Bank Statement and Non-QM Loans in Royal Oak
As a self-employed borrower, you can hit some serious roadblocks when applying for a mortgage through a big bank.
The biggest of these roadblocks usually comes in the form of a request: “We need to see your W-2.”
Without this form, a traditional lender may not allow you to move forward with the application process for a mortgage.
Mortgage City is different. We offer our bank statement loan program to those in need of non-QM mortgages.
What is a Non-QM Loan?
A non-QM loan is another name for a bank statement loan, also sometimes called a “stated income loan.”
Non-QM stands for “non-qualified mortgage.”
Qualified loans that Fannie Mae or Freddie Mac purchase require a W-2 and pay stubs.
In theory, this requirement is supposed to protect consumers by making sure that they do not take out mortgages that they cannot afford.
But in reality, it unfairly stands in the way of many consumers successfully applying for loans that they can afford.
Thankfully, non-QM loans offer a way around that by only requiring that you submit bank statements to document your income.
Who Can Benefit for a Bank Statement Loan in Michigan?
Borrowers with various income situations can take advantage of bank statement loans to purchase or refinance.
You might consider a bank statement loan if you are any of the following:
- A business owner
- A self-employed person
- An entrepreneur
- A freelancer
- An investor
- Any other person with a unique income situation
We can advise you whether a non-QM loan might be the right fit for you during your consultation.
Benefits of Applying for a MI Bank Statement Loan
Not only do bank statement loans open doors to borrowers who would otherwise find them closed, but they also:
- Speed up the lending process.
- Simplify the application process, making it easy and clutter-free.
- Close fast.
Plus, when you work with us, your experience will be very different from what you would have at a big bank. Our experts have worked with other borrowers like you without W-2s.
We understand the obstacles you face, and we already have a clear path laid out for you. We can make adjustments as needed to the application process to fit the unique requirements of your borrowing situation.
Apply Now for a Non-QM Mortgage in Royal Oak
Are you ready to move into a home without a W-2? Whether you are in Michigan or Florida, we can help make your dreams of homeownership come true. Call us today at (248) 930-8709 to schedule your consult.
