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Non-Qualified Mortgages

Bank of England Mortgage is a nationwide leader for Low Doc Loans
Serving Self Employed, 1099, W-2, Investors And Retired Borrowers With No Tax Return Mortgage Solutions

What are Non-QM Mortgages?

A Non-QM Loan, also known as a non-qualifying mortgage, is a loan that allow you to provide alternate, or in some cases, less documentation in order to qualify for a loan, compared to traditional mortgage options. The flexibility provided by a Non-QM loans allow for a broader group of individuals to get a new home.

Non-QM vs. Qualified Mortgage

Mortgage companies need to verify your income before they will approve you for a home loan. They usually do this by looking at your W-2 and tax returns.That can be a problem if you work for yourself. Independent contractors, including business owners, freelancers, and seasonal or gig workers likely won't have the tax forms needed for a traditional mortgage.

Non-QM loans are an alternative to traditional qualified mortgage loans. More importantly, a Non-QM loan is one that is not required to meet the federal government and Consumer Financial Protection Bureau’s guidelines for qualified mortgages. These traditional qualified mortgages where brought about by the 2008 Recession, during which many borrowers defaulted on their subprime mortgages and were forced into foreclosure. This not only had a long-lasting effect on the economy but damaged many individuals’ credit. However, these protections also cause many self-employed individuals to have trouble getting a loan. Non-QM loans are the solution for this unforeseen troubles.

We specialize in 3 types of low doc mortgage options
with NO tax returns required:

True "No Income - No Employment - No Tax Return" Loan

Available for Self Employed, W-2, Retired, No Employment, Investor type borrowers, this loan features:

  • No Income or Employment listed on application or required for approval.
  • No W-2's, Paystubs, Tax Returns or 1099's required.
  • Minimum 640 MID FICO Score
  • Income and Employment not shown on application and not verified.
  • Loan Amounts $250,000 to $5,000,000

Bank Statement Loans

Available for Self Employed, 1099, and Independent Contractors, this loan features:

  • Self Employed borrowers qualify with gross bank statement deposits. 12 or 24 months.
  • Lowest Rate Option for Self Employed Borrower.
  • No Tax Returns, W-2's or 1099's required.
  • Available for Primary, Vacation, or Investment Properties.
  • Loan amounts $250,000 to $5,000,000
  • Minimum 640 MID FICO Score

Asset Only Qualifier Loan

Based solely on your assets, Asset Only and Asset Depletion loans only require asset documents. This loan features:

  • Options: 1099 Only, 1 Year P&L, 1 Year Tax Return, Hard Money Available
  • Available For Primary & Vacation Homes Only
  • 640 Minimum FICO Score Required
  • Loan Amounts $300,000 to $3,000,000 Only

Frequently Asked Questions

How long does it take to get pre approved and how long to close?

We can secure a formal pre-approval in 1-2 business days from your application. Most loans close in about 30 days.

What experience do you have working with self employed borrowers?

We have assembled a team of loan officers with years of mortgage experience working with self employed borrowers, investors, and borrowers who don't want to disclose their income.

Who is Bank of England Mortgage and do you fund in my state?

Bank of England Mortgage is a domestic FDIC chartered and regulated bank operation for over 120 years lending nationwide.

Who can I contact to answer more questions and how do I get pre approved?

Our team of licensed mortgage professionals can be reached 7 days a week at (901) 610-3171 or through the contact form on this page.

Ready to start your mortgage journey?

Apply Now

Have Questions or Concerns? Let Us Know!