As we roll into 2022, many of us are resolving to make positive changes in our lives going forward. One of the best investments you can make for your financial future is to buy into homeownership. If you are having a hard time finding financing for your or your client’s home purchase, we are Carolina lenders who work to find solutions using tools and resources acquired through experience.
Bank Statement Loans
One of the biggest reasons an individual does not qualify for a mortgage is because they simply don’t meet the criteria required by traditional lenders. Bank statement loans don’t require things like paystubs, W2s, tax returns, or employment verification. They are based solely on your available cash and assets as collateral. Although they usually come with a higher interest rate due to the risk involved, they are a viable alternative for borrowers who have liquid assets, but not the right credit history or documentation to pass through traditional routes.
Interest-only loans mean you only pay the interest each month, with none of the payments going to pay down the loan itself. The main advantage of an interest-only loan is that you typically have a lower monthly payment over a fixed period. At the end of the term agreement, you have three options. One, you make a lump sum payment; two, you pay the loan off entirely; or three, you make larger payments every month to include paying down the loan principal amount.
Recent Credit Event Loan
Obtaining a mortgage is often about timing. Your credit rating can be very fragile, and one poor mark can take even a good rating and make it not-so-good. Although the interest rate will probably be higher, a recent credit event loan is available for people with credit scores less than 550 who would not otherwise be eligible for a mortgage loan. If you have had an event in your recent past that prevents you from qualifying, we can work around it.
Medical Professionals Loan
Many medical professionals have a high earning potential, but they tend to be overwhelmed with school loan debt when they first graduate, making their debt-to-earning ratio below what you can traditionally qualify with. Our medical professionals loan program is for those who have sacrificed and worked hard to earn their degree and need some time to pay down debt. We can exclude student debt from the DTI ratio, where traditional banks cannot.
As we head into 2022, many will resolve to make good financial decisions for the year ahead. If you are tired of renting and throwing money out the window but are having a hard time qualifying for whatever reason, contact HomeSpring Mortgage, a Carolina lender, and let’s start the process of getting you approved for a loan today!