If you’re an entrepreneur or have a non-traditional way of making money, it may be a little harder to buy a house. And while you may be energized by the prospect of moving to a stunning state like Utah, you’ll need to find a more creative plan to finance the purchase. Self-employed individuals or business owners will need alternative ways to show their financial readiness.
If you’re taking the plunge into the real estate market in Utah, you’ve come to the right place. Read on as we explore financing options like Non-QM loans and asset-based loans, and show how they can help when a traditional loan doesn’t.
When most people think of buying a home, they start their journey with a conventional loan application. Lenders generally will expect to see evidence of a steady income over two years through W-2 forms. They’ll also want to review tax returns to capture a fuller picture of earnings.
And lenders won’t want to see a lot of debt. If you’re making large monthly payments toward other expenses, that can hurt your chances of securing a loan. For anyone investing in real estate or running a small business, tax write-offs can make it look like your income is lower than it actually is.
Consequently, alternative loans may be a better fit. You won’t need to meet such specific criteria. And you can use other ways to demonstrate your financial fitness for a home purchase in Utah.
A Non-Qualified Mortgage (Non-QM) can be a great alternative when you don’t meet the criteria for traditional mortgages. Rather than looking at W-2s and tax returns, lenders are willing to expand what they evaluate to determine whether you qualify.
Lenders may offer bank statement loans, for instance, that consider your recurring deposits into a bank account. And investor loans will consider rental income in determining a loan amount. You can trust that these alternative loans operate legally and have strong buy-in as a more flexible option for entrepreneurs and other buyers with unique income situations.
With asset-based lending, everything you own can help paint a picture of your finances for lenders. And savings or investment accounts, for example, will be considered. Likewise, you can use equity you have in other real estate holdings, plus retirement savings, to help qualify.
In other words, your income is not the primary factor. When you’re actively investing or newly retired, these loans can be a good match. While you may not have a consistent monthly income from a job, you’ll have plenty of money in the form of assets.
Buying a home in Utah’s bustling real estate market can be exciting when you know that there are options beyond conventional loans. When you’re making money through alternative means, you can show your financial preparedness through different lending options, like Non-QM and asset-based loans.
With some preparation, you’ll be able to buy the house of your dreams in Utah.
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