Home buyers who are recovering from an unexpected credit event or those who are self-employed, small business owners or investors might think it’s nearly impossible to find a lender to approve a mortgage loan, leaving them fewer options to finance their home purchase. The good news is there are lenders who offer mortgage program solutions for those consumers with complex or non-traditional financial situations who might not qualify for conventional mortgages, including Luxury Mortgage’s Simple Access® Non-QM Full Documentation Loan.

Full Doc loans as they’re often called, require documented evidence that proves the income and assets you claim on your loan application is legitimate. Documentation includes, but isn’t limited to:

  • Two years of W2s
  • Two years of tax returns
  • Two recent pay stubs
  • 24 months credit history
  • Profit and loss statements
  • Balance sheets
  • Bank statements
  • Investment accounts
  • Personal retirement accounts
  • Social security statements
  • Veteran benefits statements
  • And other personal and business financial documentation

The Verification Process

During this verification process, the lender will review all of the documentation to make a determination if the borrower has met the income and asset requirements. They differ whether it’s a personal loan or business loan. For a personal loan, the lender will determine if the borrower has met the debt-to-income ratio by looking at the adjusted gross income. For a business or investor, the lender will look at the net operating income to determine if the borrower has met the debt-service coverage ratio.

Some of the Great Highlights of a Simple Access® Non-QM Full Documentation Loan

  • Loan amounts to $3.5M
  • Fixed and adjustable-rate mortgages
  • All occupancy types (primary residence, second home or investment property)
  • Multiple financed properties allowed
  • Non-Warrantable Condos may be considered

For non-traditional income earners or those on the plus-side of an unexpected credit event, our Simple Access® Non-QM Full Doc Loan provides alternative funding options for your next home loan. Call us today to speak with a loan originator to see if this program could be a good fit!

*Rates and guidelines subject to change.

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