Non Conforming Loans Podcast
We are the experts in finding ways to assist with your home loan approval. Non conforming loans are basically defined as finance for those people who may be in unusual situations with how their income is paid or how they wish to finance their home loan or mortgage.
There are many reasons why certain borrowers will not meet the lending requirements set out by traditional lenders:
• Bad credit home loans – these borrowers have generally experienced a “life event” such as a marriage breakdown, illness or a business failure and are considered high risk by most lenders even if they have overcome the event that caused the impairment
• Low Doc Home loans – borrowers with irregular income, such as Contractors, applicants on Probation, Short Term Employed or Self Employed without lodged Tax Returns, may not fit the criteria of mainstream lenders.
• Debt Consolidation Home Loans – these borrowers may require cash out to pay tax debt or consolidate multiple unsecured loans such as credit cards, personal or car loans or business debts and can be rejected by prime lenders.
• Near Prime Home Loans – Most Banks and Mortgage Insurers have adopted statistics-based credit assessment models that do not offer the flexibility specialist lenders can provide.
• Discharged Bankruptcy Home Loans – Most Banks and Mortgage Insurers will not lend to Ex Bankrupts where we will lend to 95% LVR.
• Expat Home Loans – Australian Citizens working and living overseas can borrow to 80% LVR.
• Non Resident Home Loans – Non Residents or Non Citizens or Temporary Visa holders can borrow up to 80% LVR
• Commercial Property Loans – You can borrow up to 80% LVR on Commercial Property in Australia
• Private Lenders – We have private lenders for commercial purposes
Those interested in any of these types of loans can begin the application process directly on the website. For those who are unsure about applying for a loan or who aren’t completely comfortable beginning the application process online the website offers full contact information so that potential borrowers can call to speak with a loan specialist.
Non Conforming Loans Podcast
Non Conforming Home Loans - Your Guide
With lenders tightening their lending criteria, you may find it difficult to obtain a Prime Bank home loan if your circumstances are out-of-the-ordinary.
Luckily, though, there are some non conforming alternatives for home loan applicants who are not able to meet this stricter lending criteria.
There are some other options you could consider before giving up on the purchase altogether. One of those options are a near prime home loans or a specialist home loan.
Non Conforming Loans offer alternative lending options to potential borrowers if they don’t meet the standard lending criteria.
You’ll typically not meet the criteria if you’re self-employed and don’t qualify for a bank loan or have a poor credit history. Even if you’ve previously been declared bankrupt, you could apply for a Non Conforming Loan.
Non-conforming loan applicants aren’t necessarily just those with a poor credit history. If you’ve just moved to Australia and lenders can’t verify your credit history, you could apply for a non-conforming loan. You can also apply if you’re short term employed, on probation or a casual worker.
You may have been declined for a low credit score or too many enquiries on your credit file as many lenders have a minimum credit score of between 650 > 700.
You may require CASH out to pay a tax bill or you may not have genuine savings for your deposit.
These loans work similarly to standard home loans. However, the main difference being the fee structure and the higher interest rate due to the risk of financing a non-conforming applicant.
Does this mean that you will be stuck with paying a high interest rate for the life of the loan?
Not necessarily, our loans are a vehicle to get you into a home. Once your meet the lending criteria of a Prime Lender you will be able to refinance to a more competitive rate.
Before making any commitments, it’s worth speaking to a mortgage broker first. An experienced mortgage broker can also help you find a lender and product most suitable to your personal circumstances.
if you have any questions about Non Conforming Loans - we’d be happy to help at www.NonConformingLoans.com.au