Employment and Income
From emerging industries, self-employed, to IRA Distribution- we can help get you qualified.
Home and Mortgage is skilled at working with people from a variety of different industries. No matter what your employment, we can establish your income through various documents, including bank statements, tax returns, investment accounts, and more. We also offer different loan products that provide financing for people who work in emerging industries. We take pride in helping people from all walks of life and all forms of employment. Whether you are a standard employee, a company president, or an independent contractor, we have the experience, knowledge, and flexibility to help you get the right loan for your specific needs.
Most borrowers in the United States are standard W2 employees. We are experienced in working with your W2 to establish your income and help you secure a top-quality loan. Using this document, we can guide you toward FHA loans, conventional loans, jumbo loans, or whatever fits your situation.
Self Employed / 1099
Being self-employed creates significant challenges when you are looking for a mortgage loan. You may not have a W2, and your tax returns may not reflect your entire income, limiting your borrowing potential. But we can use a variety of documents to establish your income and help secure an affordable mortgage.
Contractor/Freelance - 1099
Thanks to expanding technology, more people are working as independent contractors than ever before. However, they often experience challenges for establishing income and securing a loan. We are skilled at using documents like bank statements and tax returns to help freelancers and contractors secure home-loan financing.
The cannabis industry is growing, developing, and changing as we speak. With states and the federal government easing regulations, more people are working in this industry. If you are one of the many people working in legal cannabis, you may find challenges for financing. But there are home-loan options if you work with our lending team
Business Owner/ K-1
If you are a business owner, you likely don’t have a standard W2, and your income may fluctuate on a monthly or annual basis. Let us work with your documents to help secure the right loan. From bank account statements to contract agreements, we can use different documents to help business owners get approved.
Asset Utilization- 401k & IRA Income for borrower under 59.5
If you don’t earn a standard income, but you have a significant collection of assets, we can use these assets to calculate your income. You are not required to cash in your assets, as they are only used to demonstrate your ability to make payments on the loan. This option is available for people 59.5 years of age or younger.
“Alternative income” is a broad term that describes any money that comes from sources outside of a typical job or business. This could include income from a side-hustle, online business, or returns from a stock investment. No matter what the source, we can use the alternative income to increase your borrowing potential.
If you have an investment that delivers a fixed payment on a scheduled basis, you have what’s known as a “fixed income.” This can include treasury bonds, municipal bonds, corporate bonds, certificatesof deposit (CDs), and more. We understand how to use these income sources to secure the right mortgage for your needs.
Our team understands how to use a mixture of income sources to increase your borrowing potential. In some cases, this may include VA benefits, which can be useful for securing the right mortgage, including a VA loan.
If you have stock options as part of your overall financial portfolio, you can leverage these assets to increase your stated income andenhance your borrowing power. This can lead to a larger home in the neighborhood you prefer, but you need the right lending agent who is experienced in working with this unique source of income.
Whether you own an empire of rental properties, or you simply rent out a room in your home, we can use these rent checks as part of your overall income profile. In some cases, if you are buying an investment property we can use the future rent checks as the source of income on the loan.
Cross collateralization is simply a way of using one asset as collateral for multiple loans. This can seem complex, but if you work with the right lending agent your property assets, even if they are currently mortgaged, can be used to secure a second loan, which can in turn be used for various purposes.
Permanent and non-permanent residents can apply for a mortgage as long as they are receiving taxable income in the United States. However, some residents may not qualify for government-backed loan products such as FHA and typically require a higher down payment.