NON-QM MORTGAGE OPTION
Mortgage Options for Unique Income Situations.
If your income or documentation doesn’t fit a standard mortgage application, you may still have options. Community Access Lending helps borrowers in Las Vegas and Henderson explore Non-QM programs that may consider bank statements, 1099 income, assets, or rental property cash flow.
A Mortgage Approach That Looks at the Full Picture.
Self-employed borrowers, real estate investors, and people with complex income may not fit neatly into traditional mortgage guidelines. Non-QM programs can offer different ways for lenders to evaluate a borrower’s finances.
The right option depends on your goals, income, assets, credit profile, property, and lender guidelines. We’ll help you review available choices and understand what documentation may be needed.
Loan option cards
Bank Statement Loans
For some self-employed borrowers, eligible personal or business bank statements may be used to evaluate income instead of relying only on tax returns. Documentation and qualification requirements vary by lender.
1099 Loans
Some programs may evaluate income using 1099 forms and other financial records. This can be worth exploring if you receive 1099 income and traditional documentation doesn’t show the whole picture.
Asset-Based Qualification
Some programs may consider eligible assets when evaluating a borrower’s ability to qualify. The assets that count and how they’re evaluated depend on the lender’s guidelines.
DSCR Loans for Real Estate Investors
For some residential investment properties, a Debt Service Coverage Ratio (DSCR) program may focus on the property’s rental income in relation to its housing payment. Requirements vary by program and property.
ITIN Mortgage Options
Some lenders offer mortgage programs for eligible borrowers who use an Individual Taxpayer Identification Number (ITIN). Documentation, down payment, property, and borrower requirements vary.
Helpful explanation
Does Non-QM Mean “No Documentation”?
No. Non-QM doesn’t mean no documentation or automatic approval. Lenders still evaluate a borrower’s ability to repay; the documentation and underwriting approach may differ from a traditional mortgage. Consumer Financial Protection Bureau
FAQ section
Who might consider a Non-QM loan?
Self-employed borrowers, real estate investors, and borrowers with complex income or documentation may want to explore whether a Non-QM program fits their situation.
Are Non-QM loans only for self-employed borrowers?
No. Depending on the program, options may also be available for real estate investors, borrowers qualifying with eligible assets, and some ITIN borrowers.
What credit score or down payment do I need?
There isn’t one requirement for every Non-QM loan. Credit, down payment, reserves, property type, and documentation requirements vary by lender and program.
How do I find out which option may fit?
Tell us about your goals and how you document your income. We can review potential options and explain what information a lender may need.
Let’s Explore Your Options
A nontraditional income situation doesn’t automatically mean you’re out of options. Contact Joshua Coomer at Community Access Lending to discuss potential Non-QM mortgage programs for your goals.
Program availability, rates, terms, property eligibility, and qualifying requirements vary by lender and may change. Not every program is available to every borrower. All loans are subject to lender review and approval.