Your Dream Home is Not Out of Reach

How a “Non-Qualified Mortgage” Could Be Your Key

“My goal has always been to humanize the home buying experience - everyone deserves a home where they can feel safe and comfortable.” - Chrissy Boutin

Recent economic changes are requiring housing lenders to get more creative, and it seems to be working. Some of the top lenders in the country, report charting a significant increase in executed purchase contracts submitted despite the rise in mortgage rates.

Let us not forget that mortgage rates overall are still lower, considering when I began in the industry in 1999, a 9% interest rate was reasonable. The truth is, rates will constantly move up and down, but the price of that “dream home” may not be available if you wait.

Owning your “dream home” should always be your primary goal. This is making payments towards one of the most significant investments of your life. Why would you want to pay off someone else’s home, through rent? Through this route, you are essentially throwing your money out of the window.

Furthermore, homeownership is not just about a return on investment. It is where you will have many firsts and raise your family. It is where you celebrate your life in a safe space where creating, loving, and living freely. It’s where you host holiday parties, measure growth, and a place to lay your head at night. It’s living the American Dream.

So how do you get closer to owning your dream home? Some experts advise that you should “date your rate,” which means if rates drop, you can refinance later. The problem with this is that you might be priced out of your home if the market continues to increase. The real solution is lenders who will work with the end investors to see what they can do to eliminate some of the qualification requirements to obtain a mortgage to make it a bit easier.

Suppose you do not fit into the traditional Conventional, FHA, VA, or USDA loan types that are more black and white with their requirements. The Non-Qualified Mortgage might be your route. These loans live in a grayer area: Bank Statement Loans, No Income Loans, and Asset Depletion Loans. They have a bit of a higher risk for the bank, but these are fantastic solution loans.

PETE WILSON PHOTOGRAPHY

CHRISSY BOUTIN

OWNER, THE PROCESSING POST

Before you get too far, keep these practices in mind:

n Consult your local financial institution or mortgage broker 6 months before purchasing a home so they can guide you on what is needed to build your credit profile to ensure you have a smooth process.

n Make a plan & stick with it.

n Get a mortgage pre-qualification before looking at homes. Lenders (or the internet, for that matter) will tell you all sorts of loaded claims that just aren’t true. This includes:

n You need 20% of the house valuation in cash to take out a mortgage.

n You need tax returns to prove your loan worthiness.

n You must have a job & credit profile.

Whether you are self-employed or a first-time homeowner, there are lots of creative solutions that forfeit the need for the above. To learn more, call your local mortgage broker or the experts at The Processing Post, and we can guide you to a local broker in your neighborhood.

THE PROCESSING POST

(407) 221-0477 Cb@theprocessingpost.com theprocessingpost.com Serving the State of Florida HABLAMOS ESPAÑOL