- “Subprime” mortgage loans took a really bad rap as a result of the great recession of 2008, and though some product offerings at that time were terribly implemented, non-conforming loans have their place in the market. Non-conforming loans are any product that doesn’t fit into a traditional product box (conventional, FHA, VA, USDA), and can be of great use to consumers with outside the box factors in place. These products can help self-employed borrowers with difficult to document income. They can also assist someone with poor credit & extenuating circumstances that deserves a home loan but cannot get one through traditional lending channels.Non-conforming loans, or “subprime” loans don’t always just involve a borrower, either. Sometimes these products are necessary simply to accommodate a certain loan amount – for example, a large jumbo loan in a non-high cost area. A home itself can also warrant the use of the subprime product – log homes, geodesic (dome) homes, or homes with large acreage, hobby farms, or other small income generating properties can all require the use of a non-conforming mortgage.
The fact is, despite their reputation, non-conforming loans can help make a borrower’s dream come true. Just because their dreams don’t fit into a traditional box doesn’t mean they shouldn’t be pursued, and with our non-conforming products, we can bring home buying dreams into reality.
Here’s a list of some non-conforming mortgage highlights – this is NOT a complete list, so if you have an outside the box scenario, feel free to pose your scenario to one of our loan experts to see how our loan options could help.
- Loan amounts up to $5 million
- Non-warrantable Condo loans
- Home Loans for Foreign Nationals
- Assets used as income
- Unlimited number of properties (for primary residence and second home financing – Up to 20 properties for investment property loans)
- Investment Property Jumbo loans
- Loans for borrowers 1 day out of foreclosure or bankruptcy
- Acreage, Equine, Geodesic, Hobby Farm, and Small Income Producing Property Loans
Non-Conforming loans come in many shapes, sizes, rates, and terms. Ask an expert about your scenario to find out which options we have for you.