Buying Power for the Self Employed

Loan products for independent contractors and self employed entrepreneurs who want to be homeowners

 
 
 

 The Benefits of NonQM Loans for the Self Employed

Simplifying Home Loans for 1099 and Self Employed Borrowers

 
 
 

Simplified Borrowing

As business owners and 1099 contractors, it is important that your time isn’t taken up by looking for every document imaginable. Our nonQM loans limit the requests for paperwork and income requirements.

Higher Loan Limits

Bank statement loans give business owners the options to claim their current revenue and not rely heavily on 2 years of claimed taxes and extensive income verifications. This opens up more doors for self employed borrowers to not only have an approval but increase their loan limits.

Look For Better Loan Terms

It is possible that if you qualify for a conventional loan, it might come with unfavorable limits. NonQM loans can have a more favorable approval rate and higher loan limits for our self employed borrowers.

 
 

 What Self-Employed Borrowers Need To Know

 
 

​Little to no income documentation required. Easing the requirements for income verification can have significant benefits for our 1099 and self employed borrowers.

Gift funds are accepted for down payments and closing costs.  Often times in conventional loans we will see borrowers who may need additional gift funds for down payments, non-qm loans provide just that.

Higher Loan Limits. Most conventional size loans have maximum limits of $647,200, our non-qm for self employed and 1099 borrowers limits is $3,000,000.

 
 
 
 

NonQM Loan FAQs

 

  • Our self employed borrower nonQM loan programs are for businesses owners, contractors, gig worker, freelancer, uber drivers and beyond. We want to help you finance your dream of homeownership while you continue to grow a business you are proud of. Alleviating the need for copious amounts of paperwork has proven beneficial to our 1099 and self employed borrowers.

  • The terms are remarkably similar to a traditional 15 or 30 year mortgage, however, every situation is different. The only way to properly pinpoint if a conventional or nonQM loan is the right product for you and your financial goals is to talk with one of our loan officers. If you are ready to talk to our loan officers, click here.

  • A nonqualified mortgage (nonQM loan) doesn’t conform to the consumer protection provisions of the Dodd-Frank Act. Applicants whose incomes vary from month to month or those with other unique circumstances may qualify for these types of mortgages.

  • NonQM loans don’t meet the standards required for QM loans, however, they aren’t low quality loans. CoreLogic data found that in 2018, nonQM borrowers had an average credit score of 760. QM borrowers had an average credit score of 754. The average loan to value ratio for nonQMs was 79%, compared to 80% for QM loans. Many nonQM borrowers are simply looking for buying power.