Are You Classified As An Untraditional Borrower? Can You Still Be Granted With a Mortgage Without Any Income or Tax Documentation?

At least 90 percent of the mortgage and financial advice out there is written for traditional 30-year fixed mortgages and conforming loans. You’ll see a lot of advice based on 15-year fixed rate or 30-year fixed-rate mortgages of $200,000 or less. Many fewer articles offer advice on interest-only adjustable rate mortgages (ARMs), different term ARMS, higher debt-to-income ratios (DTI to 50%), or loans with no tax returns or 24-month personal income and business bank statements. If you’re interested in one of these loans, you may not have a lot of internet articles available, but you do have home loans available for you.

What California home loans are available for untraditional borrowers?

If you’re an untraditional borrower in California, you have many choices of home mortgage available. You don’t have to put 20 percent down on a home and submit two or more years of tax returns and months of pay stubs just to qualify for a mortgage.

Depending on the home you want to buy, your income and assets, your credit score, and your debt-to-income ratio, you can qualify for a variety of different 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, and adjustable-rate mortgages (ARMS).

You can apply for untraditional mortgage products including loans with:

  • No tax returns needed
  • CPA P&L statements
  • 12-month business bank statements
  • 24-month business bank statements
  • 3-month bank statements with CPA P&L statements
  • DTI to 50% (Debt-to-Income ratio of 50%)

Jumbo loans up to $15 million may be available for untraditional borrowers. Lenders with flexible underwriting terms are able to provide these mortgage loan products.

How can you access untraditional mortgage products?

This is where a qualified mortgage specialist comes in. They are experienced in working with a variety of different lenders. They have access to loan programs and can work with you to qualify for the loan you need, regardless of how traditional or untraditional your mortgage loan needs and qualifications are. It is much easier for you to access untraditional mortgage and home loan products through a mortgage specialist. You’ll find a lot of online mortgage application portals. If you’re an untraditional borrower and have unique needs, chances are you’ll just get a lot of unwanted emails and phone calls from making an online “one size fits all” mortgage application. Contact an experienced mortgage specialist and work with them to find the mortgage you need to buy the home you want.

Sources

https://www.investopedia.com/terms/n/nontraditionalmortgages.asp

California Platinum Loans

  https://californiaplatinumloans.com

Inflation continued to rise in August, while price pressures are likely to have peaked. Read on pals, to know the possible outcome this might have on consumer spending.

Mortgage Rates Ascend as Refinance Demand Drops 10%

According to the Mortgage Bankers Association’s seasonally adjusted index, Mortgage demand has been impacted by a substantial increase in mortgage interest rates during the last few weeks as total application volume declined nearly 7% last week compared to the prior week. 

Refinance demand, which is particularly sensitive to weekly interest rate changes, dropped to its lowest in three months last week, down 10% from the previous week. The volume was down 16 percent from the same period a year ago. Mortgage applications for home purchases fell 2% this week.

Study: 24% of sellers received four or more offers in 2021

According to Zillow’s newest consumer housing trends study, about a quarter of property sellers in the United States received four or more offers on their homes in 2021. The higher frequency of bidding wars in 2021 reflects the rise in the number of homes that received multiple offers. The average seller received two bids, which is consistent with the previous three years.

The report, collected by Zillow Group Population Science through a national survey of more than 2,000 sellers, found that the percentage of offers that fell through was slightly higher than in previous years, with 56 percent of sellers reporting that none of the offers on their property fell through, compared to 58 percent in 2020.

U.S. Consumer Spending Increases; Inflation Eroding Households’ Buying Power

In August, consumer spending, which accounts for more than two-thirds of all economic activity in the United States, increased by 0.8 percent. As a result, the data for July was revised to indicate a 0.1 percent decrease in spending rather than the 0.3 percent increase previously reported.

Inflation continued to rise in August, while price pressures are likely to have peaked. After gaining by the same margin in July, the personal consumption expenditures (PCE) price index increased by 0.3 percent, excluding the volatile food and energy components. The so-called core PCE price index grew 3.6 percent in the year to August, mirroring July’s gain. With the August and July statistics in hand, experts anticipated that consumer spending growth in the third quarter would likely slow to approximately 1% in the third quarter

Next week’s potential market-moving reports are:

  • Monday, October 11th – No Reports
  • Tuesday, October 12th – Small Business Index, Job Openings
  • Wednesday, October 13th – Consumer Price Index
  • Thursday, October 14th – Initial Jobless Claims, Continuing Jobless Claims
  • Friday, October 15th – Consumer Sentiment Index, Business Inventories

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends.  I welcome the opportunity to serve you in any way I possibly can. Please feel free to reach me at (800) 216-1047.

Source

https://www.reuters.com/world/us/us-consumer-spending-beat-expectations-august-inflation-rises-2021-10-01/

California Platinum Loans

  https://californiaplatinumloans.com

Is It Possible For Doctors To Purchase the Home of Their Dreams With A Home Loan Suitable To Their Line of Work? What If The Income Is Variable?

Are you a physician or a resident? Whether you’re just starting your career or are farther along, have you heard that there are doctor home loans customized for you and your needs? These can be advertised as doctor loans, physician loans, doctor home loan programs, and similar names.

Can I get a doctor’s home mortgage even if my income will be changing?

Yes — you can get a home loan that can fit your needs and provide you with flexibility in interest rates, amortization terms, payments, and loan requirements. You may be able to access a doctor home loan with no down payment required and that doesn’t require monthly mortgage insurance payments (PMI).

Is there a jumbo mortgage for doctors?

Do you want to buy a single-family home that is worth more than $726,525 (or $484,350 in lower-cost counties in California)? You need a Jumbo mortgage. You can find jumbo mortgages designed especially for doctors. Access mortgages with flexible underwriting terms, varying down payment requirements, and a high loan-to-value ratio.

I have medical school debt — how does this affect my ability to get a doctor’s home loan?

This is one of the reasons for the doctor home mortgage programs. Lenders specializing in physician or doctor mortgages are experienced in qualifying you for the payment you can afford and a home loan that will help you to achieve your homeownership and financial goals.

I’m relocating to a different community for work — how can I get a mortgage that will help me buy a home in my new community?

Your financial and employment/relocation needs will influence the home loan you choose. This is one of the most important reasons to work with a qualified mortgage specialist. They are experienced and work with many doctor home mortgage lenders. They can help you to select and qualify for the doctor mortgage that will help you to relocate and also meet your overall financial goals and needs.

Sources

https://www.zillow.com/blog/get-a-mortgage-with-a-new-job-223707/

California Platinum Loans

  https://californiaplatinumloans.com