Non-conforming home loans
What if you find yourself unable to meet the lending requirements set by your local bank? A non-conforming home loan could provide the solution you need.
Are you a self-employed individual seeking to purchase a home, but lacking the typical documentation required by lenders? Perhaps a couple of missed loan payments have left a mark on your credit history? Or maybe you simply don’t meet all the criteria set by traditional lenders?
Although situations like these can be frustrating, there are alternative options available. A non-conforming loan is designed to assist borrowers with less-than-ideal credit scores in obtaining approval for a home loan. It enables individuals to enter the housing market for various reasons, and in many cases, these loans can be refinanced into standard conforming loans at a later stage.
Advantages:
Helps clients who would typically be ineligible for a home loan
Disadvantages:
Typically carries a higher interest rate compared to conforming home loans
Non-conforming lenders assess borrowers beyond the confines of traditional lending criteria, increasing the likelihood of securing a home loan. At FBAA, we recognize that life isn’t always straightforward, and there may be circumstances beyond your control affecting your eligibility for standard loans. We have access to a range of non-conforming home loans that can help you pursue your homeownership goals.
A non-conforming loan offers the opportunity for a fresh start, allowing you to rebuild your credit and steer your financial future in the right direction. However, it often comes at a cost, with higher interest rates and fees to consider. These factors are essential to weigh carefully.
With our extensive network of home loans and lenders, we can pinpoint the loan that best suits your individual needs and circumstances.
