Simple Access Programs: Setting Self-Employed, Investors & Independent Contractors Up for Success

When it comes to financing a home mortgage, borrowers may not always think outside the box. Conventional, FHA, VA, and USDA loans are on everyone’s radar. But not everyone fits into those boxes. Self-employed, property investors, and contractors may have good credit, but they have unique financial circumstances; and they often run into obstacles because they may not have the employment documentation required for traditional mortgage programs.

Our Simple Access^® portfolio offers creative, common sense financing programs that allow alternative documentation to help borrowers qualify for a mortgage.

What is Alternative Documentation?

Where traditional mortgage programs require tax returns or documentation that is verifiable by a third-party, alternative documentation programs allow the borrower to provide other financial documents like W-2s, paycheck stubs, bank and investment statements, and even future earnings to help them qualify for a mortgage program. Luxury’s Simple Access^® programs can help give freelancers, investors, and contractors access to financing outside the traditional box. Here’s a look at our programs.

Bank Statement Loans

Our Non-QM Bank Statement loan is designed for self-employed and consumers with complex financial situations who may qualify for the loan based on deposits in bank accounts instead of W2 income or tax returns. To qualify, borrowers must have a minimum of one year self-employment history, be able to provide 12 or 24 months of business and personal bank statements, and a signed CPA letter verifying their business.

Some of the highlights include:

• Loan amounts up to $3.5M
• Fixed and adjustable-rate options
• Available for all occupancy types including primary residence, second home or investment property

1099 Only Loans

Our Non-QM 1099 Only mortgage program is designed exclusively for self-employed, freelancers, and those with a seasonal income to qualify for a home loan using their bank statements instead of their tax returns. Borrowers need to have been self-employed for a minimum of one year, with prior related experience and have a minimum credit score of 620 (subject to loan amount and loan-to-value (LTV) restrictions). Qualification is determined solely on the last two years of 1099 forms.

Borrowers must provide the following alternative documentation:

• Most recent two years of 1099s
• Documentation of year-to-date income
• A CPA-completed profit and loss statement or expense ratio letter
• 1099 transcripts

Asset Qualifier Loans

Our Non-QM Asset Qualifier mortgage program gives self-employed, retirees, and investors with substantial assets access to mortgage loans even though they may not have consistent, documentable income.

Loan requirements for Simple Access^® Non-QM Asset Qualifier loans include:

• Three trade lines and a credit history covering 24 months
• Funds can be in checking, savings, money market accounts, marketable securities, or retirement accounts
• Credit scores to 680, subject to loan amount and loan-to-value (LTV) restrictions

Investor Cash Flow Loans

Non-QM Investor Cash Flow loans are an excellent solution for real estate investors. They can use rental income generated from the subject property to qualify. It even allows predicted revenue from future rent to be used to qualify for the loan, with no minimum landlord experience required. Qualifying investment properties include 1 to 4-unit single family, mixed-use, PUD, and warrantable condo properties.

Other qualifications that make our Cash Flow Loan attractive to landlords:

• Borrow up to 80% of the property value
• Minimum credit score of 580
• No employment or income documentation required
• Loan amounts up to $3M
• No limit on the number of financed properties the borrower has
• Competitive pricing

Ready to Learn More?

Let us work with you to find the right solution for your property financing needs. Connect with one of our licensed mortgage consultants today to learn more about our Non-QM programs. Simply call (888) 379-0303 or use the buttons below.

Rates and guidelines are subject to change. Consult with a Luxury Mortgage loan officer for the latest information.