New American Funding Announces New Mortgage Programs for Self-Employed & Non-Traditional Income Borrowers
- Apr. 9, 2019
- Taylir Paynter
- Home Loans
National Mortgage Lender New American Funding, announces today the launch of a new home loan program, Non-Qualified Mortgage (Non-QM). This loan program fills a growing demand of credit worthy borrowers who are self-employed, have non-traditional incomes, have assets and no income, or have had difficulty qualifying for a traditional mortgage.
“We’re dedicated to making sure everyone has an equal opportunity to achieve the American dream,” said Rick Arvielo, CEO of New American Funding. “At New American Funding, we’re excited to offer more options to a more diverse set of consumers and help them through the homeownership process.”
Non-QM loans provide purchase or refinance opportunities for individuals that don’t have traditional, full-time employment or income-verification documentation.
The Non-QM home loan can fill the niche for those who don’t necessarily fit into the “qualified-mortgage box.” This loan can be customized and use alternate methods of income verification to help the borrower get approved for a mortgage.
Income sources consist of:
Fluctuating and non-traditional incomes
Workers with fluctuating income
Qualifying assets, but no income
Alternative income verification methods accepted
Second homes and investment properties may be eligible
Ways for borrowers to prove their income or assets for a Non-QM loan include:
One-Year Tax Return Program
Bank Statement Program (6 or 12 months)
Asset Depletion/Asset Qualification
The Non-QM loan can be used for a rate-and-term refinance, a cash out refinance, or a new home purchase for owner-occupied, second homes or investment homes.
A New American Funding Loan Officer can assess your individual employment, asset and income profile to determine if this product is right for you.
To get started or to learn about how a Non-QM loan might be the right home financing solution for you, please visit NewAmericanFunding.com