Carlos Scarpero- Dayton and Cincinnati Ohio Mortgage Broker

Non QM Home Loans in Ohio

Take the 30 second mortgage quiz to see if you qualify

Are you looking to get a Non QM mortgage loan in Ohio?

I can help!

As a full service mortgage broker with 110 different lenders to choose from, I have access to all of the Non QM programs including investor loans, fix and flip, asset based loans, DSCR, bank statement loans, 1099 loans, All in One LoansCannabis Loans, Stated Income Loans and more.

Advantages of Non QM Mortgage Loans

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Types of Non QM Mortgage Loans in Ohio

Ohio home buyers have a lot of different options when it comes to choosing a Non QM mortgage program. 

Since these are all portfolio products and the lenders set the rules, there’s not an official list of programs. The ones listed below are the most common programs that you can find for Non QM mortgages.

Bank Statement Mortgage Loans

Bank statement loans are for self employed borrowers who have a lot of tax deductions. The underwriter uses the bank statements to qualify the income instead of using tax returns. Either 12 or 24 months of bank statements will need to be provided to determine the qualifying income.

DSCR Mortgage Loans

DSCR (or debt service coverage ratio) loans are for real estate rental property owners. These mortgages use the rental property cashflow to determine the qualifying income. If the property is vacant, a rental appraisal estimate can be used to determine qualifying income. 

Fix and Flip Mortgage Loans

Fix and flp loans are short term loans for real estate investors to rehab properties. These mortgages are typically short term and need to be repaid within a year. Interest only payments are available during the rehab period.

1099 Only Mortgage Loans

1099 only mortgage loans are for self employed contractors paid on 1099 who have a lot of tax deductions. Instead of a tax return, the 1099 is used for qualifying income.

Asset Qualifier Mortgage Loans

Asset qualifier mortgage loans (also known as an asset based or asset depletion mortgage) use the amount of assets as the means of qualifying. No additional income requirements.

Foreign National Mortgage Loans

Foreign national mortgage loans are for home buyers who are not US residents who would like to buy a second home in the US.

ITIN Mortgage Loans

ITIN mortgage loans are for immigrants who do not have a social security number. The ITIN number is used instead for credit qualifying.

VOE Only Mortgage Loans

VOE only mortgage loans are for people who want to use a verification of employment instead of paystubs to qualify. This is typically used for people who have a lot of recent overtime and can’t qualify for traditional mortgage products due to job time.

P and L Only Mortgage Loans

P and L Only mortgages (also called lite doc mortgages) are for self employed people who do not have current tax returns on file. A certified profit and loss statement from an accountant is used instead to qualify.

Alt A Mortgage Loans

Alt A mortgage loans (also called near miss programs) are for people that are close to qualifying for a traditional mortgage but for some reason cannot qualify credit wise.

Stated Income Mortgage Loans

Stated income mortgages (also called community mortgages) are for people with hard to prove income. Existing assets and strong credit history are used to qualify instead. 

All In One Mortgage Loans

The All In One mortgage loan (also known as an offset mortgage) is an innovative portfolio program from CMG Financial. It uses a home equity line of credit tied to a zero balance checking account to help homeowners pay off their house a lot faster by using excess cash to reduce mortgage interest.

Bankruptcy and Foreclosure Loans

Bankruptcy and foreclosure loans are a Non QM mortgage program for people trying to buy a home or refinance after a bankruptcy or foreclosure but do not meet the minimum waiting period to qualify.

Non Warrantable Condo Loans

Non warrantable condo loans are Non QM mortgage loans where the condo complex cannot get approved for traditional mortgage financing. Condotels (condos that act like a hotel) also fall into this category. 

Cannabis Loans

Cannabis loans are Non QM mortgage loans for pot shop owners that cannot get traditional mortgage financing due to involvement in the marijuana industry. Note: The rules are different for employees of pot shops. They can obtain a traditional mortgage loan.

Mixed Use Loans

Mixed use loans are a Non QM mortgage program for people trying to buy a property that has both a residence and a commercial structure on the same parcel. Multiple structures are allowed on this program.

Jumbo Loans

Jumbo loans are mortgage loans that exceed the current limit for conventional mortgage financing.

Bridge Loans

Bridge loans are a short term mortgage loan for people trying to buy a new home before the old home gets sold. The bridge is needed if the equity from the departing residence is needed for the down payment or if the debt ratio is too high to qualify for both mortgages. We offer both traditional bridge loans as well as the proprietary Buy Before You Sell program.

Take the 30 second mortgage quiz to see if you qualify

About Non QM Home Loans In Ohio

Down Payment Required: No official rules. Varies per lender

Minimum Credit Score: None officially, it’s very hard to get approved if your credit score is below 620.

Frequently Asked Questions About Non QM Mortgage Loans

What Is A Non QM Mortgage Loan?

A Non QM mortgage is a type of mortgage that is outside of the regular guidelines of Fannie Mae, Freddie Mac, etc.

Do you only offer Non QM Home Loans in Ohio?

I am currently licensed in Ohio, Kentucky, Indiana, Texas, Florida, Virginia, Tennessee, Alabama and Arizona. Additionally, through our corporate referral program, I can offer mortgage loans in over 40 additional states. I’m also well connected to loan officers outside my coverage area and can refer you to someone outside of my licensed markets. 

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Can you lend anywhere in Ohio?

I am licensed to originate Non QM mortgages throughout Ohio, including:

Akron, Beavercreek, Bowling Green, Brunswick, Canton, Cincinnati, Cleveland, Cleveland Heights, Columbus, Cuyahoga Falls, Dayton, Delaware, Dublin, Elyria, Euclid, Fairfield, Findlay, Gahanna, Garfield Heights, Grove City, Hamilton, Hilliard, Huber Heights, Kent, Kettering, Lakewood, Lancaster, Lima, Lorain, Mansfield, Maple Heights, Marion, Mason, Massillon, Medina, Mentor, Middletown, Newark, North Olmsted, North Ridgeville, North Royalton, Parma, Reynoldsburg, Riverside, Sandusky, Shaker Heights, Springfield, Stow, Strongsville, Toledo, Trotwood, Upper Arlington, Warren, Westerville, Westlake, Willoughby, Wooster, Xenia, Youngstown, and Zanesville and everywhere in between.

I am licensed to offer Non QM mortgages in all 88 counties in Ohio, including:

Adams, Allen, Ashland, Ashtabula, Athens, Auglaize, Belmont, Brown, Butler, Carroll, Champaign, Clark, Clermont, Clinton, Columbiana, Coshocton, Crawford, Cuyahoga, Darke, Defiance, Delaware, Erie, Fairfield, Fayette, Franklin, Fulton, Gallia, Geauga, Greene, Guernsey, Hamilton, Hancock, Hardin, Harrison, Henry, Highland, Hocking, Holmes, Huron, Jackson, Jefferson, Knox, Lake, Lawrence, Licking, Logan, Lorain, Lucas, Madison, Mahoning, Marion, Medina, Meigs, Mercer, Miami, Monroe, Montgomery, Morgan, Morrow, Muskingum, Noble, Ottawa, Paulding, Perry, Pickaway, Pike, Portage, Preble, Putnam, Richland, Ross, Sandusky, Scioto, Seneca, Shelby, Stark, Summit, Trumbull, Tuscarawas, Union, Van Wert, Vinton, Warren, Washington, Wayne, Williams, Wood, and Wyandot.

What is the Non QM loan limit in Ohio?

Non QM mortgages are portfolio products and the limits are set by the lender.

Who qualifies for Non QM mortgage loans?

Most borrowers for Non QM programs are either self employed business owners or real estate investors.

What are the down payment requirements for Non QM mortgage loans?

Down payments depend on which program you are using. You can potentially get a Non QM mortgage with as little as 10% down.

Are Non QM mortgage loans good for real estate investors?

Yes, these programs are great for real estate investors. In fact, that’s the #1 use for them.

Is Non QM the same thing as a subprime mortgage?

No. The old subprime mortgages from prior to 2008 were overly lenient in their guidelines and led to the mortgage crash. Non QM is much more strict about down payment and credit scoring.

What is the minimum credit score for a Non QM mortgage?

The minimum credit score for Non QM mortgage programs is set by the lender since these are portfolio products. However, it’s very hard to get approved for a Non QM mortgage is your credit score is below 620.

Take the 30 second mortgage quiz to see if you qualify

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