Finding a jumbo loan when you’re self-employed can seem like a challenge. But once you find a qualified lender who is willing to work with your unique situation, and offers products that make sense for your financial scenario, the process isn’t much more complicated than applying for a traditional mortgage.

At Luxury Mortgage Corp, we are pleased to offer a selection of jumbo home loans for buyers from all walks of life, including those who do not have traditional W-2 income. For self-employed borrowers seeking jumbo financing, we offer the following Non-QM options:

1099 Only Loan

The 1099 Only mortgage is ideally suited for anyone whose income is based primarily on 1099 earnings. With this mortgage program, borrowers can apply for loans up to $3 million, plus have the flexibility of options when it comes to property type. This loan can be used to finance primary residences, investment property, second homes, and certain types of condos.

  • Loan Limit: $3 Million
  • DTI: up to 50 allowed
  • Credit Score Minimum: 680
  • Purchase, Refinance and Cash-Out Refinance Available

Bank Statement Loan

With the Bank Statement Loan from Luxury Mortgage, borrowers provide bank statements from either their business or personal deposit accounts to the lender for assessment. The need for traditional tax documents or W-2s is waived, making this loan type especially beneficial for self-employed borrowers.

  • Loan Limit: $3 Million
  • DTI: up to 43 allowed
  • Credit Score Minimum: 680
  • Purchase, Refinance and Cash-Out Refinance Available

Investor Cash Flow Loan

This is another Non-QM mortgage option from Luxury Mortgage that could work well for self-employed borrowers who are trying to purchase an investment property. With the Investor Cash Flow loan, the borrower can use the home’s cash flow to qualify for the loan. No employment or income documentation is required and there is no limit to the number of financed properties you’re allowed to have.

  • Loan Limit: $3 Million
  • Credit Score Minimum: 690
  • Investment Properties Only
  • Purchase, Refinance and Cash-Out Refinance Available

Learn More About Non-QM Loans

Non-QM loans may not be the best choice for every type of home buyer, but they offer several unique benefits that you won’t find in a conventional loan. Here are a few key facts to keep in mind when considering a Non-QM mortgage:

  • May carry higher interest rates. Non-QM loans allow you to qualify through alternative methods, and are often considered a riskier investment for the lender–therefore, they may charge you a higher interest rate or loan fee to mitigate some of that risk.
  • They are not always high-risk. A Non-QM loan is a mortgage that simply does not meet all the standards of a qualified mortgage (QM). This doesn’t necessarily mean it’s high-risk. Non-QM loans still have to satisfy Ability To Repay (ATR) requirements.

Reach out to our lending professionals today to learn more about any of our Non-QM Mortgage options, Jumbo Loans, Simple Access Loans and more.

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