Travel Nurse Friendly Lending Options

[Josh Meadows]

Hi,

My wife and I are currently shopping the market for a primary residence that we could add value to and then later cash out refinance as well as finding a lender to help us accomplish this. I have run into DTI issues in the past with lenders because they don't/won't work with stipend pay from the government even though it's signed by both parties in an agreed upon contract for an agreed upon time. For example... Let's say I am paid a net of $2068 weekly. My pay stub would reflect that I am paid $28 an hour for 36 hours for a taxable gross of $1008. The other untaxed portion on my pay stub given by the government (according to the GSA.GOV website) for a meals and housing stipend equal out to $1060. Do you guys happen to know of any lenders that work with this type of mixed stipend/taxable income?

Thanks,

Josh Meadows RN

[Robin Simon]

Yes - you are a perfect example of someone who is a great fit for a non-QM loan - they are similar to conventional lenders but have various options for income/DTI besides pure W2 including looking at your assets, bank statements, etc.