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Creative Mortgage Solutions for Non-Traditional Earners
- Arlie Janet Bagongon
- Aug 14
- 3 min read
Written by Kimberly Smith - Your trusted Las Vegas Real Estate Queen
Not all buyers follow the same path — some earn seasonally, live on investments, or have income situations outside W-2 norms. Fortunately, tailored loan programs exist to help these non-traditional earners achieve homeownership in Nevada.
Important note: Loan options, documentation needs, and approval criteria differ by lender. Always consult a Nevada-licensed mortgage professional to understand local rules and ensure your financing meets state and federal requirements.
1. Asset Depletion Loans — For buyers leveraging liquid assets over employment income
How it works: Lenders may convert your liquid assets — like checking, savings, investments, and retirement accounts — into a hypothetical income stream for qualification. Some use formulas such as:
100% of cash and money market accounts
70–80% of investment accounts
60–70% of retirement funds (depending on age and access)
Nevada context: As a type of Non-QM (Non-Qualified Mortgage) loan, asset depletion options are available through lenders in Nevada, but terms vary by lender.
Pros:
No traditional income documentation required
Works for retirees or high-net-worth buyers lacking current wages
Cons:
Often higher interest rates and down payment requirements
Programs and approval processes differ by lender
2. 1099-Only Loans — For independent contractors with documented income
Overview: Designed for borrowers who rely on 1099 income (e.g., contractors, consultants), these loans use IRS Form 1099s — sometimes with minimal or no tax return submission — to verify earnings.
Nevada availability: Non-QM lenders in Nevada offer such programs to accommodate contract or freelance-based income.
Key considerations:
Minimum credit score often required (commonly 620+)
Down payment and rates depend on lender's underwriting standards
3. Seasonal Income Loans — For borrowers with part-year earnings
How it works: Some Non-QM lenders allow documentation of stability through multi-year seasonal earnings rather than continuous annual income.
Examples: Tourism workers, agricultural laborers, or seasonal event professionals may qualify by showing consistent seasonal income across several years.
Caution: These programs are niche. Always verify with a lender experienced in handling seasonal or intermittent income structures.
4. CPA Letter or VOE (Verification of Employment) Loans — For well-known but unconventional income sources
What it entails: Certain lenders may accept a CPA’s income verification or an employer-issued VOE letter in place of typical documentation like tax returns or pay stubs. Often found in Non-QM programs.
Examples: Family business employees or buyers with irregular consultant income arrangements.
Reminder: This is lender-dependent. Always request documentation guidance in advance.
📋 Why These Options Exist: Non-QM Lending Flexibility
Non-QM loans (Non-Qualified Mortgages) are beyond traditional federal Qualified Mortgage rules. They offer flexibility in documentation, DTI, and income types — but usually come with higher interest rates and fees. Nevada lenders offer Non-QM programs for individuals with complex income or asset structures.
🗒 Application Tips for Nevada Borrowers
Stay financially organized: Maintain clear bank records and statements.
Manage your credit: Aim for 620+ — though Non-QM may accept lower with justification.
Show reserves: Maintaining cash reserves enhances your financial profile.
Shop smart: Compare multiple Non-QM lenders to find the best terms.
Use a licensed professional: To navigate Nevada’s lender rules and ensure compliance.
💬 Final Word from Kimberly:“Home financing isn’t one-size-fits-all. Whether you're living off savings, working seasonally, or earning in non-traditional ways, Nevada lenders have flexible solutions. Let’s get your financial picture matched to the right program — on your terms.”
Disclaimer: Mortgage products, eligibility criteria, and regulations vary by lender and jurisdiction. None of the information above guarantees approval. Always consult a Nevada-licensed mortgage professional to confirm current program options and compliance with state and federal law.
👑 Kimberly Smith is a top Las Vegas Realtor known for her sharp market insight, strategic approach, and commitment to helping clients move smart—whether buying, selling, or just exploring what’s next. She’s not just a local expert—she’s The Real Estate Queen of Las Vegas.
📞 Connect with Kimberly:📍 Serving Greater Las Vegas | 🏡 Luxury + Residential
📲 (702) 291-7098
📱 Follow on Instagram: @realestatequeenoflasvegas
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