Not everyone earns a living through a traditional 9-to-5 job with the same paycheck every two weeks.
Maybe you own a business. Maybe your income comes from investments or real estate. Maybe you work several part-time jobs, freelance, earn commissions or receive payments through platforms such as Venmo.
Your income may look different. That doesn’t necessarily mean homeownership is out of reach.
PrimeLending offers options designed to support a wide range of financial situations, including borrowers whose income may not fit neatly into the traditional conventional mortgage box.
Can You Get a Mortgage If You’re Self-Employed?
Yes. Being self-employed doesn’t automatically prevent you from qualifying for a mortgage, but documenting your income may look different than it does for a salaried employee.
For a business owner, for example, tax returns may not always tell the complete story of cash flow. Depending on the borrower’s circumstances and loan program, there may be other ways to document income and ability to repay, including bank statements or business income.
The important thing is to explore your options before assuming you won’t qualify.
What If You Have Multiple or Nontraditional Sources of Income?
There’s no single way people earn a living today. A prospective borrower might:
· Own a business or work as an independent contractor
· Earn income from rental properties, investments or other assets
· Work two or more part-time jobs
· Receive commission, bonus, seasonal or freelance income
· Receive income through payment platforms
· Have a combination of several different income sources
Having one or more of these income sources doesn’t automatically disqualify you from getting a mortgage.
The question is whether your income can be documented and meets the requirements of a particular loan program.
That’s where having more options matters.
What Mortgage Options Are Available for Nontraditional Income?
Depending on the borrower’s circumstances, options may include traditional conventional financing as well as specialized loan programs that use alternative methods to evaluate income, cash flow or assets.
For qualified borrowers, those could include bank statement programs, asset-based options, investor-focused financing and other non-QM loan solutions.
You don’t need to figure out which category you fit into before talking with a mortgage professional.
A PrimeLending home loan expert can start by learning how you earn your income, what documentation is available, what you’re hoping to accomplish and what you’re comfortable spending. From there, we can help identify potential financing options and explain the requirements of each.
Don’t Rule Yourself Out Before You Know Your Options
If your income isn’t “traditional,” it’s easy to assume getting a mortgage will be too complicated or that you simply won’t qualify.
Don’t make that decision before exploring what’s possible.
Connect with a PrimeLending home loan expert and you might be surprised by the options available to you.
