1Y or 2Y Full Doc Non-QM Loan
What is a 1Y or 2Y Full Doc Non-QM Loan?
The 1Y or 2Y Full Doc Non-Qualified Mortgage (Non-QM) Loan is designed for borrowers who may not fit the requirements of traditional, government-backed mortgages but can provide complete documentation of their income. This loan allows borrowers to qualify using full financial documentation from the past one or two years, making it ideal for self-employed individuals, business owners, or anyone with non-traditional income sources.
Who Can Benefit from a 1Y or 2Y Full Doc Non-QM Loan?
This loan is ideal for:
- Self-Employed Borrowers: Entrepreneurs and freelancers who need an alternative to conventional loans.
- Non-Traditional Income Earners: Individuals with income that may vary or isn’t represented on a W-2.
- Business Owners: Those with a steady income flow who may not qualify through traditional mortgage routes.
Benefits of a 1Y or 2Y Full Doc Non-QM Loan
- Flexible Qualification Standards: Qualify using recent financial statements rather than traditional W-2s or a credit history check.
- Shorter Documentation Window: Use just one or two years of full income documentation for approval.
- Higher Loan Amounts Possible: Non-QM loans can often accommodate larger loan amounts.
- Great for Self-Employed and Business Owners: Provides a solution for individuals whose earnings are tied to their business performance.
How to Qualify for a 1Y or 2Y Full Doc Non-QM Loan
- Submit 1 or 2 Years of Full Income Documentation: Provide complete tax returns, financial statements, and profit and loss statements, if applicable.
- Verification of Business Ownership: If self-employed, submit relevant business documentation (e.g., business license or registration).
- Bank Statements (Optional): Additional bank statements may help verify consistent cash flow.
- Down Payment Requirement: Generally, a 20-30% down payment is required, depending on the property and loan type.
Required Documents
- Tax Returns: Complete tax returns for the last one or two years.
- Profit & Loss Statements: If applicable, P&L statements prepared by an accountant or CPA.
- Bank Statements: Additional statements showing business or personal cash flow, if required.
- Proof of Business Ownership: Relevant documentation, such as a business license.
We are an independent mortgage brokerage licensed through DRE, proudly serving clients since 2007.
DRE#01480904 and NMLS# 300923
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- 510-786-8739
- info@simtg.com
- 44840 South Grimmer Blvd Fremont, CA 94538
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