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Non-QM Loans for Self Employed
Self Employed Products
Are you a self-employed business owner operating with a DBA or LLC? Are you an independent contractor who receives a 1099 at the end of the year?
If you have faced rejection in the past due to insufficient income reflected in your tax returns, there is a viable solution for you to realize your dream of owning a home: Non-QM (Non-Qualified Mortgage) loans. In 2019 alone, the mortgage industry generated $20 billion through Non-QM loans, making them widely available.
Self-employed individuals often encounter difficulties when seeking loans. Lenders and banks implemented stricter guidelines after the 2008 financial crisis, affecting self-employed individuals the most. Their fluctuating monthly income makes them appear riskier to banks. However, Non-QM loans provide an alternative avenue for self-employed individuals to secure financing for their homes.
Who is considered self-employed?
Obtaining a loan can be challenging if you are self-employed as a sole proprietor, independent contractor, or part of a partnership. One common hurdle is providing proof of income, as many self-employed individuals claim numerous deductions, resulting in tax returns that do not accurately reflect their gross income. However, I specialize in offering several Non-QM loans specifically designed for individuals in this situation.
As a Brokerage, DOSS Home Loans partners with various wholesale and private lenders, giving me access to a wide range of loan products beyond what traditional lenders or banks can offer. This allows me to explore multiple opportunities and find the best loan product tailored to your home-buying needs.
Moreover, we provide a Profit and Loss (PnL) loan option, which only requires a 1-2 year PnL statement from your CPA and a 2-year active business license. The unique advantage of these loans is that they do not require tax returns. Instead, we present a comprehensive view of your financial situation that goes beyond what your tax returns indicate. With a stable income and good credit, we can secure the funds you need to purchase your dream home.