Nontraditional Lending
Annette Bui| Updated January 28, 2019 | Mortgage Programs 101
Did you
know the advantages of local brokers and direct lenders? Most families looking
for a home loan traditionally go to their local bank, primary lending institution,
or big named lenders they are most familiar with. Oftentimes the comfort of
these big named brands, the overhead costs of brick and mortar businesses mean
they are limited qualifying options. Many savvy borrowers are now taking
advantage of benefits that brokers can offer. Outside the box solutions from
loan options with no tax returns, shorter bankruptcy seasoning or cash reserves
to show cash flow for qualifying purposes.
Programs may include:
No tax returns.
Owner occupied, vacation or investment homes.
2 year waiting period for bankruptcies, foreclosure,
short sale.
Loans up to $2.5 million
12 months business or personal bank statements.
90% loan to value no mortgage insurance.
Interest only, 40- year programs offered.
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