Contract employees who want to get a home loan can sometimes find it challenging. Traditional mortgages often lean towards an income that can be verified easily with W-2s. Income taxes for contract employees can sometimes get complicated and can further compound the problem.
Fortunately, there are alternatives available to help self-employed or contract workers in these situations.
A no-doc mortgage, also known as a no income verification, requires less documentation and may even close faster! While these types of loan products were considered risky in the past, today's growing independent workforce has made no-doc loans more common.
No-income mortgages now come with extra protection for consumers and are a viable alternative to conventional loans.
A no income verification mortgage is a type of loan that doesn't require borrowers to submit the standard income requirements such as W2s and tax returns. Lenders allow you to provide other proof of income like bank statements to show that you are a reliable borrower.
No doc mortgages are popular among self-employed home buyers since they could easily access the docs of whatever income was needed to qualify.
Bank Statement Mortgage
With bank statement mortgages, lenders determine a borrower's income based on average deposits made into personal or business accounts over a 1 to 2-year period.
This is a good option for people who get deposits regularly and can be easily documented using bank statements.
Asset-Based Mortgage
This type is also known as an asset depletion loan, wherein lenders qualify you based on 100% of liquid assets divided by your loan term. To illustrate, a person who has a $2 million net worth applying for a 20-year fixed asset depletion loan would have $100,000 per year of qualifying income.
This is ideal for homebuyers with a high net worth.
No Income No Asset Loans
NINA loans are suitable only for investment properties and are approved based on estimated rental income for the property you plan to buy. Usually, as long as the rent covers monthly mortgage payments, no income or asset proof is needed.
This is a good choice for real estate investors with enough savings for large down payments.
If you plan to buy a house and can't verify your monthly income, have complicated tax returns, or can't stand the hassle of providing tons of paperwork, a no income verification mortgage is a good option.
Keep in mind that lenders underwrite self-employed income differently than salaried earnings since income isn't guaranteed. They take extra caution about a borrower's earning history and income stability.
No-doc mortgage lenders must follow federal laws to verify if a buyer can repay a loan with proof of cash flow or assets.
Ask our loan officers if a no-doc mortgage is the right loan product for you.
This licensee is performing acts for which a real estate and mortgage license or consumer loan license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; Washington Office Department of Financial Institutions, DFI# CL-135622; NMLS# 135622 Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California and Washington.
As a broker, C2 Financial Corporation is NOT approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.
Corporate Website:
www.c2financialcorp.com
NMLS Website:
www.nmlsconsumeraccess.org
304 Vista Del Mar, Suite E Redondo Beach, CA 90277
Office Phone: (310) 890-6459
Michael Mardesich
Broker (310) 890-6459 cell mike.mardesich@gmail.com BRE#: 01053119 NMLS#: 242591
Frank Kostrencich
Senior Loan Officer
(310) 344-8910 Cell fmkost@gmail.com BRE#: 01024274 NMLS#: 238594
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