Many programs commonly start in the mid-600s. Higher scores unlock sharper Non-QM pricing and more LTV flexibility — here is how credit tiers typically work with deposit-based income.
Illustrative ranges we see on Indiana Non-QM files — your investor may differ.
Common entry
Mid-600s+
Many programs begin here with solid deposits and equity
Stronger pricing
700+
More investor choices and typically better rate tiers
Best Non-QM pricing
740+
Often unlocks sharper terms and higher LTV options
Down payment
10–20%+ common
Lower scores usually need more equity
Reserves
2–6 months PITIA
Helps offset thinner credit or variable income
Recent credit events
Case-by-case
Lates, collections, and inquiries still get reviewed
Credit floors and pricing tiers vary by investor and change without notice. Not a guarantee of approval.
Credit is a pricing lever on Non-QM — not just a pass/fail gate.
Paying down revolving balances, correcting report errors, and avoiding new inquiries before application can lift a mid-tier score into a better Non-QM pricing band.
If timing matters more than waiting for points, a larger down payment and stronger reserves may still clear a mid-600s program — we run the numbers both ways.
Ryan & Steve pull the real credit picture with your deposit history so you know whether to apply now or wait 30–60 days for a better tier.
Before you apply
Related bank statement guides and Non-QM resources from Ryan & Steve.
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Many Non-QM bank statement programs commonly start in the mid-600s. Stronger scores — especially 700+ and 740+ — typically unlock better pricing, higher LTVs, and more investor options. Exact floors vary by investor and loan scenario.
Sometimes, with compensating factors like a larger down payment, strong reserves, and clean recent credit behavior. Options narrow and pricing may be higher. We confirm the matched investor before you write an offer.
Usually yes. Non-QM pricing is tiered by credit, LTV, and loan size. Improving from the mid-600s into the 700s can meaningfully change monthly payment and cash to close.
No. Deposit history, down payment, reserves, property type, and self-employment length all matter. A strong score with thin or erratic deposits still fails — and a mid-600s score with stable deposits often succeeds.
Ryan & Steve pair your credit profile with a deposit income calc — so you see the Non-QM tier that actually fits before you shop homes.
Ryan Minick and Steve DeLon — Branch Managers & Senior Loan Officers at Luminate Bank. Based in Kokomo, Indiana. Lending nationwide since 2005.
Contact
Ryan Minick NMLS# 203249
Steve DeLon NMLS# 202876
Luminate Bank NMLS# 1281698
Kokomo's Mortgage Team. Lending Nationwide.
1221 Appletree Lane, Kokomo, IN 46902
Luminate Bank NMLS 1281698 Bank Headquarters 2523 S. Wayzata Blvd., Suite 100 Minneapolis, MN 55405 (952) 939-7200. This is not an offer to enter into an agreement. Information provided is outlining the minimum down payment requirements as allowed by specific loan program and product guidelines and any information, rates and programs are subject to change without prior notice and may not be available in all states. All loans are subject to credit and property approval. Luminate Bank is not affiliated with any government agency. All rights reserved.
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