Sometimes life just doesn't go the way we'd like it to. There are times when circumstances beyond our control prevent us from doing the things we want to do, such as buying or refinancing a home. Those who have developed challenged credit due to a death in the family, divorce or illness have in the past been unable to achieve home financing, but times have fortunately changed!
Don't turn your credit challenged clients away! Offering information about the alternative lending products listed below can help your clients achieve their financing goals!
Alternative Lending Products Asset Depletion
This program is perfect for borrowers who have very little traditional income, but, have a significant amount of assets. Showing that there are enough assets to cover the loan balance equals a loan approval for the borrower. Assets can be cash, 401k's or IRA's.
A good amount of self-employed borrowers make regular deposits to their bank accounts, but do not in turn pay themselves a traditional salary. Bank statement programs use a 24 month average of all bank deposits and the end result equals the borrower's qualifying income.
A non-resident alien that does not live or work in the US is a Foreign National. These borrowers have a very difficult time obtaining traditional financing. The program we offer is for Second or Investment homes with no income verification required.
Bankruptcy, Short Sale and Foreclosure
Depending on the financing type the waiting period for a new loan following a Bankruptcy, Short Sale or a Foreclosure can be anywhere from 3 to 7 years. The programs we offer allow for either a purchase or a refinance as early as one day following the completion of these events.
Traditional financing typically requires credit scores of at least 620. Our alternative program offerings allow for credit scores to go down to 500.
As always, feel free to contact us at any time with questions, concerns or loan scenarios. With the help of these fantastic alternative lending programs, together we can make 2016 a great year! Please Call (321) 757-5009