No W2 Mortgage Loans in NY and FL

No W2 Mortgages

Between side-hustles and freelancing opportunities many people these days do not get issued a W2 form for the work they provide to other's all year round. So, what is a new home buyer to do when they do not have a W2 form to be able to show a mortgage lender their yearly income?

Don't despair! At Atlantic Home Capital we specialize in providing mortgages just like these, to people just like you who don't have a W2 to show their proof of income. In order to make the process of obtaining a mortgage without a W2 a bit easier you should be prepared to show your broker; your previous year's tax returns (some broker's will ask for the last two or three years of returns). This, combined with; your credit report and your income to debt ratio is great way to show proof of income to your broker to prove that you will be able to make your mortgage payments when the time comes.

Some great tips that can give you an advantage when considering loan like this is; make sure you pay off any outstanding debt you may have, this will help improve your income to debt ratio. Another tip is to put that cash away in your savings account. The more you have in your savings the better.

w2 form with a pen and paperclips on a desk

In saying that, you’ll rarely find brokers who are willing to go the extra mile in helping you get your dream home when you don’t fulfill the standard requirements for a loan. Atlantic Home Capital is here to help you in your homeownership journey. Our smooth and seamless mortgage process will ensure that you get the necessary funding in a heartbeat!

We pride ourselves on helping our customers with quality services. Our lightning-fast response times have enabled us to become the lender of choice for customers looking for quality mortgages at low-interest rates.

We’re working towards becoming the leading mortgage broker in the country—which we can only do by ensuring we give our best to every client we take on. Our lending services are not limited to Florida or New York, but we expanded to Connecticut, Maryland, Alabama, Tennessee, and New Jersey. You’ll always find our mortgage consultants equipped to provide expert advice on your mortgage situation. We’ll go above and beyond in helping you get your dream home.

Our team will sit down with you to understand your situation, gauge your financial position, and recommend customized products that help you achieve your goals! If you’re looking for Investment Property Loans in FL, NY, NJ, CT, TN, or AL, reach out to Atlantic Home Capital.

Atlantic Home Capital Provides

  • Bank Statement Loans
  • No Tax Return Loans
  • No W2 Mortgages
  • No Income Verification Loans
  • Mixed-Use Financing

FAQs

What Are the Requirements to Apply For No W2 Loans?

The more documents you provide to prove your financial stability, the more likely you’ll be to land a no-W2 loan. We recommend bringing your bank statement so our mortgage brokers can ascertain your debt-to-income ratio (how much of your income goes toward debt repayments every month). It’s also worth checking your credit score—the higher it is, the more likely you’ll be to land a no-W2 loan.

What Are the Most Popular Types of No W2 Loans?

The 3 most popular types of no W2 loans are:

  • SISA loans (‘stated income, stated assets’): This type of loan requires you to declare your income and assets without having to have your claims verified.
  • SIVA loans (‘stated income, verified assets’): This is the same as a SISA loan except your assets are verified by the mortgage lender.
  • NIVA loans (‘no income verification, verified assets’): This type of loan doesn’t require you to declare your income provided your assets are verified by the mortgage lender.
Are No W2 Loans Conforming or Non-Conforming?

Conforming loans require applicants to submit proof of income documents like a W2 form. Lenders ask for these documents to assure the federal bodies backing these loans that the applicant isn’t a default risk. Therefore, no W2 loans are non-conforming because they don’t require you to submit a W2 form.

If you submit alternative documents proving your financial stability, like bank statements, chances are you’ll land a no-W2 loan.

I’m Self-Employed. Are No W2 Loans The Only Means of Home Financing Available to Me>

No. While many self-employed borrowers apply for no W2 loans due to convenience, they have plenty of other options. For instance, the US Small Business Administration (SBA) Self-Employed Loan is perfect for self-employed workers looking for a loan between $50,000 and $5 million. The interest on these loans varies from 2.25% to 13%, depending on the loan's size. Generally, the smaller the loan, the higher the interest.

Why Are No W2 Loans Important to the Freelancing Industry?

Freelancers are the only workers (other than contractors and the self-employed) who aren’t issued W2 forms. Therefore, freelancers looking to buy a home on credit are often left with no option other than applying for no W2 loans.

Fortunately, Atlantic Home Capital has helped countless freelancers realize their dreams of homeownership by issuing them no W2 loans. If you’re a freelancer, speak to our mortgage consultants about our no W2 loans today.

I Took Out a No W2 Loan But I’m Employed Now. How Do I Switch to Another Mortgage?

The application requirements are the only difference between a no W2 loan and a conventional non-conforming loan. Therefore, if you have an active no W2 loan but you’ve since gained employment and have access to W2 forms, all you’ve got to do is refinance your loan.

Contact our mortgage brokers today to find out what kinds of loans you’re eligible to refinance your no W2 loan towards.

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