Mortgage Loans for Self Employed or Independent Contractors

Welcome to First National Bank of America, where Non-QM provides mortgage loans for self employed borrowers. These loans are tailored to fit the unique financial situations that self-employed individuals and independent contractors face when needing to provide proof of income. 

As a self-employed individual, independent contractor or gig worker, traditional mortgages may not cater to your specific financial circumstances and tax returns may not reflect your financials accurately. That’s where our Non-QM mortgages come in. We offer solutions that do not require tax returns.

When you apply for a Non-QM mortgage with FNBA, you will experience a common sense underwriting approach and will have the flexibility to use different types of income documentation, including:

  1. 1099’s: As an independent contractor, it’s likely that you receive 1099 forms for the work that you perform throughout the year. These documents can serve as proof of your income.
  2. Profit & Loss Statements: As a business owner, your profit and loss statements are valuable tools for demonstrating your income over a period of time. We accept these statements as valid documentation of your financial stability.
  3. Business or Personal Bank Statements: These documents may also be utilized to verify your income as they offer a comprehensive overview of your financial activity and can provide us with insights into your earning capacity.

Getting your finances ready for a Non-QM loan application can seem challenging, but having everything ready up front can streamline the process and get you on the path to home ownership in no time! Here are a few helpful tips to consider as you begin on this journey:

  • Organize Your Financial Documents: At FNBA, we require 12 months of income documentation. Whether you are using 1099’s, Profit & Loss Statements or Bank Statements, be sure to gather anything that pertains to the last year.
  • Save for a Down Payment: Non-QM loans have larger down payment requirements than a traditional mortgage. Plan on having roughly 20% of the home value tucked away in a savings account somewhere by the time you are ready to apply.
  • Check Your Credit: Our Non-QM loan programs can accommodate people with credit scores as low as 600 and individuals who have not yet established a credit profile. Having a strong credit score can lead to more favorable mortgage terms, so if your credit is on the low side, now is a great time to work on improving it.

As a self-employed individual or independent contractor, you will need to prove that your income is sufficient and that it will meet your mortgage obligations. Showing that your business is profitable and that it will consistently provide the necessary funds for a home loan is a must.

We’ve been helping people finance their homes since 1955 and we are committed to helping you achieve your homeownership goals! Contact us today to learn more about our Non-QM loans and take the first step towards securing your dream home!

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Non-QM Loan Program Highlights

  • Minimum Down Payment of 15% is Required
  • Gift Funds Allowed
  • Debt-to-Income (DTI) of up to 55% 
  • Financing for Single Family Homes, 2nd Homes, Multi-Family, Vacant Land, Non-Warrantable Condos, Mobile Homes and more
  • Fixed Rate Mortgage with 15, 20, or 30 Year Terms
  • No Prepayment Penalties
  • Flexible Income Documentation Options available:
    • Profit & Loss Statements – our most popular option!
    • Business or Personal Bank Statements
    • 1099 Income

Explore our Non-QM Loan Options Today!

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Want to talk to a member of our team? 1-833-394-8404

All communication by any method provided in any language other than English is for courtesy and/or information only. All mortgage documents necessary to effectuate the transaction, required by law, or required by federal regulation, will be provided in English.

Las comunicaciones de todo tipo provistas en idiomas distintos al inglés son solamente para fines de cortesía y/o informativos. Todos los documentos hipotecarios necesarios para efectuar la transacción, requeridos por ley o por reglamentación federal, serán provistos en inglés.