Non-Conventional Loans / Investor Loans
These are loans on 1-4 unit properties being purchased as rentals for investment purposes, rather than as primary, owner-occupied residences. Traditionally, these mortgages required a 30% down payment, but in recent years numerous alternative products have been introduced that require as little as 5% down.
No Doc Loans
A "no-doc" loan is a loan which requires little or no information about your employment, income, or assets on your loan application. Your loan and its terms are determined solely by your credit score and the property you choose to buy.
There are several varieties of the "no-doc" loan today. Which one is best suited for you depends on your particular situation. You can choose not to disclose employment, income or asset information, or disclose employment and asset information but not income. You can also disclose income but select a program that doesn't calculate debt-to-income ratios, allowing you to exceed the traditional guidelines in order to qualify for a larger mortgage amount.
With all the different variations of the no-doc loan, there's definitely a mortgage program out there for your non-conventional borrowing scenario. Contact one of our Mortgage Planners to discuss your situation, and we'll find the loan program that matches your needs.
Portfolio Loans
Portfolio loans are specialty loans designed for the borrower who needs less stringent qualifying guidelines than the conventional borrower. Because the lender doesn’t plan on selling the loan in the secondary market, the loan doesn't have to conform to Fannie Mae or Freddie Mac lending guidelines.
Sometimes portfolio loans are useful if you've had some past credit issues or other special financial circumstances. They're also a unique option for certain non-conforming properties, like a seasonal cottage or a property being purchased as a residence in an area zoned for commercial use. Portfolio loans fit a lot of niches, and are often a good solution to resolve what would be potential deal breakers on other types of loans.
- Conforming Loans
- Non-Conforming Loans/Jumbo Loans
- Government Loans
- Non-Conventional Loans / Investor Loans
- Closing Costs
- Calculators
- Related Services
Mortgage Closing Costs
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