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We significantly simplify the loan process, helping more people realize their dream of homeownership. We offer a unique No Income Documentation loan with qualifying in three simple steps.
Ever felt like you're banging your head against a brick wall, trying to get a conventional mortgage, only to be met with a brick-wall 'no'? You know you're capable of handling the repayments, but the paperwork says otherwise.
It's like being stuck in a game of tug-of-war, ain't it? You're pulling hard, but the traditional mortgage system is pulling harder. We've heard tales of entrepreneurs, freelancers, investors - just like you - stuck in this frustrating loop. Being self-employed shouldn't be a roadblock on your path to homeownership, right?
So, hang up that boxing glove, step away from the brick wall, and let's start a new journey. A journey where your self-employment isn't a hurdle, but a boost. A journey towards a mortgage that respects your hustle. Intrigued? Let's dive in!
The No Income Documentation Mortgage Loan Process
Here's how our EASY home loan process works:
These loans were initially designed to cater to self-employed individuals, commission-based workers, or those with irregular income sources who had difficulty providing the standard income documentation required for traditional mortgages.
Investment Property mortgages, sometimes referred to as low-doc, no-doc loans are all classified under the Non-QM umbrella. They were once a popular option for borrowers who had difficulty documenting their income. These loans have become less common in recent years due to regulatory changes, but it's still essential to understand how they work and their potential benefits and drawbacks. In this article, we'll explore the basics of stated income mortgages, their pros and cons, and their current status in the lending market.
Following the 2008 financial crisis, Non-QM mortgages fell out of favor due to their association with high default rates and the subsequent housing market collapse. Moreover, regulatory changes such as the Dodd-Frank Wall Street Reform and Consumer Protection Act. This Act led the way for more stringent lending standards, including the "ability-to-repay" rule, which requires lenders to verify a borrower's income, assets, and employment before extending a mortgage.
As a result, Non-QM mortgages have become far less common, and most lenders now require borrowers to provide detailed income documentation.
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