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If you’re self-employed or working as an independent contractor, you may not have a W-2 form to prove your income when applying for a mortgage. However, don’t worry! There are still ways to get a mortgage without a W-2.
Here are some options for getting a mortgage without a W-2:
- Bank Statement Programs: Some lenders offer bank statement programs that allow self-employed borrowers to use their bank statements to prove their income. This can be a great option for those who have a strong cash flow but don’t have traditional W-2 income.
- Asset-Based Lending: If you have significant assets, you may be able to qualify for an asset-based loan. With this type of loan, the lender will consider your assets, such as savings accounts, investment portfolios, and real estate, instead of your income.
- Co-Signer: You may be able to get a mortgage with the help of a co-signer who has a W-2 income. A co-signer is someone who signs the loan with you and agrees to be responsible for the payments if you can’t make them.
- Non-Qualified Mortgage: Another option is a non-qualified mortgage, which doesn’t require W-2 income. Instead, the lender will consider other factors such as your credit score, debt-to-income ratio, and other income sources.
- Stated Income/Stated Asset Loans: Some lenders offer stated income or stated asset loans, which allow you to state your income or assets without providing documentation. However, keep in mind that these loans typically have higher interest rates and may require a larger down payment.
When applying for a mortgage without a W-2, it’s important to have a strong credit score and a good payment history on your bills. You’ll also need to provide documentation of your income and assets, such as tax returns, bank statements, and investment portfolios.
At A and N, we understand that not everyone has a W-2, and we’re committed to helping self-employed and independent contractors find the right mortgage option for their unique situations. Contact us today to learn more about our loan options and how we can help you get the mortgage you need.
