Don’t have a W-2? If you told that to a big box lender while applying for a mortgage, you probably found yourself in a bit of a bind.
The big banks often flat-out refuse to work with borrowers who do not have the exact paperwork they demand.
But if you are self-employed, you don’t have a W-2.
But people without W-2s buy houses every day. How do they do it? With non-QM loans. And that is a product we offer here at New Frontier Financial Inc.
What is a Non-QM Mortgage?
A non-QM loan is a “non-qualified” loan. While that might sound complicated, it really is just another way we refer to stated income loans or bank statement loans.
With a non-QM loan, you have an alternative way to prove your income. Instead of providing a W-2 that you don’t have, you can apply by submitting your bank statements.
There is no need for pay stubs or other tax forms.
Who Can Buy a Home With a Non-QM Loan?
Non-QM loans are available to a variety of professionals, including:
- Self-employed people
- Business owners
- Others with non-traditional income situations
Not sure if you qualify for a non-QM loan in Dallas or elsewhere in TX? During your consult, we can help you figure it out.
Dallas Non-QM Loan Benefits
When you apply for a bank statement loan in Texas, you can look forward to the following benefits:
- You do not need to furnish paperwork that you do not have just to purchase a home.
- You can work with a mortgage company that is flexible and understands your income situation.
- You can save time and effort compared to the traditional loan process with respect to paperwork.
- The entire lending process is fast and efficient, making it possible to close rapidly as well.
Borrowers who have worked with us on non-QM loans after struggling to deal with big box lenders have told us that applying for a bank statement loan with us was a day and night difference.
Buy a Home in Texas Now Without a W-2
Applying for a mortgage when you do not have a W-2 does not need to be challenging or complicated, much less impossible, whatever the big banks have told you.
At New Frontier Financial Inc., we make it fast and easy to apply for a mortgage with bank statements. If you are ready to make your dreams of homeownership come true, call us today at (469) 886-8300 to schedule your consultation.