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
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.
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 can secure a formal pre-approval in 1-2 business days from your application. Most loans close in about 30 days.
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.
Bank of England Mortgage is a domestic FDIC chartered and regulated bank operation for over 120 years lending nationwide.