Self-Employed Individuals

Self-employed individuals can find it especially challenging to qualify for a home loan. Even if you have the income to purchase a home, you may not necessarily qualify for a traditional mortgage. This is because mortgage lenders often require income information via tax returns, W-2s, or pay stubs. This is the type of documentation traditionally required for home loan approval. Since self-employed persons may not have these forms of income proof, they may be unable to obtain a Qualified Mortgage. However, even if you can’t qualify for a loan the traditional way, your dream home is still within reach.

Non-QM stands for Non-Qualified Mortgage. These are loans for borrowers who may not meet the requirements of standard loan programs. Non-QM loans typically have a special income qualification. They are designed for people with unique income streams. Some examples would be individuals self employed as an independent business owner, entrepreneurs, contractors, hospitality workers, retirees, actors, artists, etc.