Non-QM Wholesale Lenders Compared: A&D, Angel Oak, Arc Home, Deephaven, Acra & More — Duane Buziak, NMLS #1110647

Duane Buziak

Mortgage Maestro | NMLS #1110647 | Coast2Coast Mortgage LLC

Licensed mortgage broker serving Virginia, Florida, Tennessee, Georgia, Washington DC, North Carolina, South Carolina, and Maryland, specializing in VA home loans and first-time homebuyer programs.

If you’re searching “Non-QM wholesale lenders comparison,” you already know what Non-QM is. You’re not here for a glossary definition. You want to know which specific wholesale lenders actually do it, what each one is genuinely known for, and how to get wholesale pricing instead of retail. That’s exactly what this article delivers.

Here’s the short version of what you’ll find below: Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC, NMLS #376205 | Licensed: VA, FL, TN, GA, DC, NC, SC, MD — works directly with a roster of serious Non-QM wholesale lenders including A&D Mortgage, Angel Oak Mortgage Solutions, Arc Home LLC, Deephaven Mortgage, Acra Lending, LoanStream Mortgage, Change Lending, Champions Funding (ChampsTPO), Carrington Mortgage Services, First National Bank of America (FNBA), Newfi Wholesale, and Mega Capital Funding. Each one has a distinct lane. Knowing which lane fits your scenario is what separates a smooth approval from a wasted month of shopping.

By the end of this comparison, you’ll know exactly which lender fits your specific Non-QM scenario: self-employed with bank statements, real estate investor seeking DSCR, recent credit event, foreign national, or non-agency jumbo. You’ll also understand why routing through an independent broker gets you access to all of these wholesale desks simultaneously, at pricing a borrower calling any one of them directly simply cannot replicate.

What Makes a Non-QM Wholesale Lender Different — And Why the Channel Matters

Non-QM stands for Non-Qualified Mortgage. In plain terms, these are loans that don’t meet the agency guidelines set by Fannie Mae, Freddie Mac, FHA, or VA. The most common triggers: income documented through bank statements rather than tax returns, investment properties underwritten on rental income alone (DSCR), recent credit events like bankruptcy or foreclosure, foreign national status, or loan amounts above the conforming limit.

Critically, Non-QM does not mean unregulated. Every Non-QM loan still must satisfy the CFPB’s Ability-to-Repay rule — the lender must make a reasonable, good-faith determination that the borrower can repay. Non-QM falls outside the QM safe harbor, but not outside ATR. That distinction matters when borrowers hear “Non-QM” and assume it means anything goes.

The 2026 conforming loan limit for most U.S. markets sits at $806,500 for a single-unit property, per the FHFA conforming loan limit data. Loan amounts above that threshold in standard markets — or borrowers who don’t qualify under agency income rules regardless of loan size — fall into Non-QM territory. This is where the lenders named in this article operate.

Now, the channel question. Many Non-QM lenders operate both a retail channel (where a consumer calls them directly) and a wholesale channel (where an approved broker submits loans on behalf of borrowers). The wholesale channel typically prices differently from retail. The lender saves on origination overhead because the broker handles the borrower relationship, and that saving is passed through in the form of tighter pricing. A borrower calling A&D Mortgage’s retail line and a broker submitting the same file to A&D’s wholesale desk are not getting the same pricing. That structural difference is the entire reason this site exists.

As an independent broker, Duane has approved relationships across all the Non-QM lenders named here. One conversation with Duane opens simultaneous access to every one of their wholesale desks — something no single lender can offer.

Worked Dollar Example: $650,000 Bank Statement Loan Through A&D Mortgage Wholesale

Let’s make this concrete. Here’s a real scenario type that routes through A&D Mortgage’s wholesale channel regularly.

The Borrower: Self-employed business owner, two years in business, strong cash flow but significant write-offs on tax returns. Tax returns show modest net income that would fail conventional DTI. Bank statements tell a very different story.

The Numbers:

Purchase Price: $650,000 (above the 2026 conforming loan limit in most markets, which immediately rules out standard Fannie/Freddie agency financing regardless of income method)

Down Payment: 20% — $130,000

Loan Amount: $520,000

FICO Score: 720

Property Type: Primary residence

Income Calculation Method (24-Month Personal Bank Statement Program):

Step one: Total all deposits across 24 months of personal bank statements. For this example, total deposits across 24 months equal $360,000. Step two: Divide by 24 to get average monthly deposits — $360,000 ÷ 24 = $15,000 per month. Step three: Apply the expense factor. A&D Mortgage’s bank statement program applies an expense factor to account for business expenses running through personal accounts. A common expense factor on personal bank statements is 50%, though the actual figure varies by lender and program — confirm current A&D guidelines with Duane before application. Applying 50%: $15,000 × 50% = $7,500 qualifying monthly income.

Step four: Apply DTI. At a 43% back-end DTI on $7,500 qualifying income, the maximum allowable monthly debt service (including the new mortgage payment plus all other obligations) is approximately $3,225. With $520,000 financed at the rate available through A&D’s wholesale channel at the time of application, principal and interest, taxes, insurance, and any other monthly obligations would need to fit within that figure. Duane will confirm the current rate and full payment breakdown before locking.

Why A&D Specifically? A&D Mortgage has built a strong reputation in the broker community for aggressive Non-QM pricing on exactly this scenario — self-employed, bank statement, primary residence, strong FICO. Brokers frequently route these files to A&D first because of competitive wholesale pricing and turn times that keep transactions moving. Calling A&D’s wholesale desk directly as a consumer isn’t the channel — that desk is reserved for approved brokers. Routing through Duane as your broker is how you access it.

The contrast: If this same borrower tried to qualify conventionally, the tax-return-derived income would likely fail DTI at standard Fannie Mae guidelines. The bank statement program at A&D’s wholesale channel is the mechanism that makes this purchase possible — at pricing that reflects the wholesale channel, not a retail markup.

The Non-QM Lender Roster: Who Does What Best

Here’s the breakdown of each Non-QM lender on Duane’s roster, organized by their primary specialty lane. These descriptions reflect each lender’s known market reputation in the broker community — program guidelines change, so confirm current availability with Duane.

A&D Mortgage: The go-to for aggressive Non-QM pricing on bank statement and DSCR products. A&D has built its broker-channel reputation on competitive pricing, a broad Non-QM product menu, and fast turn times. Self-employed borrowers with strong deposits and real estate investors running DSCR calculations frequently land here first.

Angel Oak Mortgage Solutions: Widely recognized as one of the earliest dedicated Non-QM wholesale lenders and among the most product-diverse. Angel Oak’s menu includes bank statement, 1-year tax return, asset depletion, and ITIN programs. Brokers route breadth-of-product scenarios here — borrowers who need an overlay or an alternative income documentation method beyond the standard 24-month bank statement.

Arc Home LLC: Known for a hybrid Non-QM and near-miss agency approach. Borrowers who almost qualify conventional but have one disqualifying factor — a slightly elevated DTI, a recent minor credit event, or a property type that trips an agency overlay — often find Arc Home’s flexible underwriting is the right fit. Arc Home bridges the gap between agency and full Non-QM.

Acra Lending: Investor-focused, with DSCR and non-agency investment property lending as its primary lane. Acra is frequently cited by brokers handling real estate investor clients who need DSCR underwriting without personal income documentation requirements.

Deephaven Mortgage: Known specifically for self-employed borrowers and complex income documentation. Deephaven’s strength is non-agency manual underwrite flexibility — files with layered complexity that need a lender willing to look at the full picture rather than run a simple AUS. Brokers with difficult self-employed files often run Deephaven in parallel with A&D.

First National Bank of America (FNBA): A long-standing portfolio lender with a reputation for non-traditional income and self-employed borrower flexibility. Because FNBA holds loans in portfolio rather than selling to the secondary market, its underwriting can accommodate scenarios that even dedicated Non-QM shops decline. FNBA is a meaningful backstop for the files other Non-QM lenders pass on.

Newfi Wholesale: Known for non-agency jumbo and flexible income documentation on higher loan amounts. Borrowers needing Non-QM at loan amounts well above conforming limits, with complex income, route through Newfi.

LoanStream Mortgage: A broad one-stop Non-QM shop with a wide product menu. LoanStream’s positioning is variety — brokers who need to run a scenario across multiple Non-QM product types without switching lenders often start here.

Mega Capital Funding: Broad specialty lender with Non-QM and foreign national programs. Foreign national borrowers — non-U.S. citizens purchasing U.S. property without Social Security numbers — frequently route through Mega Capital.

Carrington Mortgage Services: Widely known for working with credit-challenged borrowers. Carrington operates with lower FICO thresholds on Non-QM products than most lenders on this list, making it the primary route for borrowers with recent credit events or scores below the floor at other Non-QM shops.

Change Lending: CDFI-certified with a Community Development focus. Change Lending offers unique Non-QM eligibility paths for underserved borrowers — its CDFI certification enables program structures that differ from standard Non-QM lender offerings.

Champions Funding (ChampsTPO): Known for competitive DSCR and bank statement Non-QM programs in the broker channel. Champions Funding runs alongside A&D and Acra as a DSCR-focused option brokers compare when optimizing investor scenarios.

Non-QM Wholesale Lender Comparison Table: Program, FICO Floor, and Specialty at a Glance

Guidelines subject to change; contact Duane for current program availability. FICO ranges shown are general market reputation indicators, not guaranteed minimums.

The second table below cross-references Non-QM loan type against lender availability. Use this if you already know your income documentation type and want to quickly identify which lenders on the roster offer that product.

Here’s the practical implication of these two tables: a broker with active relationships across all twelve of these lenders can simultaneously run your scenario against multiple Non-QM desks and return the most competitive pricing and program structure. A borrower calling any single lender directly can only access one column at a time.

Matching Your Scenario to the Right Non-QM Lender

The lender roster above covers a lot of ground. Here’s how to narrow it to your specific situation.

Self-Employed Borrower with 24 Months of Bank Statements: A&D Mortgage and Deephaven are the two primary routes. A&D for competitive pricing on a straightforward bank statement file with strong deposits. Deephaven when the income picture is more complex — multiple accounts, business and personal deposits intermingled, or a scenario that needs manual underwrite review. If you have significant liquid assets in addition to bank statement income, Angel Oak’s asset depletion overlay can potentially supplement qualifying income. If your core challenge is that your tax returns show high write-offs depressing your DTI, that’s a separate but related issue — understanding how debt-to-income ratio affects mortgage qualification helps frame which program structure will work.

Real Estate Investor Seeking a DSCR Loan: A&D, Acra, LoanStream, and Champions Funding are the primary DSCR routes on Duane’s roster. DSCR — Debt Service Coverage Ratio — is calculated as net operating income divided by total debt service. A DSCR above 1.0 means the property’s income covers its debt obligations; most wholesale DSCR programs require a minimum DSCR of 1.0 to 1.25 depending on the lender and property type. The key distinction: DSCR loans do not require personal income documentation. The underwrite is based on the property’s cash flow, not your W-2 or tax returns. This is why DSCR falls entirely outside Fannie Mae’s investment property guidelines, which require full personal income documentation for conventional investment property financing. For investors who also need short-term bridge or rehab financing, the strategies for fix-and-flip lending overlap with but differ from DSCR — worth understanding both before choosing a path.

Recent Credit Event — Bankruptcy, Foreclosure, or Short Sale: Carrington Mortgage Services is the primary route here. Carrington is specifically known in the broker community for working with credit-challenged borrowers at FICO thresholds and seasoning timelines that most other Non-QM lenders won’t touch. FNBA and Deephaven are secondary options for recent credit events, particularly when the credit event is older and the borrower has demonstrated meaningful recovery. Seasoning requirements vary significantly by lender and event type — typically ranging from one to four years post-event depending on the program and the severity of the event. This is not a one-size-fits-all calculation. If you’re still in the process of rebuilding your credit profile before applying, addressing the underlying credit factors first can meaningfully expand your lender options when you’re ready to move forward.

10 Questions Borrowers Ask About Non-QM Wholesale Lenders

1. What is a Non-QM loan and who qualifies?

A Non-QM loan is a mortgage that does not meet the Qualified Mortgage guidelines established by Fannie Mae, Freddie Mac, FHA, or VA. Common qualifying scenarios include self-employed borrowers using bank statements for income documentation, real estate investors using DSCR, borrowers with recent credit events, foreign nationals, and borrowers with loan amounts above conforming limits. Non-QM loans still require the lender to satisfy the CFPB’s Ability-to-Repay standard — they are not unregulated products.

2. Can I get a Non-QM loan through a wholesale lender without going through a broker?

No. Wholesale lenders like A&D Mortgage, Angel Oak, and Deephaven do not originate directly with consumers — their wholesale desks are only accessible through approved broker relationships. A consumer calling A&D’s main line would be routed to a retail channel, not the wholesale pricing desk. Routing through an independent broker like Duane is the only way to access wholesale Non-QM pricing from these lenders.

3. Which Non-QM lender is known for bank statement loans?

A&D Mortgage and Deephaven Mortgage are among the most frequently cited in the broker community for bank statement programs. Angel Oak Mortgage Solutions offers one of the broadest bank statement menus, including both 12-month and 24-month options. LoanStream also offers bank statement products as part of a broad Non-QM menu. The right choice depends on loan amount, FICO, property type, and whether the file has additional complexity beyond the income documentation method.

4. What FICO score do I need for a Non-QM mortgage?

FICO requirements vary by lender and program. Most Non-QM wholesale lenders on Duane’s roster have general starting points in the 620 range, though some programs go lower. Carrington Mortgage Services is known for working with borrowers in the 500-580 range on certain products. FNBA’s portfolio flexibility can accommodate lower FICO scenarios that other Non-QM shops decline. Higher FICO scores generally access better pricing across all Non-QM lenders — a 720 FICO will see materially different pricing than a 640 FICO on the same program.

5. What is a DSCR loan and which wholesale lenders offer it?

A DSCR loan is an investment property mortgage underwritten on the property’s rental income rather than the borrower’s personal income. DSCR stands for Debt Service Coverage Ratio: the property’s net operating income divided by its total debt service. A DSCR of 1.0 or above means the property covers its own debt payments. On Duane’s roster, A&D Mortgage, Acra Lending, LoanStream Mortgage, and Champions Funding (ChampsTPO) are the primary DSCR-focused Non-QM wholesale lenders.

6. Can I get a Non-QM loan if I had a bankruptcy or foreclosure?

Yes, depending on seasoning and the specific lender. Carrington Mortgage Services is the primary route for recent credit events, with lower FICO thresholds and more flexible seasoning timelines than most Non-QM lenders. FNBA and Deephaven are secondary options, particularly when the credit event has more seasoning behind it. Seasoning requirements typically range from one to four years post-event depending on the program — confirm current guidelines with Duane for your specific situation.

7. How does a broker access A&D Mortgage or Angel Oak’s wholesale pricing?

Brokers must be approved by each wholesale lender’s broker approval department before submitting loans. Once approved, the broker submits loan files directly to the lender’s wholesale pricing desk. Duane has active, approved relationships with A&D, Angel Oak, and all other lenders named in this article, which means he can submit your file to multiple Non-QM wholesale desks simultaneously. This is not a channel available to borrowers directly.

8. Are Non-QM rates higher than conventional rates?

Generally, yes. Non-QM loans carry higher rates than conventional agency loans because they involve income documentation or credit profiles that fall outside standard agency guidelines, which means higher perceived risk for the lender. The rate premium varies by lender, program, FICO, LTV, and loan amount. Accessing wholesale pricing through a broker rather than retail pricing from a single lender can meaningfully reduce that premium — the channel matters as much as the lender selection.

9. What documents do I need for a bank statement Non-QM loan?

Typically: 12 or 24 months of personal or business bank statements, a letter confirming self-employment or business ownership (often verified via business license or CPA letter), a signed 4506-C (IRS transcript authorization), and standard mortgage documentation including asset statements, identification, and property information. The specific package varies by lender — A&D Mortgage and Deephaven have detailed bank statement checklists that Duane can walk you through during a pre-qualification conversation.

10. How is Non-QM different from a hard money loan?

Non-QM and hard money loans are both outside conventional agency guidelines, but they serve very different purposes and are structured very differently. Non-QM loans are traditional mortgage products with standard amortization periods (15, 30 years), competitive interest rates relative to their risk tier, and full underwriting review — they are long-term financing solutions. Hard money loans are typically short-term, asset-based bridge loans with significantly higher rates, used for acquisition or rehab scenarios where speed matters more than rate. A DSCR loan from Acra or A&D is a Non-QM product. A 12-month rehab loan from a private lender is hard money. Understanding the difference between hard money and conventional mortgage financing helps clarify which product fits your investment strategy.

Your Direct Path to Every Non-QM Wholesale Lender on This List

Here’s the structural reality: A&D Mortgage, Angel Oak, Arc Home, Deephaven, Acra, LoanStream, Change Lending, Champions Funding, Carrington, FNBA, Newfi, and Mega Capital all operate wholesale desks that are not accessible to consumers directly. As an independent broker with approved relationships across all of these lenders, Duane submits to their wholesale channels, not their retail lines. One conversation, one application, and multiple Non-QM lenders evaluating your scenario simultaneously.

That’s not something any single lender can offer you when you call them directly. It’s the structural advantage of the independent broker channel — and it’s why the pricing and program access available through a broker relationship routinely differs from what a borrower finds by calling lenders one at a time.

The entry point is a pre-qualification conversation that does not affect your credit score. Duane reviews your scenario, identifies the Non-QM lenders on the roster whose programs fit your specific situation, and gives you a clear picture of what you qualify for before you ever make a formal application.

Get your personalized rate estimate today with no credit impact and see exactly what you qualify for with the Mortgage Maestro’s expert guidance.