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Non-conventional mortgages are designed to help individuals with low to moderate incomes or individuals that require a low or no down payment.
This type of loan caters to borrowers who may have been rejected for a conventional loan. Reasons a borrower may have been rejected could include the following:
– Being self-employed
– Unsteady employment history
– History of Bankruptcy
– Insufficient cash reserves
One downside to non-conventional loans is that they require the borrower to pay additional fees, including mortgage insurance premiums (MIP), funding, and guarantee fees.
As homeowners reach retirement age, many explore various financial tools to ensure a comfortable life. One such tool that has been gaining attention is the reverse mortgage. But what...
Read MoreA reverse mortgage is a type of loan that allows homeowners 62 years of age or older to convert a portion of their home equity into cash without selling...
Read More(MODIFY THIS TEXT) People who can’t qualify for a conventional loan due to a low credit score or a high DTI ratio will need to seek more flexible options. For those...
Read More(modify this text) Non-conventional mortgages are designed to help individuals with low to moderate incomes or individuals that require a low or no down payment. This type of loan...
Read More(MODIFY THIS TEXT) Qualifying for either a conventional or non-conventional loan comes with a significant amount of verification. In general, the qualifications for each loan type will be as...
Read More(MODIFY THIS TEXT) Wondering how to decide which option is right for you? Start by going through the list below and checking off which boxes sound the most fitting...
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