We’re sure you’ve heard of all the standard mortgage loan products on the market today — from typical FHA loans to refinancing options, there are many mortgage products that work for the majority of potential home buyers out there. However, what about those unique cases that need a more innovative, specialty approach? If this sounds like your situation, or if you haven’t been able to acquire a mortgage loan and need a more creative approach, you’ve come to the right place. Homeland Lending is now offering a multitude of unique, innovative loan products.
We’ve highlighted some of these options below, with a focus on the most important aspects of each.
Self-Employed Bank Statement Loans
Are you self-employed? It’s not always easy to show the required tax documents when you own your own business or work for yourself. This is a loan for self-employed borrowers like tradesmen, artists, and other small business owners who can show a consistently received income in their business bank accounts, by way of a bank statement. It requires no tax returns and welcomes less-than-perfect credit. First time home buyers are also welcome to apply.
Fix & Flip Loans
This loan allows for an investor to purchase investment properties and the required funds for renovations through one simple transaction. With a Fix & Flip loan, you can use the “bank’s money,” and buy and renovate your home at the same time. Lines of credit are available from $250K to $1M for this loan, and no personal income information is required. What’s better? This loan is interest-only.
Non-prime Loans for Borrowers with Recent Credit Issues
If you’ve had recent credit issues, this loan program is for you. Most traditional financing options require specific waiting periods after credit issues before a borrower can acquire financing, but this loan option allows for financing regardless of the timing of any credit problems. For this loan, credit scores as low as 600 are accepted.
Down Payment Assistance Loan
This loan is perfect for civil servants, like police officers, and military nurses and doctors, as it features a low down payment and extremely affordable monthly payments. With a Down Payment Assistance loan, you receive a 2% forgivable grant with no repayment requirements. This loan can also be used in combination with a home renovation loan. Additionally, the Down Payment Assistance loan allows you to buy a home with as little as 1.5% out of pocket, and accepts less than perfect credit, with scores as low as 580.
Homeland is here to help you get into the new home you deserve, by any means necessary. We want to work with you, no matter how unique your circumstances. Contact us today to begin the process - No catch.