Many would-be home buyers find obstacles to getting their loan and wish there were mortgage solutions. All they hear is “…[you] don’t meet the requirements for a mortgage”. What these lenders are really saying is you do not meet their particular requirements
Every lender starts out with general guidelines on how to make a loan. By meeting these guidelines, the lender is then able to sell the loan on the secondary market and replenish their lending funds. Each lender has to decide how they want to meet these guidelines while also avoiding risky loans. Risky loans are more likely to see the borrower stopping their payments. Once this happens the lender is saddled with collections and possible foreclosure procedures. To avoid going down this path, lenders will develop their own additional requirements. It is these requirements that cause so many would-be home buyers to find they can’t qualify for a loan.
Most people are not even aware that there are mortgage solutions out there. In fact, there are many companies that offer alternative mortgage loans. The over-whelming majority work through brokers. These brokers will work with you to gather the necessary documents, fill out the application and get you pre-qualified for a loan. Why pre-qualified and not approved right away? Because it may take you a while to find the right home at the right price. The lender offering these alternative loans will want to make sure that nothing has changed in your debt situation before they approve the mortgage.
These alternative mortgages cover many situations shunned by retail lenders. There are loans for:
-the self-employed with a lot of write offs
-foreign investors wanting to leverage their buying power
-buyers wanting to avoid mortgage insurance
-buyers seeking $1million+ loans
-and many other outside-the-[traditional]-box of loans.
If you are looking for mortgage solutions to your unique situation, get in touch at 760 622 5087 or [email protected] The chances are very good that I have the solution to your concern.