Have Uneven Income? You can Still Qualify for a Mortgage

Not a W-2 earner? Not everyone is. And sometimes a conventional mortgage loan isn’t the answer to your unique work situation. Self-employed, independent contractors, gig workers, commissioned-based employees, landlords, or anyone else who does not have a standard W-2 income, writes off a fair amount of what they earn. This can reduce the amount counted as income when applying for a loan, making it more difficult to qualify for a conventional mortgage program. The great news is, Luxury Mortgage offers creative financing options for these non-traditional earners.

Simple Access® Non-QM

Our Simple Access® Non-QM loan programs determine eligibility based on true cash flow and not what’s claimed on taxes. While conventional loan guidelines may count uneven income flows as unpredictable, our Non-QM loan requirements look at a 12 to 24 month snapshot of bank statements, 1099s, rental income, and other assets to help borrowers qualify. Chances are, we have a program that fits your unique situation.

Investor Cash Flow

Luxury Mortgage’s Investor Cash Flow loan is a powerful DSCR product that allows real estate investors to use the cash flow on a property or properties to qualify for the new loan. It even allows predicted revenue from future rent to be used to qualify for the loan.

Full Doc

Our Simple Access® Full Documentation (Full Doc) loan requires documented evidence to prove the income and assets listed on your loan application are real. Documents include: two years of W2s, tax returns, pay stubs, credit history, profit and loss statements, balanced sheets, banks statements, investment accounts, personal retirement accounts and social security statements.

Bank Statement

Self-employed borrowers with a minimum of one year self-employment history may qualify for our Bank Statement program if they can provide 12 to 24 months of bank statements and a signed CPA letter verifying their business.

1099 Only

Instead of W2s, freelance or gig worker borrowers may be able to use their last two years of 1099 forms to qualify for a home mortgage with our Simple Access® Non-QM 1099 Only loans.

Asset Qualifier

If you have a considerable amount of liquid assets from checking, savings, money market accounts, investment and retirement accounts, you may be able to qualify for our Asset Qualifier program.

Ready to learn more?

Luxury Mortgage is an early Non-QM lender who is more than ready to help earners with not-so-standard income purchase their dream home or rental property. Let us help you find the Simple Access® Non-QM solution that fits your unique scenario and financing goals. Connect with one of our licensed mortgage consultants today to find out which loan might be right for you.