Have you tried asking for information about mortgages online and talked with someone who told you that you couldn’t get a mortgage because you weren’t employed for over two years in the same 9-5 job with paystubs? Or, maybe you had a less than positive experience with a bank or credit union, where you were treated poorly and your financial ability wasn’t considered accurately.
If you are self-employed, an entrepreneur, a business owner, or someone who owns property and who has investments, some lenders consider you as an “unconventional borrower.” You could even just be young: some mortgage companies don’t treat younger borrowers as seriously as they do older ones.
Income History, Credit Scores, DTI, and You
There are a variety of home loans which offer flexible terms that could help you to qualify for the mortgage loan you need to buy a home in Los Angeles. Your income history, credit score, and debt-to-income (DTI) ratios are important, but an experienced mortgage broker can help you to find the mortgage options that are right for you.
You may be able to access flexible and varied mortgage loan programs such as stated income loans, bank statement loans, and other loans that are designed for self-employed people, entrepreneurs, and others who don’t fit the “traditional” or conventional mortgage loan customer model.
Work With A Company That Respects You
Unconventional borrowers can be unconventional for many reasons. They may work for themselves, or may be business or property owners. Especially in Los Angeles, many people seeking home loans can be involved in the entertainment industry. Any person who doesn’t have a typical 9-5 job and a stack of paystubs qualifies as “unconventional” from the perspective of “conventional” loan officers working for a single bank or credit union.
The most important thing you can do to get the right home loan in Los Angeles if you’re an “unconventional borrower” is work with a mortgage broker who understands your needs and is able to present you with loan options. Don’t waste time with loan programs that are designed for “traditional” borrowers who fit into “cookie cutter” financial circumstances. Contact California Platinum Loans and talk with them about your options in financing your dream home in Los Angeles.
Sources
Fontinelle, Amy. “How To Get a Mortgage When Self-Employed,” Investopedia, 22 February 2022
Kagan, Julia. “Nontraditional Mortgage,” Investopedia, 19 March 2022
