Who Benefits from Bank Statement Loan Programs?
FHA loans are still the most popular loans for homeowners. However, as more and more people looking to buy their first homes, they are discovering other types of loans, including bank statement loan programs. These programs came about because there were no alternatives for those who were unable to verify their income the traditional way. […]
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Can You Make a Mortgage Payment With Your Credit Card?
You pay all of your other bills with your credit card, so it makes sense to assume that you can pay your mortgage with a credit card. However, it can be difficult to find companies that will accept debt-for-debt payments. Whether you are allowed to pay your mortgage with a credit card will depend on […]
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10 Terms First Time Home Buyers Need to Know
If you are a first-time home-buyer, you have probably started hearing jargon from your realtor, loan officer, family, and friends that might as well be from another language. Terms like “bank statement loan” and “qualified loans” are dropped in casual conversations. To be ready, here is a little vocabulary lesson in words you should know. […]
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Characteristics of Today’s Non-QM Mortgages
Non-qualified mortgage loans, loans that don’t meet the standard criteria for qualified mortgages, are becoming more popular. Many potential home buyers do not conform to the standard workweek and paycheck and thus appear risker to traditional lenders. Non-QM loans allow for greater flexibility in determining which borrowers are worth the risk. Who uses a […]
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How To Fix and Rebuild Bad Credit
Learning that your credit isn’t great can be a stressful realization. Low credit can mean higher interest rates or be completely disqualified for loans altogether. Luckily, you are never stuck with your current credit score. There are several unique ways to repair your credit, including bank statement loans and credit-builder loans. What is a […]
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Breaking Down Non-QM Lending
If you are looking to buy a house but don’t have typical income or credit, you might feel like you’ll never get your own home. While you may not qualify for the standard, qualified loan, you don’t need to give up hope. Luckily, there are non-qualified mortgage loans that exist for people like you. These […]
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Alternative Mortgage Lending and Credit Easing
All homebuyers are different. Everyone is unique in that they may or may not fall into the standard bucket of individuals looking for a conventional 30-year fixed-rate mortgage. Due to factors such as credit and income, individuals may believe a home is out of reach. Non-QM loans or a non qualified mortgage loan can assist […]
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Can Self-Employed Borrowers Qualify For Bank Statement Mortgage
If you’re self-employed, don’t make the mistake of thinking that you can’t take out a home loan. Self-employed borrowers may be eligible for some good mortgage programs. This includes loans that don’t require you to submit tax returns but let you use your bank statement to verify your income instead. Multiple lenders now offer bank […]
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What Are Non-QM Loans Versus QM Mortgage?
Many people have the dream of one day owning a home; however, only a few people can purchase a home in cash. Therefore, nearly everybody needs to take out a loan in the form of a mortgage. It can be a challenge to convince a bank, credit union, or another lender that someone is qualified […]
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Things to Keep in Mind Before Applying for a Bank Statement Loan
If you are in the market for a home, you are likely in the market for a mortgage loan. For some people, a traditional mortgage loan is out of the question. If you have applied for a traditional loan but been denied due to credit issues or inconsistent income, bank statement mortgage loans might be […]
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