Non-Qualified Mortgage Products and Lending Guidelines
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Non-Qualified Mortgage Products and Lending Guidelines

Dozens of non-QM loan programs have been created and launched in recent years. A large percentage of homebuyers who cannot qualify for traditional loans gravitate towards non-QM loans. This holds especially true for self-employed borrowers who do not have to provide income tax returns and can just use bank statement deposits.

Self-Employed Mortgage Borrowers Loans to Buy Homes
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Self-Employed Mortgage Borrowers Loans to Buy Homes

Borrowers can qualify for a self-employed mortgage with a single year’s tax return.

Most guidelines require lenders to average the most recent two years of income to qualify applicants.
Some programs allow borrowers with newer businesses if they have experience in their field and their income is at least what it was as a salaried employee.
Underwriters use an adjusted taxable income to qualify self-employed borrowers, not the gross income.

Non-QM Loan Requirements and Mortgage Options
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Non-QM Loan Requirements and Mortgage Options

The asset-depletion mortgage loan program benefits higher net worth individuals who do not have a regular steady income. Non-QM loans are becoming increasingly popular and benefit borrowers who need alternative nontraditional mortgage loan programs.