4 Alternatives to the Traditional Loan

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If you're considering purchasing a new home, you are going to need a loan. The question is, what type of loan is right for you? There are many alternative loan programs that can help you borrow even if you've had trouble doing so in the past. Here are 4 you should consider:

1. For those who have income that doesn't show up on tax returns. There are 5- and 7-year fixed-rate loans that you are eligible for. You must have a FICO Score of at least 660 and have an income that qualifies. Depending on your down payment, interest rates are anywhere from 5.25% to 7.75%. 
2. For those in business shown as a wage earner. In this case, 60-80% of the loan amount is based on 12 months of bank statements. 
3. For those with VOE. All that is needed for this type of loan is verification of employment (VOE). You don't need pay stubs, tax returns, or your W-2 to be eligible. 
4. For foreign nationals. If you are looking to by a home, we can can refer you to the right loan agency.

If you have any friends, family, or co-workers that might be interested in getting a loan, I would love to help. For more information on our alternative loan programs, send me an email or give me a call. As always, stay safe and stay happy.