HomeMortgagesTypes of MortgagesNon-Conventional Mortgage

Non-Conventional Mortgage

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What Is a Hard Money Loan?

Sometimes you need money fast. Maybe you want to buy a new home, but you haven’t sold your old home yet. Or maybe you have your eye on an investment property or a home you want to flip.  If you need money for a real estate purchase and don’t have time to wait on mortgage...

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Nontraditional Mortgages: What You Need To Know Before You Apply

If you can’t qualify for a conventional loan or just aren’t interested in one, you may be wondering what other home loans are out there. Well, there are lots of options to choose from. And many of those options fit under the umbrella of “nontraditional” mortgages.  So what is a nontraditional mortgage, and is it...

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What Is a Condo Loan and How Does It Work?

A condo can be a great option for someone looking to live in an urban area. Condos combine the amenities of a rental apartment complex with the benefits of homeownership. But condos can be trickier to buy and sell because the community you’re purchasing your unit in has a unique set of rules. If you’re...

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What Is a Shared Equity Mortgage?

Getting a mortgage and being a homeowner is a big deal. And depending on where you want to live and the state of the housing market (if it’s a seller’s market or not), it can be an uphill battle to find and purchase a home in your price range.  A loan alternative –  like a...

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Bank Statement Mortgages for Self-Employed Borrowers

If you’re self-employed and your income is unpredictable, bank statement mortgages could be the answer to your home buying prayers. This nontraditional mortgage can be a good option when you can’t provide standard proof of income. According to a 2020 Gallup report, more than 44 million Americans are self-employed. That number includes independent contractors, freelancers...

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What Is a Bridge Loan?

If you’re eyeing a property and don’t want to miss out or you’re relocating for work and need to buy sooner rather than later, we understand the urge to act quickly. If you need money to cover a down payment or closing costs and you still haven’t sold your current home or you don’t know...

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What Is a Balloon Mortgage and Is It a Good Idea?

The joys of owning a home are doubled when your monthly mortgage payments are affordable, and you still have money in the bank to spend guilt-free or park into a savings or retirement account. #FiscalResponsibility Figuring out how to live your best life while comfortably making your mortgage payments every month should incentivize you to...

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How Do Interest-Only Mortgages Work?

Thanks to the smorgasbord of mortgage options available, applying for a mortgage loan can sometimes feel overwhelming. One type of mortgage that may have piqued your interest is the interest-only mortgage, and you may be wondering how interest-only mortgages work. While an interest-only mortgage may not make sense for many home buyers, it’s a viable...

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What Is a Wrap-Around Mortgage? What to Know

It can be extremely challenging when you think you have a buyer set in place to purchase your home and then find out they don’t qualify for a conventional mortgage or a government-backed mortgage. Fortunately, there are options. One option is the wrap-around mortgage.  A wrap-around mortgage can benefit parties on either side of the...

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What is a Jumbo Loan and What Are Its Limits?

A jumbo loan is exactly what it sounds like – it’s much bigger than the average mortgage loan. These massive loans are often used to purchase homes and investment properties that exceed the Federal Housing Finance Agency’s (FHFAs) conforming loan limit (CLL). For 2022, the conforming loan limit is $647,200. In Hawaii, Alaska and some...

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Freddie Mac, Fannie Mae and FHA Loans: Which Is Better?

When you’re looking for a mortgage, you’ll hear a lot of F-words thrown around, like Fannie and Freddie and FHA. And it can get pretty confusing. If you’re interested in buying a home, knowing these acronyms and what they do will help – especially if you’re a first-time home buyer or have less-than-ideal credit. Here...

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Stated Income or Alternative Income Verification Loans: Can You Get a Mortgage With One?

Getting a mortgage requires a lot of paperwork. When you apply for a traditional mortgage loan, mortgage lenders will check your credit score and debt-to-income (DTI) ratio. They’ll also want to see proof of income, like your pay stubs, W-2s and tax returns. Unfortunately, you can’t just tell a lender how much you earn. Lenders...

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What Is a USDA Loan?

Feeling cooped up in your metro area? You’re not alone.  According to recent Census data, 86% of U.S. residents live in metro areas. That leaves 14% of the population spread out in the rural areas of the country – which spans 72% of the nation’s land area. So, if you’re looking for more space, there...

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