The American Dream is alive and well in the real estate industry. Many first-time buyers are actively looking to make their dream of homeownership a reality. But unfortunately, not everyone has the same credentials or ability to obtain financing. If you fall short due to your credit history or other factors, you should still have options to borrow money. Traditional lenders are guided by specific rules and regulations. However, other nontraditional or non-QM lenders can sometimes bend the rules to find options that are somewhat unconventional.
If you are having a hard time getting your client approved for a loan, look for these signs of the best mortgage lenders in South Carolina who will think creatively to get them approved.
Non-QM Loans
Although traditional mortgage lenders are guided by specific rules and regulations in terms of lending, non-QM lenders have a little more leeway. Non-QM loans differ because they don’t require the same hoops that traditional lenders do. They take into account other factors, like collateral, and allow more people from a variety of backgrounds and circumstances to obtain a loan.
Thinking Creatively
At Home Spring Mortgage, we have more freedom to think creatively and find solutions for mortgage approvals where others see roadblocks. As an organization, we allow more risk for lending by offering products that are not as traditional as many lending institutions. Things like bank statement loans, interest-only loans, and recent credit event loans are just some of the options that we have to choose from.
Problem-Solvers
Many traditional lenders are guided by federal laws and regulations for lending practices. At Home Springs Mortgage, we are not bound by the same set of parameters. We offer many products that might come with a slightly higher interest rate, earlier repayment terms, or other specifics that you have to adhere to, but we are problem-solvers who see you as more than just the sum of your financial numbers on paper.
Allow Exceptions
For traditional lenders, there are no exceptions; the rules are the rules. At Home Spring Mortgage, we understand that one bad blip does not define your ability or willingness to repay a loan. We take into account things like recent physician grads who have a high debt to income ratio, or borrowers who have a recent event that has altered their creditworthiness. Our mission is to provide those exceptions where others won’t. If we believe you to be a creditable borrower, we will do what we can to find a loan product that fits.
Relationship Building
We aren’t like other borrowers who try to squeeze you into a one-size-fits-all loan; we believe in customizing borrowing parameters to make loans more available to credit-worthy individuals. We want to build relationships, not just sell products and move along. We hope to serve you and your clients through many life stages and changes that affect your borrowing ability.
At Home Spring Mortgage, we find solutions where other lenders see roadblocks. If you are having a difficult time realizing your dream of homeownership or finding a loan for your client, we are here to help think creatively and help you find your way into a mortgage loan that works for you personally. That is why we consider ourselves one of the best mortgage lenders in South Carolina. Contact us today and let’s work on finding solutions!