Yes, You Can Get A Home Loan If You’re Self-Employed!

If you’re self-employed or have a unique source of income, getting a traditional mortgage can be a challenge due to stringent income documentation requirements. However, there is an alternative solution that accommodates unique income situations!

A non-QM loan is a type of mortgage that doesn’t meet the standards set by the Consumer Financial Protection Bureau’s Qualified Mortgage rule. These loans are available to borrowers who may not qualify for traditional mortgages due to limited income documentation from being self-employed, being a business owner, or having irregular income streams.

One of the key benefits of a non-QM loan is that it doesn’t require you to verify your income using tax returns. Instead, homebuyers can provide bank statements or other financial records to verify income. This can be particularly helpful for self-employed borrowers who may have difficulty documenting their income through traditional means.

One thing to keep in mind is that non-QM loans typically come with higher interest rates than traditional mortgages. This is because they are considered riskier loans since they don’t meet the standards of the Qualified Mortgage rule. However, if you’re unable to qualify for a traditional mortgage, a non-QM loan may be your best option.

If you’re self-employed or have a unique source of income, getting a traditional mortgage may not be an option for you. However, a non-QM loan can provide a solution that allows homebuyers who need flexible mortgage requirements to achieve their goal of homeownership.