No Tax Returns - No Problem!

There are many self-employed customers who face a multitude of challenges when trying to get approved for a home mortgage by their local bank or Mortgage Lender. But at Pathway Mortgage, helping our local Self-Employed and 1099 clients is what we specialize in.

If you’re self-employed or a 1099 employee, Pathway Mortgage, located in Sarasota, Florida, is the #1 resource for high-quality home mortgage loan options. These options are available through the Pathway Mortgage non-QM (non-qualified mortgage) home loan program.

What is a Non-QM (Non-Qualified) Mortgage?

Some Self-Employed or 1099-employed borrowers do not have enough income to qualify for a regular qualified mortgage. In many cases, this is because Self-Employed or 1099-employed borrowers do not have traditional Income Tax Returns or have not been in business long enough for their income to qualify. For clients that fit into these types of income scenarios, Pathway Mortgage in Sarasota, Florida, offers a variety of Non-Qualified Mortgage (Non-QM) options to make the mortgage process easy.

A non-QM differs from a standard Qualified Mortgage (QM) and is designed to provide flexibility financial options to accommodate borrowers who do not fit traditional lending criteria. Non-QM home loans are for individuals who may have unique financial circumstances, allowing them to obtain mortgage financing through alternative means of income verification and credit evaluation. Unlike Qualified Mortgages, which adhere to strict federal guidelines, non-QM loans are not bound by the same criteria set by the Consumer Financial Protection Bureau (CFPB). This makes them an attractive option for those who may have credit issues like a recent bankruptcy, foreclosure, or limited income documentation.

If you are self-employed or a subcontractor, you can get a great fixed interest rate with NO tax returns and NO W-2s by using exclusive non-QM mortgage options from Pathway.

What are the different Non-QM Mortgage Programs offered by Pathway Mortgage?

• Bank Statement Loans: For self-employed or 1099-employed borrowers who can verify their income with deposits on their bank statements.
• CPA Letter Loans: Borrowers can have a Certified Public Accountant (CPA) or licensed tax preparer write a letter to verify their annual income.
•  Profit & Loss Statement Loans: Another program for self-employed or 1099 borrowers where qualification is based on a profit & loss statement for the business or annual income. No bank statements or tax returns are needed.
• 1099 Income Loans: For independent contractors who can qualify with their 1099 form.
• Asset Depletion Loans: Allows borrowers to use their substantial assets to qualify for a mortgage instead of employment income

Benefits of Non-QM Loans

At Pathway Mortgage, our Non-QM financing options offer several huge advantages.

• Income Flexibility: Non-QM mortgages are a great alternative for verifying income, such as bank statements or asset documentation. Unlike traditional mortgage options, non-QM doesn't require paystubs or tax This flexibility is particularly beneficial for self-employed individuals, business owners, and those with non-traditional income sources.
• Low Interest Rates and Low Closing Costs: When you trust Pathway Mortgage to help with your mortgage loan, it's like working with 100 different banks or mortgage lenders at one time. To ensure our clients receive the best interest rates and lowest closing costs, Pathway Mortgage compares the rates and terms of over 100 different mortgage providers. We then present these the options to our clients and let them select the mortgage terms that best fits their financial needs.
• Customized Loan Products: Non-QM loans are tailored to meet the specific financial needs of borrowers. Whether it’s an investment DSCR loan, a bank statement loan, or a loan for foreign nationals, non-QM products can be customized to fit unique financial situations.
• Ability to Access High-Value Properties: Jumbo Non-QM loans or Luxury Mortgage Loans allow borrowers to finance high-value properties that exceed conforming loan This access to larger loan amounts makes it possible for buyers to purchase luxury homes or high valued investment properties by obtaining easy access to financing.

What is Important When Choosing a Non-QM Lender?

When exploring non-QM loan options, it’s crucial to work with a reputable and experienced lender who specializes in this area. At Alpine Mortgage, we pride ourselves on our expertise in non-QM lending and our commitment to helping borrowers find the right loan solution for their unique needs.

• Overall Experience: It is critical that you look for a lender with a verifiable track record in Non-QM lending. An Experienced lender will have a deep sense of knowledge and understanding of the different types of loan programs available and can easily guide you through the
• Product and Program Options: Choose a lender that offers a large variety of non-QM loan products to help ensure you have access to the best program options for your financial situation. Pathway Mortgage offers a dynamic suite of non-QM loan programs to meet the unique needs of our
• Credibility: To determine if a lender is experienced and has a good reputation, read recent client reviews, search publications or blog posts, check out the lender social media
• Customer Service: When deciding to use a Non-QM mortgage to finance your property it is important to choose a lender that truly values outstanding customer service. The lender should offer a good communication balance by using both technology and virtual phone A lender that communicates well will always respond in a reasonable amount of time after you contact them: they will explain things clearly and always anticipate your future needs.
• Offer both Competitive Rates and Reasonable Cost: Look for a lender that offers competitive rates and transparent The interest rates should allow for a monthly payment that fits within your financial needs and makes sense from a budgeting standpoint. Also, interest rates and loan fees should always be clearly explained and make sense. Remember, if something doesn't sound right it usually isn't.

Key Features of Non-QM Loans

When exploring non-QM loan options, it’s crucial to work with a reputable and experienced lender who specializes in this area. At Alpine Mortgage, we pride ourselves on our expertise in non-QM lending and our commitment to helping borrowers find the right loan solution for their unique needs.

• Alternative Income Documentation: Unlike traditional mortgages that require W-2s, pay stubs, and tax returns, non-QM loans may accept alternative forms of income verification. This can include bank statements, profit and loss statements, or asset documentation.
• Higher DTI Ratios: Non-QM loans often allow higher debt-to-income (DTI) ratios, accommodating borrowers with substantial debt or unconventional income
• Flexible Credit Requirements: There are Non-QM loans available to borrowers with lower credit scores, even as low as a 500-credit score.
• No Waiting Periods: No mandatory waiting periods after credit events like bankruptcy or foreclosure.
• Non-Owner-Occupied Properties: Non-QM loans can be used to finance investment properties or second homes, not just primary

The Non-QM Loan Process

Applying for a Non-QM loan is similar to the process for a traditional mortgage, with a few key differences. Here’s what you can expect:

• Pre-qualification: Before beginning the formal application process, you can complete a pre-qualification from a Non-QM lender. This involves providing basic information about your income, assets, and credit to determine your eligibility and potential loan terms.
• Application: Once you’ve found a property and are ready to move forward, you’ll submit a formal loan application. This will include detailed information about your finances and the property you wish to
• Documentation: Your lender will request various financial documents to verify your For Non-QM loans, this may include alternative documentation such as bank statements, profit and loss statements or leases for investment properties.
• Underwriting: The lender’s underwriting team will review your application and supporting documents to determine your eligibility for the
• Appraisal: An independent appraisal of the property will be conducted to ensure its value supports the loan
• Loan Approval & Closing: If your application meets the lender’s criteria, you’ll receive a loan approval, which may include specific conditions that need to be met before closing. Once all conditions are satisfied, you’ll attend a closing meeting to sign the final loan documents and complete the transaction.