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Mortgage 101

Mortgages for Borrowers with Nontraditional Income

Read Time: 3 Minutes Date Published: March 05, 2025 Last Updated: June 26, 2025
Topics:
Non-Qualified Mortgages Smart Series Self Employed Real Estate Investing Asset Qualifier

Maybe you’d like to get a mortgage for a new home or investment property, but you are concerned you might fall outside of conventional income verification rules. Don’t have a W-2? Fortunately, you have options.

Below, explore Newrez’s line of non-qualified mortgage (non-QM) products for borrowers with unique income situations.

Is a Non-Qualified Mortgage Right for Me?

You might be interested in our line of non-QM products if you:

  • Run your own business
  • Work as a freelancer/gig worker with fluctuating earnings
  • Own or are buying a rental property to generate cash flow
  • Have a high net worth and rely on assets instead of paychecks

Connect with one of our mortgage experts to find out if you qualify.

Mortgages for Self-Employed Professionals

Calling all small business owners, freelancers and gig workers: Newrez’s bank statement loan, SmartSelf, is tailored to your needs.

Benefits of a Newrez Bank Statement Loan:

  • Qualify using business or personal bank statements, profit and loss statements or 1099s
  • No need for tax returns or W-2s
  • Loan amounts up to $3.5 million
  • Flexible debt-to-income (DTI) ratios, ideal for entrepreneurs

Mortgages for Real Estate Investors

Whether you’re new to real estate investing or you already own rentals, SmartVest can help you grow your portfolio. SmartVest is Newrez’s Debt Service Coverage Ratio (DSCR) loan.

Advantages of a Newrez DSCR Loan:

  • Qualify using rental income (cash flow)
  • No personal income verification needed
  • Works for both long-term and short-term rental properties
  • Cash-out refinancing available for renovations, debt consolidation or buying more properties
  • No landlord experience required

Mortgages for High-Net-Worth Individuals

If you have high but irregular income, an asset qualifier loan could be a great option. Qualify using liquid assets such as savings, stocks or retirement funds.

Who Could Benefit from an Asset Qualifier Loan?

  • Trust fund inheritors
  • Retirees
  • Professional athletes
  • Business owners who sold for a large profit
  • Contract workers with signing bonuses
  • Other high-net-worth individuals

Advantages of an Newrez Asset Qualifier Loan:

  • Qualify using personal liquid assets
  • No job verification or tax returns needed
  • Eligible borrowers may get up to $2 million
  • You may still qualify with an isolated credit event like a bankruptcy or foreclosure

Find the Right Mortgage for Your Income Type

These non-QM mortgages offer a path to homeownership for those with less common sources of income. Get a loan without the need for “conventional” documentation.

Want to learn more from an expert? Connect with us today and explore your mortgage options.

 

This is not a commitment to lend. All loan programs are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.

Learn more in our other educational series.

We’ve assembled a treasure trove of jargon-free information to demystify home-financing and arm you with valuable insights and actionable options.

Browse our complete library of resources

Why Newrez?

Newrez believes the lending business shouldn't just be about home loans - it should be about homeowners. That's why our employees get to know our customer's real needs, through final closing, and beyond.

Industry leading loan options
Simple pre-qualifications and application processes
Loans for everyone, from seasoned investors to first-time buyers
Putting power back into underserved communities

Disclosures

†By refinancing an existing loan, the total finance charges may be higher over the life of the loan.

††The rate on your existing mortgage will not change. The Newrez Home Equity Loan program requires borrower to obtain a second mortgage at current market rates. Loan amount based on underwriting guidelines. Minimum 660 credit score. Minimum and maximum loan amounts apply. Program financing only available on properties with one existing mortgage lien and subject to maximum loan-to-value ratio. Not available in all states or territories. Other terms and restrictions apply. Please contact us for more information.

^ This HELOC is an open-end line of credit, available on owner occupied properties, where 75% of the approved full credit limit (minus the origination fees) will be drawn at the time of closing. Additional draws may be available after a 90-day period within the first 3 years not to exceed the available credit limit. Actual rates available to you may vary based on several factors including your credit score and combined loan-to-value. Loan amounts range from $50,000 to $350,000. We may determine home value and resulting equity through independent data sources and automated valuation models. An appraisal may also be required. Only available for eligible borrowers and property types. Not all applicants will be approved, pre-approval is based on data you have provided and certain assumptions that must be verified and subject to underwriting approval. Not available in all states or territories. Contact Newrez for more information.

This is not a commitment to lend. All loan programs are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.