Understand the options.
Then ask good questions.

Documentation: Employees may use pay stubs and W-2s. Self-employed borrowers may use tax returns and business documentation. Asset, credit and property information is also reviewed.

Review: Income stability, debts, available funds, property type and lender requirements determine eligibility. Self-employment does not automatically require a Non-QM loan.

Documentation: Income and employment documentation, available funds, credit history and property information are reviewed. FHA loans generally include mortgage insurance.

Review: The borrower, occupancy and property must meet applicable requirements. FHA insurance is not a promise that a lender will approve an application.

Documentation: Eligibility is typically supported by a Certificate of Eligibility, along with applicable income, credit and property documentation.

Review: VA eligibility and lender approval are separate. Occupancy, benefit eligibility and the particular loan purpose need review.

Documentation: Household income, employment, credit, available funds and property information are reviewed under the applicable USDA program.

Review: A rural or suburban address is not enough by itself. The property location and household eligibility must be checked.

Documentation: Statements are analyzed under the lender’s rules. Deposits, business expenses, account ownership and the history of the business may all need review.

Review: Account deposits are not automatically qualifying income. Documentation periods, reserve requirements and program terms vary by lender. This is often a Non-QM scenario; conventional financing may still be worth comparing.

Documentation: Property income evidence, such as a lease or market-rent assessment, is reviewed with property expenses, available funds and other lender-required documentation.

Review: It is not a primary-residence loan. Property eligibility, rental-income calculation, financing terms and applicable licensing must be reviewed. It is not a no-document or guaranteed-approval loan.

Documentation: Depending on the program, documentation may include bank statements, business financials or assets. The lender still requires evidence appropriate to the loan.

Review: Non-QM does not mean no underwriting or unlimited nationwide availability. Costs, requirements, protections and program availability need individual review.

Documentation: The lender may review identification, tax identification, residency, income, assets and the intended property use according to the specific program.

Review: An ITIN does not by itself establish residency, lending eligibility or approval. Tell Elaine the general scenario; do not enter identification numbers here.