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.