Non Conforming Loans

Non conforming loans are those which do not meet the standards of the lender.  They may include no income and no asset verification loans.  There are many factors that can determine how the non-conforming loan is designed for the borrower.  Some of the variables include:

• The borrower may not be able to document all, part of or any income at all.

• Asset verification may or may not be required and has to be reviewed on a case by case basis. Loans can be structured which requires less documentation.

• Credit problem borrowers are still eligible for certain non-conforming loan programs. These may include late payments on outstanding debt, open judgments, collection accounts, and past due accounts.

• The borrower may require cash-out of the refinancing.

• No P.M.I. required on most non-conforming loan products.

• Higher loan amounts may be permitted on a 1-4 family residence.

• The property being purchased may be a mixed use type i.e. combined residential and commercial.

• Higher qualifying ratios may apply.

• Buyers with recent bankruptcies may be eligible for financing.

• Higher loan to value ratio is allowed.