Less “Niche” Flexibility: For extremely weird scenarios, they might be more rigid than a smaller portfolio lender.
- Overlays: Being a large company, they sometimes add their own stricter rules on top of standard guidelines.
#4. Angel Oak Mortgage Solutions
Suitable for: Self-employed business owners and Real Estate Investors.
You can’t talk about Non-QM without mentioning Angel Oak. They effectively pioneered the modern Non-QM market after the 2008 crash. They are the “Gold Standard” for Bank Statement loans. If you are a Realtor or Broker, Angel Oak is often the benchmark you compare other Non-QM lenders against. They primarily operate through the Wholesale channel, serving mortgage brokers.
Features
- Bank Statement Loans: The industry leader for 12-month and 24-month personal or business bank statement programs.
- Investor Cash Flow (DSCR): Strong programs for landlords requiring no income verification other than rental cash flow.
- Jumbo Non-QM: High loan limits for luxury properties.
Pros
- Consistency: Their underwriters are well-trained. You rarely get “surprise” denials at the last minute.
- Product Depth: They have a solution for almost every self-employed scenario.
- Reputation: Highly trusted in the capital markets.
Cons
- Wholesale Focus: Consumers usually cannot go direct. You must find a broker who is approved with them.
- Pricing: They are premium. You are paying for reliability, so they aren’t always the cheapest option on the rate sheet.
#5. Champions Funding
Suitable for: Underserved communities and borrowers needing “No Ratio” loans (CDFI).
Champions Funding has made waves by operating as a Community Development Financial Institution (CDFI). This designation allows them to offer unique products that support diversity and inclusion in homeownership. Their flagship offering is often their ability to lend without traditional Debt-to-Income (DTI) calculations, which is a game-changer for gig workers and entrepreneurs in 2026.
Features
- CDFI Certification: Enables mission-driven lending to underserved communities with flexible products like no-ratio loans.
- No Ratio Loans: Income documentation is minimized or eliminated for qualified borrowers.
- Mission-Driven: Focus on African American, Latino, and other underserved borrowing bases.
Pros
- Extreme Flexibility: The ability to bypass DTI issues is a massive advantage.
- Speed: Less paperwork often translates to a faster closing.
- Inclusion: They actively look for reasons to approve borrowers in diverse areas.
Cons
- Channel: Primarily Wholesale.
- Rates: Specialty CDFI products can carry a premium rate compared to full-doc loans.
#6. A&D Mortgage LLC
Suitable for: Foreign Nationals, Crypto Investors, and “Super Prime” Non-QM borrowers.
Based in Florida but expanding rapidly, A&D Mortgage is known for innovation. They were among the first to aggressively market to Foreign National buyers and accept Cryptocurrency for reserves only if liquidated per current guidelines. They combine aggressive underwriting with a proprietary tech platform that lets brokers price loans instantly.
Features
- Foreign National Programs: Excellent LTVs for non-US citizens without US credit.
- DSCR & Super Prime: Competitive rates for borrowers with strong credit who just miss conventional guidelines.
- Tech Stack: “ADvantage” broker portal is highly rated for ease of use.
Pros
- Innovation: Willing to look at modern assets like Crypto for down payments or reserves.
- International Friendly: A go-to for buyers from Latin America and Europe.
- Automated Decisions: Fast pre-approvals.
Cons
- Reviews: Online reviews can be mixed regarding support staff responsiveness during peak volume.
- Document Heavy: For foreign nationals, the paper trail requirement can still be significant.
#7. Open Wholesale Mortgage
Suitable for: Mortgage Brokers looking for an easy, transparent platform.
Open Wholesale focuses on making the broker’s life easier. In the complex world of Non-QM, “ease of use” is a feature. They offer a streamlined approach to products like Manufactured Housing and standard Non-QM, aiming to remove the friction from the wholesale relationship.
Note: This refers to the Wholesale division of Open Mortgage (often associated with brands like Opteon in specific channels).
Features
- Diverse Product Mix: Includes Reverse Mortgages, Manufactured Homes, and Non-QM.
- Pricing Engine: Transparent and easy to navigate for LOs.
- Education: Strong support to help brokers understand Non-QM guidelines.
Pros
- Broker Support: Account Executives are known for being hands-on.
- Niche properties: Good for manufactured homes which many lenders avoid.
Cons
- Brand Recognition: Less famous than Angel Oak or CCM.
- Channel: Strictly B2B focus.
#8. Deephaven Mortgage
Suitable for: Loan Originators who want rock-solid reliability and capital stability.
Deephaven is a veteran in this space. They don’t just lend money. They are a major issuer of Non-QM securitizations (selling bundles of loans to investors). Because they control the “exit strategy” of the loan, their guidelines are precise, and their funding is incredibly stable. When Deephaven issues a pre-approval, it carries weight.
Features
- DSCR Leader: Very strong programs for rental portfolios.
- Asset Depletion: Great for retirees with high net worth but low monthly income.
- Jumbo Prime: Large loan amounts for luxury homes.
Pros
- Liquidity: Deep pockets mean they don’t stop lending when the market gets jittery.
- Common Sense: Their underwriters are very experienced with complex tax returns.
Cons
- Strict Guidelines: Because they securitize, they rarely make “one-off” exceptions that violate their core rules.
- Property Standards: They can be picky about property condition/appraisals.
Tip: How to Choose the Top Non-QM Lenders?
Selecting the right Non-QM lender in 2026 is tricky because “Non-QM” covers everything from a billionaire with messy tax returns to a first-time buyer with a 580 credit score. Here is my checklist before you apply:
- Check the “Flavor”: Don’t ask a DSCR specialist to fund a low-credit primary residence loan. Match your problem to the lender’s specialty (e.g., FNBA for ITIN, Angel Oak for Bank Statements).
- Verify Licensing: Ensure the lender is licensed in your state. Some smaller Non-QM shops avoid states with high regulatory burdens like New York or Texas.
- Ask About Turn Times: In Non-QM, a “30-day close” can easily turn into 60 days if the lender is backed up. Ask your Loan Officer for current realistic timelines.
- Wholesale vs. Retail: If you are a borrower, you might need to find a local Mortgage Broker to access lenders like Angel Oak or Champions.
- Read the Fine Print on Pre-Payment Penalties: This is huge for investors. Many Investment (DSCR) loans come with a 3-year penalty. Negotiate this upfront.
- Compare Rates (Crucial): Non-QM rates are not standardized like Fannie Mae loans. One lender might offer you 7.5% while another quotes 8.5% for the exact same deal. Don’t settle for the first quote. I strongly recommend using AI-driven comparison tools like Bluerate, which is developed by Zeitro. It allows you to compare rates online for free and, more importantly, connects you with specialized non-QM loan officers who understand your specific scenario. In a market where 0.5% makes a massive difference in payment, this step is non-negotiable.
Final Word
Navigating the Non-QM market in 2026 requires patience and the right partner. The “best” lender is subjective—it depends entirely on why you don’t qualify for a standard loan.
- For Real Estate Investors: Look at Angel Oak or Deephaven for their DSCR expertise.
- For Credit Challenges: Carrington is likely your safest harbor.
- For Self-Employed/Creative Income: FNBA or Champions offer the flexibility you need.
Don’t let a “denial” from a big bank stop you. The Non-QM market is robust and ready to lend. Gather your documents or bank statements, use a comparison Bluerate to contact Non-QM LOs nearby to ensure you aren’t overpaying, and get that deal closed.
Zeitro
