Alternative mortgages is a broad term for to numerous loan products, most of which offer unique ways to determine if someone is qualified to buy a home. Speaking with a mortgage professional about your situation is critical in finding the right product for you.
Below are some of the more common alternative mortgage options:
Stated Income – A mortgage product with little to no income documents required to calculate income. This is a great product for those who want to buy or refinance but cannot qualify for a traditional full document loan.
Bank Statement Loan – A bank statement loan is a mortgage product that calculates income based on the monthly deposits into a bank account. The number of statements varies form 3 – 24 months
Asset Depletion – An Asset depletion loan uses a large liquid asset divided by the term of the loan to determine its monthly income value.
Foreign National – A loan program specifically for those who want to buy a home but do not have U.S. citizenship nor permanent resident alien status
Investor (DSCR) – A debt service coverage ratio loan is for investment properties only. This loan qualifies based on the monthly rental income compared to the properties monthly cost of ownership. Other income documents are typically not required.
Bridge Loan – A short term mortgage, these loans are typically 1- 5 years, and require a planned exit strategy. Bridge loans also allow for cross collateralization to access equity in more than 1 property allowing for better terms and/or larger loan sizes
EZ Qualification – There are many products in this category but these loans can allow for faster seasoning from a bankruptcy and other derogatories, shorter waiting periods for job changes or large deposits, lower credit scores, longer mortgage terms, interest only mortgages, non-warrantable condos property types and many other features.
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