Oasis Home Mortgage in Southlake, Texas, has announced non-traditional mortgage financing for 1099 contractors and freelancers who lack conventional W-2 income documentation required by most traditional mortgage lenders.
-- Oasis Home Mortgage has expanded access to its self-employed and non-QM loan programs, giving Southlake-area 1099 contractors, business owners and freelancers a path to home financing through alternative income documentation.
More information is available at https://www.oasishomemortgages.com/
Southlake has a self-employment rate of 19.5%, the second-highest among cities in the greater DFW area, according to TownCharts.com. Oasis Home Mortgage has presented its loan options to serve this segment of local earners, whose income structures often fall outside conventional mortgage underwriting guidelines.
According to a brokerage representative, the self-employed loan program is tailored for freelancers, entrepreneurs, sole proprietors, and other business owners who may not have a steady income stream or the W-2 documentation required for a traditional mortgage application. Eligible borrowers must show a consistent earnings stream and provide supporting financial documents.
Its non-QM loan program serves borrowers who fall outside Fannie Mae and Freddie Mac underwriting guidelines. Self-employed applicants may qualify using 12 or 24 months of personal or business bank statements, or 1099 income, in place of traditional tax return documentation, with loan amounts up to $2 million available.
In addition to these non-traditional income programs, Oasis Home Mortgage offers a broader range of standard loan options. Borrowers can choose between a fixed-rate mortgage, where the interest rate stays the same for the full loan term, and an adjustable-rate mortgage, which offers a lower initial rate that adjusts periodically and requires a minimum down payment of 3% to 5%.
A 2-1 buydown loan is also available, temporarily lowering a borrower's interest rate during the first two years, with the rate rising in increments, typically by 1% per year, until it reaches the standard market rate. This option requires the same documentation as a standard mortgage loan.
Down payment assistance programs help eligible first-time buyers, or those who haven't owned a home in the past three years, cover down payment and closing costs through grants, forgivable loans, or low-interest loans. Separately, the company offers private money loans, an alternative to conventional bank financing used for purposes such as fix-and-flip projects and equipment purchases.
The brokerage spokesperson notes that these programs sit alongside the company's broader offering of conventional, FHA, VA, USDA, and jumbo loans, as well as refinance products including cash-out refinance, mortgage refinance, reverse mortgage, and HELOC.
Southlake-area contractors and freelancers interested in exploring loan options can contact Oasis Home Mortgage at (972) 754-8957 or visit https://www.oasishomemortgages.com/ to speak with a loan officer.
Contact Info:
Name: Shane Campbell
Email: Send Email
Organization: Oasis Home Mortgage, LLC
Address: 7 Greenbriar Court,, Trophy Club, TX 76262, United States
Website: https://www.oasishomemortgages.com/
Source: NewsNetwork
Release ID: 89200308
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