Non-Conventional Mortgage

Man moving into new home

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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A model or toy bridge

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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Balloon Mortgages: What They Are and How They Work

Figuring out how to live your best life while comfortably making your mortgage payments every month should incentivize you to get familiar with different mortgage financing options.  One of those financing options is the balloon mortgage.  Balloon mortgages can require small monthly payments. At the end of the loan, you make one large balloon payment...

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Cute home with a pug sitting on the front steps

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

Dealing with a buyer who can’t qualify for a conventional mortgage or a government-backed mortgage can be frustrating for any seller. Fortunately, there are options in these situations. And one of those options is a wrap-around mortgage. A wrap-around mortgage allows a buyer to purchase a home with a seller-financed mortgage that wraps around 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 2023, the conforming loan limit is $726,200. In Hawaii, Alaska and some...

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Bills in a hole

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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An aerial view of a piece of land

Land Loans: What They Are and How To Get One

A plot of land can be fertile ground for your imagination. The vacant lot you’re interested in could be where you build your dream home or your business. But becoming the proud owner of land will require more than daydreams – it will require learning all about land loans. Land loans, also known as lot...

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Open fields

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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