Unconventional Mortgage Options

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Less is More When It Comes to Documenting Income for Loan Purposes. For example, if the current mortgage rate is 4%, you might pay 5.5 or 6% or more for a low doc loan. That seems high in a sense, but keep in mind that you are getting a home loan and no longer renting. That is a major financial benefit.

The ideal down payment is 20% of purchase price of the home, but as little as 3.5% can qualify you for most low down payment mortgage options. Use a Lending Network For those who want one-stop shopping, a lending network, like LendingTree , may be the best place to search for a new mortgage.

In the conventional scenario the borrower ends up with a loan amount that is $7,015 lower than the FHA option. The conventional borrower can often cancel the $108 mortgage insurance payment when 20% equity can be proven with a new appraisal. Starting June 3, 2013, FHA will require monthly mortgage insurance for the life of the loan.

A traditional bank mortgage isn’t the only option for purchasing a property.. Creative New Ways To Buy A Home.. The buyer has to hand over his or her stock portfolio to an alternative.

A non-conforming loan is one that fails to meet typical bank criteria for funding, and isn’t bought by Fannie Mae, Freddie Mac, FHA, or VA. Often, this is because the loan amount is higher than the purchasing limit allowed for a conforming loan, although non-conforming loans are also used to address a lack of sufficient credit, an unorthodox use of funds, or insufficient collateral to back.

“[Unconventional mortgages] allow for lower income ratios. a mortgage lender with branches across the East Coast and in Missouri and Louisiana, has loan options for those who own a business or are.

The alternative to the fixed-rate mortgage is the adjustable-rate mortgage (ARM), which features lower monthly principle and interest payments during the first few years. While many prefer the security of a fixed-rate loan, an ARM may be a better option – especially if you know you’ll be moving.

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