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Types of Income Documentation Options for Non-QM

April 24, 2024
income documentation

When it comes to qualifying your client for a conforming mortgage, the process is pretty straightforward. You collect pay stubs, gather tax returns, and compile bank statements. However, when it comes to Non-QM loans, different types of income documentation might be required.

The good news is that these requirements can be more flexible than those for conforming loans, and you can mix and match your client’s financial profile with the available options to close the deal.

At LendSure, we provide alternative solutions tailored toward borrowers who don’t fit conforming guidelines. Our account executives are always here to help you explore the variety of ways that borrowers can verify their financial eligibility.

Here’s a rundown of some of our most popular programs and their income verification options:

Bank Statement Program

Catering to borrowers who may not have traditional forms of income documentation but can demonstrate their earnings through business or personal bank statements. This includes gig workers, freelancers, retirees, and entrepreneurs.

LendSure’s Bank Statement Program Income Documentation Options:

  • Business bank statements and personal bank statements permitted
  • W-2 with Bank Statements combinations allowed
  • P&L statements not required

Profit & Loss (P&L) Program

Designed for self-employed borrowers, business owners with fluctuating seasonal income, or cash businesses, our P&L Loan Program allows them to qualify for a mortgage based on a Profit and Loss statement.

LendSure’s P&L Program:

  • No self-employment questionnaire required
  • Bank Statements not required
  • The P&L must cover the most recent 12 months (dated within 60 days of closing date)
  • Borrower must have been self-employed in the same business for 2 years, verified by one of the following: business license, letter from tax preparer, Secretary of State filing or equivalent
  • Borrower must show ownership of a minimum of 50% of the business
  • P&L must have been provided by a CPA, IRS Enrolled Agent or California Tax Education Council

Asset Depletion/Asset Qualifier Program

Ideal for borrowers with significant assets but irregular income streams, this program enables them to leverage their existing assets as proof of ability to cover mortgage payments.

LendSure’s Asset Depletion/Asset Qualifier Program Income Documentation Options:

  • Bank statements showing cash balances
  • Brokerage statements reflecting stock and bond holdings
  • Retirement account statements

The LendSure Way

It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.

Are you ready to benefit from a common-sense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.


Contact Us: (888) 707-7811