As a real estate investor, you can dodge high rates and high points of private loans, lengthy approval processes, and stringent lending criteria with a debt service coverage ratio loan.
If your income or credit history falls outside the strict guidelines set by traditional mortgage loan programs, a non-QM loan may be worth considering.
1099 Mortgage loans allow you to ensure a mortgage without the documentation you usually use to verify your income, such as W-2s and tax returns. Instead, workers qualify based upon the the 1-2 years of 1099's.
An asset-based mortgage produces an ‘income stream’ from your assets by depleting them over the mortgage term. It’s how you qualify despite not having a traditional income.
Individual Tax Identification Number (ITIN) loans are for borrowers who do not have Social Security numbers. Borrowers with ITIN cards can qualify for a mortgage if they meet the eligibility requirements.
A bank statement loan is often an excellent option for qualified self-employed borrowers. However, self-employed borrowers must choose the best loan product to help fulfill their mortgage needs.
