Are You Part Of The “Gig Economy?”
One of the fastest segments of job growth is the “Gig Economy”. Uber, Door Dash, Virtual Assistant or one of the other roles available are replacing traditional work roles. Unfortunately, roles in the “Gig Economy” have pay structures that may make it more difficult to qualify for a mortgage. This is where alternative mortgage programs, called Non-QM programs, provide options for borrowers who do not fit traditional mortgage programs. One of the most popular alternative mortgage programs is the Bank Statement Program. As more borrowers work independently or have variable income sources their true income may be understated. The Bank Statement Program allows lenders to qualify a borrower using the borrowers actual cash flow not just the income reported on the tax returns. Lenders asses your income based on the deposits made over the last 12 or 24 months. if you are self employed or a part of the “Gig Economy”, the experts at FDM can help you with the full line of mortgage programs designed for self-employed borrowers.