What Is the Difference Between Flex Select and Select ITIN Programs? A Mortgage Broker’s Guide

Mortgage brokers who specialize in Non QM Loan products understand that one size never fits all. The more granular your product knowledge, the more efficiently you can place a borrower and close deals. Two of the most powerful solutions available through NQM Funding—Flex Select and Select ITIN—address specific borrower needs that conventional loans ignore. Yet, because they share some underwriting traits, brokers often confuse the two.

Understanding the differences between these two flagship programs is essential for maximizing your pipeline, increasing conversions, and delivering high-value results to underserved clients. Each program is designed to handle complex credit, non-traditional income, or residency documentation—but they are not interchangeable. Knowing when and how to use them allows brokers to stand out as true mortgage strategists.

Flex Select is a go-to option for borrowers who have credit events, unconventional income, or otherwise don’t fit into agency or jumbo guidelines. These clients typically have Social Security numbers, may own businesses or work as 1099 contractors, and often have assets or reserves that exceed standard benchmarks. The Flex Select borrower is usually a U.S. citizen, permanent resident, or visa holder, but doesn’t have traditional income verification or FICO strength required for prime loans.

This program allows for income documentation via bank statements or P&L statements, 1099s, WVOEs, or even a mix of income types. It’s flexible by design, with underwriting that evaluates the overall credit profile rather than enforcing rigid thresholds. FICO scores can go as low as 620 with compensating factors, and loan-to-value ratios (LTVs) can go up to 90% on primary residences with excellent credit and documentation.

The Select ITIN program, on the other hand, is built specifically for borrowers who do not have a Social Security number and file taxes using an Individual Taxpayer Identification Number (ITIN). These borrowers are typically non-permanent residents living and working in the U.S. or planning to house family members here. Their lack of SSN and U.S. credit makes them ineligible for agency loans, but that doesn’t mean they’re not qualified.

In fact, many ITIN borrowers have strong, stable incomes and long-term employment, and are highly motivated to own homes. The Select ITIN program allows these borrowers to qualify with bank statements, CPA letters, or foreign credit references. FICO is not required, though foreign credit bureaus or verified tradelines can be helpful. Maximum LTV typically reaches 80% for primary or second homes, and loan amounts vary by scenario.

The main difference between the programs comes down to borrower identity: if your client has an SSN and resides legally in the U.S., they’ll likely fall under Flex Select. If they use an ITIN and do not have legal permanent resident status, Select ITIN is the better fit.

Both programs share some foundational features. They’re part of NQM Funding’s common-sense underwriting approach. They both accept non-traditional documentation and allow flexibility around reserves, LTV, and DTI. Both can be used for primary residences, second homes, and even some investment properties. But how you structure them—and how the file is evaluated—differs in key ways.

Flex Select is more aggressive in terms of loan size and LTV. You can go up to 90% LTV with full bank statement documentation and high FICOs. Interest-only options are also available, which can enhance cash flow and attract self-employed borrowers who want lower monthly payments during the initial years.

With Select ITIN, the guidelines are calibrated more conservatively, especially when no FICO score is present. The max LTV is typically capped at 75–80%, depending on reserves and documentation quality. Interest-only terms are available, but under stricter layering rules. For example, if your borrower has no U.S. credit and is putting down less than 20%, underwriters may require extra reserves or look for other compensating strengths.

The other major distinction is in documentation sources. Flex Select borrowers will usually present U.S.-based income, bank statements, and possibly credit scores. Select ITIN borrowers may have foreign bank statements or CPA-prepared income letters, and often require bilingual servicing or translated documentation.

From a broker’s perspective, selecting the right program starts with asking the right questions. Does the borrower have a Social Security number? If not, they’re a Select ITIN prospect. Are they self-employed but filing under an EIN? That could be Flex Select. Is there a FICO score? Are they using alternative documentation because they choose to, or because they have to?

Prequalifying accurately is essential. That’s where tools like the Quick Quote from NQM Funding come into play. With a few basic details, brokers can identify the correct program, understand rate implications, and prepare documentation without backtracking.

Loan structure matters too. If your borrower needs the lowest possible monthly payment, you may choose Flex Select with an interest-only feature and extended term. If they need to close in an LLC or are planning to use rental income to qualify, pairing with the DSCR program may make more sense. NQM allows for blended strategies when appropriate.

Marketing these programs also requires precision. Flex Select borrowers are typically entrepreneurs, freelancers, or recovering credit clients. You’ll find them through business networking groups, CPAs, and local chambers. Meanwhile, Select ITIN borrowers are often found via multicultural associations, tax prep professionals, and immigrant communities. Each group requires a distinct outreach approach, tailored messaging, and trust-building.

One common mistake brokers make is attempting to force ITIN borrowers into standard non-QM programs. This usually leads to declined loans, lost clients, and frustration. Instead, position yourself as someone who understands ITIN-specific documentation and has a go-to lender for these deals.

From a pricing standpoint, Flex Select may offer slightly more aggressive rates for high-credit, low-risk borrowers. Select ITIN pricing is adjusted for the unique risk layer, especially in the absence of U.S. credit history. However, the value to the borrower—owning property when other lenders say no—is often worth a small premium.

The support structure matters too. NQM Funding provides dedicated broker support and underwriters trained in both program types. This means faster answers, cleaner submissions, and fewer surprises late in the loan cycle. Whether you’re submitting a file for a restaurant owner with thin credit or a dual-income household using ITINs, NQM’s Non QM Loan product set is built to support you.

Perhaps most importantly, these products help brokers serve communities that have been historically shut out of traditional homeownership channels. Select ITIN isn’t just about documents—it’s about inclusion. Flex Select isn’t just about guidelines—it’s about empowering borrowers who deserve more flexible pathways to homeownership.

Both programs are a gateway to long-term client relationships. The borrower you help with an ITIN loan today may return in three years to refinance into a conventional product. The Flex Select client who closes their first home may return to buy a second or invest in rental property. In both cases, your expertise opens the door.

Brokers who take time to master these programs will not only fund more loans—they’ll differentiate themselves in an increasingly competitive market. In an environment where rates fluctuate and refi business slows, understanding how to properly utilize products like Flex Select and Select ITIN provides a clear and sustainable growth path.

To learn more, explore the Foreign National & ITIN Product Page or submit a scenario using NQM’s Quick Quote. Brokers who know the difference between these two programs—and how to position them correctly—aren’t just reacting to borrower needs. They’re anticipating them.

And that’s how you become indispensable.

Another practical consideration for brokers is post-close servicing. Select ITIN borrowers may require more support after the loan closes, especially if they’re new to the U.S. mortgage system. Providing basic guidance on tax reporting, escrow accounts, and property insurance can build long-term trust and generate future business. Many of these clients refer friends or family once they’ve had a successful experience.

On the Flex Select side, borrowers may want to refinance in the future as their credit improves or as their documentation becomes more conventional. For example, a self-employed borrower using bank statements today might qualify for a full-doc conventional loan in two to three years. Helping them understand this trajectory up front not only sets realistic expectations but also positions you as their go-to broker for the next phase.

In both programs, brokers can add value by helping clients determine whether it’s more strategic to purchase now with alternative financing or wait and potentially lose out on market appreciation. With property values rising in many areas and rental costs increasing, the argument for buying now with a Non QM Loan is compelling.

Geographic factors also come into play. Brokers in states with high immigrant populations—such as Texas, California, Florida, and New York—are more likely to encounter ITIN borrowers regularly. Meanwhile, Flex Select borrowers are everywhere: gig workers in Arizona, small business owners in Colorado, and hospitality professionals in the Carolinas. Understanding the local context allows you to target your marketing accordingly.

Brokers can also benefit from bundling education into their business development. Hosting local seminars, partnering with credit counselors, or creating a downloadable guide comparing Flex Select and Select ITIN can position you as a resource. Many borrowers, especially those new to mortgage lending, appreciate education before application.

Additionally, brokers should be prepared to explain the broader regulatory context. ITIN lending is legal and supported under federal and state guidelines, but not all lenders offer it. Explaining this to clients reinforces your expertise and helps them understand why you may be one of only a few brokers who can help.

When discussing loan terms, it’s important to set expectations clearly. While both programs offer competitive rates, they are priced for risk. Clients accustomed to hearing about conventional 30-year fixed rates may need help understanding why alternative programs carry slightly higher pricing. Framing it as a stepping stone—“this gets you in the door now”—is often the best approach.

Closing speed is another differentiator. With NQM Funding’s in-house underwriting and streamlined processing for both Flex Select and Select ITIN, brokers can offer faster closings than many competitors. This speed can be critical in competitive markets or when working with borrowers eager to move quickly.

Finally, it’s worth noting that both programs can be tailored to unique borrower needs. Whether it’s financing a multi-unit property, structuring a second home purchase, or using blended income sources, NQM Funding gives brokers the tools and support to say “yes” when others say “no.”

These programs aren’t just products—they’re powerful solutions. And the brokers who understand how to deploy them effectively will be the ones who dominate their markets.

Start today by exploring your borrower’s profile, matching them to the right solution, and using NQM’s Quick Quote to bring the deal to life.