HomeSpring Mortgage

  Getting approved for a mortgage can feel overwhelming—especially if your income or financial situation doesn’t fit the standard “9-to-5 W-2” mold. That’s where Non-QM (Non-Qualified Mortgage) loans come in. These loans are designed for borrowers who may not meet traditional lending standards, such as self-employed individuals, business owners, or those with irregular income streams. However, while Non-QM loans are more flexible, they do have their own documentation requirements. Understanding what lenders need upfront can make the process smoother and less stressful. Continue below to learn more. 1. Income Verification Options Unlike traditional mortgages that often rely on W-2s and tax returns, Non-QM loans offer alternative ways to prove your income. Depending on your situation, lenders may ask for the following: Bank statements:  Typically, 12–24 months of statements showing deposits and income flow. Profit-and-loss statements:  For self-employed borrowers, an up-to-...