Qualify For A Mortgage With Cannabis-Related Income

Cannabis Retail Store Owner working with a client

The legal cannabis industry, despite its rapid growth and profitability, has always faced significant hurdles obtaining access to traditional banking and mortgage services. This is where non-qualified (non-QM) mortgages come into play. Non-QM loans are a type of home loan that do not align with the Consumer Financial Protection Bureau’s (CFPB) rules for Qualified Mortgages (QM). They offer a unique solution for people with unique financial situations like those in the cannabis industry. Non-QM loans are not subject to the same stringent requirements and are more flexible in terms of income verification.

For individuals working in the cannabis industry, whether as business owners or employees, non-QM institutions like OptionWide Financial can provide an opportunity to secure a mortgage when traditional avenues may be closed. These loans can consider alternative forms of income verification, such as bank statements or 1099s, which can be particularly beneficial for those in the cannabis industry with substantial income but little in the way of traditional pay stubs or W-2 forms.

The OptionWide Cannabis Mortgage program is a viable solution for anyone operating within the legal cannabis industry. As long as cannabis is legal in the state of operation and the operator is fully licensed, business owners and their employees can qualify to purchase a primary home, 2nd home, or investment property with refinancing options are available as well for those who already own property.

Contact an OptionWide mortgage banker today to learn more about all cannabis-related income home loan options, Apply Now or call (877) 329-7960.

Source: CannabisMortgage.org