Several loan options are available for home buyers in Arizona. Whether your credit is outstanding or your credit score is below 600 points, there are some great loan programs to consider. A knowledgeable mortgage professional will help you review traditional and alternative mortgage loans in Arizona.
Why Choose Alternative Home Mortgage Loans?
Obtaining enough money to buy a home is one of the biggest challenges.
Although, traditional lending sources, such as FHA, Conventional and VA loans are great programs, alternative mortgage loans provide additional options for home buyers.
Some excellent mortgage solutions are not highly advertised or easy for consumers to find.
Licensed mortgage professionals have access to traditional loan products and to alternative mortgage loans, as well.
Securing a non-traditional mortgage loan could enable you to buy the home that you want.
Bank Statement Loans for Self-Employed Home Buyers
Mortgage loans are available for salespeople and for commissioned contractors who receive inconsistent income.
Mortgage loan options for contractors or commissioned borrowers are generally available for applicants with a 1099 Form or a CPA letter.
However, some self-employed entrepreneurs have income that’s difficult to prove.
Some mortgage lenders may offer home loans for self-employed borrowers with 12 months of bank statements.
An income calculation that averages a borrower’s most recent 24 months of bank statements will enable an underwriter to determine an affordable monthly payment.
A mortgage broker typically has access to alternative home lenders who can qualify a borrower with fewer than two years of bank statements.
For instance, some lenders may offer home loan financing for borrowers with just six months or 12 months of recent bank statements.
Non-QM Home Loan Options
In 2010, the Dodd-Frank Act was signed into law.
The passage of the law requires lenders to ensure that certain benchmarks are met toward borrower affordability, prior to approving a mortgage loan.
Unlike the criteria for traditional home loans, non-qualified mortgage loans offer greater flexibility for self-employed borrowers and for investors.
For instance, if your credit score or your debt-to-income ratio doesn’t meet the requirements for a traditional mortgage loan approval, you might be eligible for a non-qualified home loan via alternative documentation.
What Are Your Options for a Home Mortgage Loan?
If you’re ready to buy a home instead of renting or you want to purchase another home, speaking with a mortgage professional is ideal.
Some people may wait until their credit score reaches 700 points or their savings are close to a down payment of 20% for a home.
ASJ Mortgage Solutions finds Smarter Options for borrowers who need alternative mortgage loans in Arizona, Indiana and Michigan.
Contact us today and let’s discuss your home financing options.Questions? Contact ASJ Mortgage Solutions Today!