What are easier ways to get approved to Buy a House?
You need to start Here.
Traditional mortgages will always be the best route and in many states, there are grants available to cover your down payment. So the following information may not be the best route for you.
Step 1: Contact a realtor (like me) who has a large network of lenders. Ask for their best 3 that match you.
Step 2: Apply with all 3 of those lenders in the same week. This reduces the impact on your credit score.
Step 3: Review the options and the budget they give.
If all 3 deny you or if all 3 cannot provide a lower down payment option to assist you, then take a look at this resource for other options you can consider.
Next Option is… a Non-QM loan*
Non-QM loans create lending opportunities for non-traditional borrowers. This can include:
Retirees
Real estate investors
Self-employed or “gig” workers
Borrowers with a high debt-to-income ratio
Borrowers with blemishes on their credit history
So if you are not qualified for a traditional loan, you may still be able to purchase your dream home by using a non-QM loan.
There are 3 typical types of Non-QM loans:
Bank Statement Loans - which rely on your bank statements to prove your ability to repay the loan.
Asset Loans - rely on other assets, such as investment accounts, other property you may own etc.
Recent Credit Event Loans - are designed for those who had recent bankruptcy, foreclosure or other significant credit events.
These loans often have a slightly higher interest rate but can be a great option if the purchase of this property builds Wealth for you.
*Info on Non QM Loans from Will Gandy of Cross Country Mortgage.
For more info on Non-QM Loans, Click HERE.
For more guidance on making the right purchase
Here’s my article on how to make a wealth growth purchase:
(Click the image to read the details)
Be sure to subscribe and check for the next article, where I explain my first purchase and how it’s one of the most successful methods investors use to get started.