Maybe you’d like to get a mortgage for a new home or investment property, but you are concerned you might fall outside of conventional income verification rules. Don’t have a W-2? Fortunately, you have options.
Below, explore Newrez’s line of non-qualified mortgage (non-QM) products for borrowers with unique income situations.
Is a Non-Qualified Mortgage Right for Me?
You might be interested in our line of non-QM products if you:
- Run your own business
- Work as a freelancer/gig worker with fluctuating earnings
- Own or are buying a rental property to generate cash flow
- Have a high net worth and rely on assets instead of paychecks
Connect with one of our mortgage experts to find out if you qualify.
Mortgages for Self-Employed Professionals
Calling all small business owners, freelancers and gig workers: Newrez’s bank statement loan, SmartSelf, is tailored to your needs.
Benefits of a Newrez Bank Statement Loan:
- Qualify using business or personal bank statements, or 1099s
- No need for tax returns or W-2s
- Loan amounts up to $3 million
- Flexible debt-to-income (DTI) ratios, ideal for entrepreneurs
Mortgages for Real Estate Investors
Whether you’re new to real estate investing or you already own rentals, SmartVest can help you grow your portfolio. SmartVest is Newrez’s Debt Service Coverage Ratio (DSCR) loan.
Advantages of a Newrez DSCR Loan:
- Qualify using rental income (cash flow)
- No personal income verification needed
- Works for both long-term and short-term rental properties
- Cash-out refinancing available for renovations, debt consolidation or buying more properties
- No landlord experience required
Mortgages for High-Net-Worth Individuals
If you have high but irregular income, an asset qualifier loan could be a great option. Qualify using liquid assets such as savings, stocks or retirement funds.
Who Could Benefit from an Asset Qualifier Loan?
- Trust fund inheritors
- Retirees
- Professional athletes
- Business owners who sold for a large profit
- Contract workers with signing bonuses
- Other high-net-worth individuals
Advantages of an Newrez Asset Qualifier Loan:
- Qualify using personal liquid assets
- No job verification or tax returns needed
- Eligible borrowers may get up to $2 million
- You may still qualify with an isolated credit event like a bankruptcy or foreclosure
Find the Right Mortgage for Your Income Type
These non-QM mortgages offer a path to homeownership for those with less common sources of income. Get a loan without the need for “conventional” documentation.
Want to learn more from an expert? Connect with us today and explore your mortgage options.
These loan products may have a higher interest rate or higher finance charges than other loan products which require additional documentation or verification.
