No Tax Return loans are known as NON -QM loans in the mortgage industry.
A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of using the traditional income verification required for most loans. Examples include using bank statements, rents or using your assets as income to qualify.
Bank Statement Loans
If you have been self-employed for the last two years, you can now qualify using your monthly deposits from your personal or business bank statements without providing your tax returns.
- Purchase and cash out, or rate and term refinance
- Owner occupied, second homes and investment properties
- No W2s, tax returns or paystubs needed to qualify
- Purchase with as little as 10% down
- Cash out up to 80% of your properties value
- Depending on the program, anywhere from 12 to 24 months of bank statements are used to calculate your income
- Get a fixed rate or adjustable mortgage.
- 40 year interest only loans available
Debt Service Coverage Loans DSCR Loans
A DSCR Loan is a type on Loan that can be used by real estate investors to purchase rental property without showing any proof of income.- Purchase and cash out, or rate and term refinance
- No job needed
- No personal income W2s, tax returns or paystubs needed to qualify
- The properties income is used to qualify by taking the annual gross rental Income and the properties cash flow and dividing it by the properties debt to determine a Debt Service Coverage Ratio or “DSCR”
- Interest Only options available
- Properties can be in your LLc’s names
- Non warrantable condos are OK
Asset Utilization Loan
An asset utilization loan is a mortgage program that, for qualifying purposes, calculates a monthly amount to determine income, based upon available liquid assets that you own.- Owner occupied, second homes and investment properties
- Purchase and cash out, or rate and term refinance
- No job needed
- No personal income W2s, tax returns or paystubs needed to qualify
