Outside the Norm Home Loans
Unusual circumstances call for expert financial guidance to find the right loan. When it comes to home loans most people are aware of the normal, regular loans and may be surprised there are quite a few loan programs to fit not so normal sets of wants and needs.
For example, did you know these types of home loans are available?
- 3% down conventional loans
- 100% cash out Veterans’ loans
- FHA and VA loans with a credit score as low as 500
- Renovation loans based on the purchase and repair cost
- Manufactured home loans; doublewide Class C; FHA, VA and conventional
- USDA 100% Guaranteed Rural Housing Home Loans down to a 550 credit score
- Loans for self employed borrowers using bank statements for calculating income
- Loans for one day out of discharge of bankruptcy, short sale, foreclosure and mortgage late
- Construction to permanent loans, conventional, FHA and VA
- Jumbo loans
- First lien and home equity used together at purchase to avoid private mortgage insurance
- Homes held in LLC
- Mixed use properties
- No limit on number of homes owned or financed
- Non warrantable condos
- Reverse Mortgages for purchase, lump sum out, monthly income or combination
With so many options available, most people will be able to qualify for a home loan. It just takes a little research to find what will work. Contact a trusted licensed mortgage loan originator with your scenario. You may find that you are much closer to making your home goal come true.
Written and provided by: JoAnn Moore, President of The Mortgage Market of Delaware, NMLS #165477. Licensed Mortgage Loan Originator, 302.855.1306, 302.236.1229, MMODJoAnn@aol.com
