Buying a home is a big deal. For some, it’s the fulfillment of a lifelong dream. Many of those who don’t have traditional income might feel like getting a mortgage loan. Luckily, there are options for those who don’t qualify for the standard, qualified loan. Non-qualified...
As you may have found while looking for mortgage lenders in your area, some homebuyers don’t fall into the standard box for mortgage lenders. This can be for a variety of reasons, ranging from credit to income, and more. Potential homebuyers may even assume that they...
Subprime mortgages first gained popularity in the early 2000s. However, there’s a new type of mortgage loan out there building upon the success of subprimes. Non-qualified mortgages are not subprime, but they are similar as they do not conform to the typical underwriting guidelines of...
Many Americans know how difficult it is to buy a home. This is especially true if you are self-employed. Little-known fact: for most lenders to give a self-employed individual a home loan, the borrower will need to prove at least two years of self-employment. Often, the...
You pay all of your other bills with your credit card, so it makes sense to assume that you can pay your mortgage with a credit card. However, it can be difficult to find companies that will accept debt-for-debt payments. Whether you are allowed to...
Non-qualified mortgage loans, loans that don’t meet the standard criteria for qualified mortgages, are becoming more popular. Many potential home buyers do not conform to the standard workweek and paycheck and thus appear risker to traditional lenders. Non-QM loans allow for greater flexibility in determining...
If you are looking to buy a house but don’t have typical income or credit, you might feel like you’ll never get your own home. While you may not qualify for the standard, qualified loan, you don’t need to give up hope. Luckily, there are...
All homebuyers are different. Everyone is unique in that they may or may not fall into the standard bucket of individuals looking for a conventional 30-year fixed-rate mortgage. Due to factors such as credit and income, individuals may believe a home is out of reach....
Many people have the dream of one day owning a home; however, only a few people can purchase a home in cash. Therefore, nearly everybody needs to take out a loan in the form of a mortgage. It can be a challenge to convince a...
With the ever-increasing number of freelance, gig-economy, and other non-traditional employment, it’s no wonder that some banks are moving away from only offering traditional, qualified loans. One of the newest programs for non-traditional workers is the 24-month bank statement loan. These bank statement loans take...
