Blogs

No W-2 Forms? No Problem. We Can Still Help You Buy a Home!

Published Jun. 15, 2023

Share on

If you don’t have W-2 forms and think all home buying hope is lost, think again. Though many types of home loans require them, we offer several unique non-QM programs that can help you buy a home without W-2s.

What is a Non-QM Loan?

A non-QM loan, or nonqualified mortgage is a loan that offers a different path to homeownership than loans that meet Consumer Financial Protection Bureau (CFPB) requirements. The most common type of non-QM borrower is one with different income documentation than a W-2.

Types of non-QM loans:

            1099:

1099 programs, as the name suggests, are geared toward 1099 employees. No expense deductions from the past two years are needed, nor are W-2s required. The only proof of income you needs is the past two years’ worth of 1099s.

Bank Statement:

Instead of applying with W-2s or 1099s, self-employed workers can apply for a Bank Statement Loans with a letter from a certified public accountant (CPA), enrolled agent (EA) or licensed tax preparer verifying your self-employment. In addition, you’ll need 12 months of personal or business statements.

Profit & Loss (P&L) Statement:

This is another ideal option for self-employed borrowers that can help you avoid the hassle of gathering profit and loss statements and helps you apply with fewer documents.

Investor Cash Flow:

Investors often possess more assets than documented income, which creates obstacles when they seek financing for their real estate ventures. Our River Series Investor Cash-Flow (DSCR) Program is a solution for investors. This program is designed for borrowers seeking financing for investment properties using solely the rental income on subject investment properties to determine cash flow. With this program, no employment or income verification is needed. Instead, qualification is solely based on the Debt Service Coverage Ratio (DSCR) of the subject property.

If you are ready to embark on your homeownership journey or expand your real estate portfolio, contact us today to learn more about non-QM programs and how they can make a difference in achieving your financial goals. Together, we can simplify home financing and help you realize your dreams of homeownership or investment success!

 

Resources & Insights

Related Content

Non-QM Closed-End Second: Unlock Your Equity Without Refinancing

Here's a thought: what if you could utilize your equity WITHOUT refinancing? For self-employed earners (small business owners, real estate investors, etc.), we

Balancing Family Goals and Homeownership Dreams in Today's Market

Housing prices are influencing how people think about family size, timing, and lifestyle choices. The American Dream of owning a home is intrinsically tied to the idea of family, and it’s affecting parents deciding between having one more child or buying a bigger home. Let’s examine the affordability factors at play with the modern family and establish how homeowners can still get ahead with smart planning and support from us, their reliable lender.

Make Your Mortgage Work Smarter with the All In One LoanTM

Let’s Start with 2  Key Questions Question 1:  Where does your paycheck go? If you’re like most of us, it goes to checking, then starts making its way out to cover routine spending and monthly obligations including your mortgage. Ideally, there’s a little left over to go towards Savings. This is normal in most households, but in most households the mortgage is the biggest expense. On top of that most people’s Checking account is just a “staging area”. It holds your income for a period of time until bills and expenses are ready to be paid. Question 2: What if that same Checking account could help you potentially pay off your mortgage faster without changing how you live?   That’s the idea behind the All In One Loan!

Home Sales Profits Reach Another Record High

Last week, property database ATTOM released its U.S. Home Sales Report for Q3 of 2021. The results of the report revealed that median-priced single-family homes had the highest profit margin in 10 years. It also showed that returns on sales rose at the fastest quarterly pace in seven years and fastest annual pace in over a decade.

Contact Apply