Pamela Madore
Pamela Madore Mortgage
http://pamelamadoremortgage.com
806-290-1920
Not Everyone Fits In The Traditional Mortgage Mold--Unusual Financing Available
Unusual does not mean Guido. All is means is that lenders are now offering programs that make sense even though they don't fit traditional financing.
Let me explain that just a bit.
FHA, VA and Conventional loans all have something to do the with government. FHA loans are government insured against non-payment. VA loans are guaranteed by the government for non-payment. Conventional loans are "packaged" which means that similar loans are put together in big packages and sold in what is called the secondary market to create things like Treasury Bills. Therefore they have to meet certain strict guidelines. That is really too complicated sometimes to even think about. So I don't. These are not for everyone.
These are called Agency Loans.
Now there are a whole set of other loans programs that are not "Agency Loans". They are called non-traditional or unusual finaning loans. These are the types of loans that I specialize in,
Be also aware that these loans are for low income all the way to kaziollionaire loans. In other words, you don't have to be poor. All it means is that you don't fit Agency guidelines. Check out these videos.
These are not Guido loans---your legs are safe. The thing to remember is that you might need more down as a down payment and your rate might be slightly higher. Let me give you a couple of examples.
FHA loans with credit scores as low as 500
Bank statement programs for self-employment borrowers
Mobile home FHA financing with 3.5% down and 580 credit scores
One month bank statement program for self-employed or 1099 borrowers
People with ITINs
People with both ITINS and also has a social security number
This is a very, very small sampling of programs that are available to you.
My point? If you don't fit the mold--maybe a little bit of a rebel--you may be the person that needs to call me or complete this form on my website. It never hurts to ask.
Pamela Madore
Pamela Madore Mortgage
3955 S. Soncy
Amarillo, TX 79119
http://pamelamadoremortgage.com
806-290-1920
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