A Non-Conforming Loan is a loan that fails to meet typical bank criteria for funding.
In general, a real-estate loan is qualified as a non-conforming loan because either the borrower’s financial status or the property type does not meet standard performance guidelines. The following are three common situations in which a non-conforming loan can be applied effectively:
- The loan amount is higher than the conforming loan limit
- You have an irregular income or are self-employed
- You are interested in purchasing a second home or an investment property
With a non-conforming loan program, Mortgage Solutions Financial can help you buy and refinance condos, modular homes and multi-family homes, as well as invest in large acreage parcels.
When should you consider a Non-Conforming Loan?
The National Association of Realtors reported that the affordability index of the fourth quarter of 2011 provided the best markets in the past 40 years of property buying history in America! Mortgage Solutions Financial has seen this trend continue into 2012 as well. Naturally, there has been a stampede for securing all types of home loans, be it conforming or non-conforming loans. With the experts at Mortgage Solutions Financial by your side, the loan processing mechanism has only become simpler.
Non-conforming loans are for buyers who may not be able to satisfy the standard parameters applicable for lending, but would like to make the most of the prevailing rock bottom property prices. These fixed rate and fully amortized loans could prove to be just right for you. If you are a single family home owner, or own a modular, pre-cut or panelized home, you may be eligible.
Because these loans do not meet conforming loan limits, there are a number of qualifiers and restrictions of which first time home buyers, multiple property owners and investors need be aware. The specialists at Mortgage Solutions Financial walk you through all the conditions that apply and ensure that you are placed in the best program to benefit your current and future financial goals.
At Mortgage Solutions Financial, we can also help you with a non-conforming loan if you have an irregular income or are self-employed. Even if your credit score is nothing to write home about, landing a non-conforming loan could still be your ticket to purchasing property. Call Mortgage Solutions Financial to receive the most comprehensive information on non-conforming loans available.
Why choose Mortgage Solutions Financial?
Borrowers should select non-conforming lenders in the same manner they shop for any other loan. Look for good rates and especially a good customer service rating. Many companies that advertise non-conforming loans are actually brokers who then refer these loan requests to lenders. Mortgage Solutions Financial is a direct lender. We fund these loans in house. Because we underwrite and process the loans, we are able to reduce our costs and streamline the loan process. That saves you time and money.
Examples of our Non-conforming loans:
The DU Refi Plus is a loan program for refinancing that allows you to go up to 105% of the appraised value of your home. You can also obtain second homes and investment properties with the DU Refi Plus.
We also offer an excellent Super Conforming Loan or jumbo loan for home purchases over $417,000 – for as little as 3% down. Call us to find out if your Investment home or second home also qualifies for our Super Conforming Loan.
There are many types of loans available today to assist buyers with home purchases or refinancing. At Mortgage Solutions Financial, we offer non conforming loans for people who may not qualify for a traditional loan. Non-conforming loans offer more flexible terms and can be more easily attained. Contact us today and speak with a mortgage specialist to determine whether a non-conforming loan is the right choice for you. Our knowledgeable loan specialists will answer your questions and guide you through every step of the loan process.