Mortgages come in many shapes and sizes. For people with nontraditional employment, varying sources of income, or other unique situations, the diversity of home loans available can help them secure financing without standard documentation.
Ultimately, it's up to the lender to determine the kinds of mortgage products they offer. That means that each lender is a bit different, and that you'll likely have to shop around to find the best option for your unique and personal sit
If you're looking for a home loan, but haven't filed tax returns in the last couple of years, you may be running into some difficulty finding a standard mortgage. Fortunately, the rise of non-traditional employment and agile lending companies make it more possible than ever to find a mortgage without having to present your tax returns.
These types of no tax return mortgages will typically be non-QM, that is, not a Qualified Mortgage backed by government institutions. These
Approximately one third of the American workforce is now self-employed, at least partially. That means that many of traditional models for mortgages just don't apply to 33% percent of the population!
Fortunately, both regulations and financial institutions have also evolved with the changing workforce, and people with non-traditional employment still have paths to securing affordable home loans. Those loans, however, aren't quite as straightforward as many QM mortgages, an
Before the crisis of 2008, non-QM mortgages were often seen as risky, and sometimes even unethical. Some of that reputation remains, despite massive changes in regulation, but more and more lenders are improving public perception with high-quality, ethically driven mortgage products that help commercial buyers and non-traditional workers alike.
More people than ever are seeking alternative loans to purchase homes, and that means that lenders have had to adapt to changing d