Fifty years ago, when the Doobie Brothers were flying high and the folks in China Grove were rising for another day, it would have been hard to imagine that marijuana would eventually be legal in some states. But, not legal in all states and not legal at the Federal level and that means those who work in the marijuana and cannabis industries can see their mortgage opportunities go up in smoke if not aligned with a lender who knows which programs and investors can navigate this relatively new industry.
Every so often in popular music, movies, art and culture, the unconventional becomes the rage, the "alternative" becomes mainstream. When it does, it usually reshapes people's ideas of what's "normal" and it can redefine what's acceptable --- even preferred --- for a generation or more. But...mortgage lending is not quite that exciting.
No, instead, alternative mortgage lending, also known as "non-QM" or "uncoventional mortgage" or even yesteryear's "Alt-A," simply provides a viable solution to home loan scenarios that don't quite fit in the relatively narrow box of convenional mortgages. Conventional loans include mainstream conforming loans, FHA and VA … (19 comments)
It is no secret that the self-employed have their share of challenges when it comes to getting a home loan. And why wouldn't they? On one hand, their tax professionals spend hours maximizing their deductions and helping them "write off" every allowable expense and on the other hand, their mortgage loan advisor tells them they have to show more income in order to qualify.
But can these seemingly opposite or contrary objectives actually be complementary, interconnected and interdependent and come together to allow a business owner to get a great mortgage? Is there a yin and yang relationship somewhere in this … (0 comments)
You might have been lured into reading this blog post under the false assumption that I'd be discussing the controversial subject of financing cannabis-related businesses and property. Well, you can let that notion go up in smoke. Instead, we're going to talk about the ways you can get a great jumbo mortgage in California if your debt-to-income ratio (also known as "DTI") is higher than Jeff Spicoli at 4:20pm. OK, dude, not really, but we are going to address the ways you can get a decent home loan with a very competitive rate … (1 comments)
I live in an aging county. Simply drive north across the Golden Gate Bridge from San Francisco. Did you feel yourself getting older? Even if not, Marin County's residents, with their 46.1-year old median age, will welcome you to one of the most special places in the USA. I'm willing to bet it won't be too long before one of our residents will tell you that our median home price, at least at the end of 2017, is hovering right around $1,100,000. So what happens when a retired person wants to buy a home in a high-cost … (14 comments)
Going into the January 10, 2014 inception date of the Qualified Mortgage, or QM, we in the mortgage industry faced a nonstop barrage of concern about whether or not our lending capacity would stay the course or steadily devolve into nonexistence. This turns out to be a nonissue here at RPM because we've just rolled out a suite of jumbo loan programs (and to say "jumbo" is nonfactual because the lower limit can be as little as $250K) that address the varied borrowing needs of those for whom mortgage credit has been nonaccessible over the last 5 or 6 years. All … (2 comments)
How to Rock Cannabis Income on a Mortgage Application
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