Frequently Asked Mortgage Questions
General Mortgage FAQs
Common Non QM Loan Questions
Frequently Asked Questions-FAQ
What’s The Difference Between A Full Doc And A Non-Qm Loan?
Full Doc Loans require W-2s, tax returns, and pay stubs for income verification.
Non-QM Loans allow alternative income verification, such as bank statements, rental income, or 1099 earnings.
What Credit Score Do I Need To Qualify For A Mortgage?
Full Doc Loans: Minimum 620+ credit score.
Non-QM Loans (Bank Statement, DSCR, 1099, P&L): 660+ credit score.
Hard Money Loans: No minimum credit score (asset-based lending).
Can I Get A Mortgage If I’m Self-Employed?
Yes! Self-employed borrowers can qualify for a mortgage without W-2s or tax returns. Options include:
Bank Statement Loans (Qualify using 12-24 months of deposits).
1099 Loans (Use 1099 earnings instead of tax returns).
P&L Loans (Use a CPA-prepared Profit & Loss statement).
How Do Dscr Loans Work For Real Estate Investors?
DSCR (Debt-Service Coverage Ratio) loans allow investors to qualify using rental income instead of personal income.
Perfect for short-term rentals (Airbnb, VRBO) and long-term investment properties.
No tax returns, no W-2s required—just property cash flow!
Investor Tip: If your rental income is higher than your mortgage payment, you can qualify for a DSCR loan!
What Is A Cash-Out Refinance?
A cash-out refinance replaces your existing mortgage with a larger loan, allowing you to withdraw the difference in cash.
Common uses: home renovations, debt consolidation, business investments, and real estate purchases.
Can I Do A Cash-Out Refinance On An Investment Property?
Yes! DSCR Loans and Aspire X allow cash-out refinancing on rental properties.
Max LTV: 75-80% for investment properties.
Investor Tip: Use your rental property equity to buy more real estate without proving personal income.
What is a Jumbo Loan?
Jumbo Loans exceed conforming loan limits ($766,550 in most areas, higher in high-cost markets).
Used for luxury homes, multi-million-dollar real estate, and large investment properties.
No Limit Jumbo Loans go above $3 million with flexible underwriting.
Pro Tip: If you’re self-employed or have complex income, No Limit Jumbo Loans allow bank statements instead of tax returns!
How Long Does It Take To Get Approved For A Mortgage?
Full Doc Loans: 3-4 weeks.
Non QM Loans: 1-3 weeks.
How do I apply for a mortgage?
1-Get Pre-Qualified – Submit basic details to estimate your loan eligibility.
2-Provide Income Documentation – Full Doc (W-2s, tax returns) or Non-QM (bank statements, rental income).
3-Underwriting & Loan Approval – Processing time depends on loan type.
4-Close on Your Mortgage!
Explore Your Creative Lending Options
we specialize in connecting you with a licensed non-QM loan products expert to meet your needs. Whether you're looking for a Bank Statement Loan, DSCR Loan or a P&L only Loan, we’re here to help! We can connect with the right lender for the loan you need.