Posted on: 27th Oct, 2008 12:58 pm
We are at our limit for house purchases. We have our primary residence and 3 rentals. We are looking for an Nonconforming loan to purchase our 4th rental And advice?
Hi R & C!
Welcome to forums!
People look for non-confirming loan when they cannot get conventions due to bad credit or lack of collateral etc. Are you facing any such issue?
In my opinion, non-conventional loans are quite risky. You will have to be very careful while choosing the lender. The rates offered in the non-conventional loans are higher than those of banks. However, the positive point is that the terms and conditions are more flexible and loans are easily attainable.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
People look for non-confirming loan when they cannot get conventions due to bad credit or lack of collateral etc. Are you facing any such issue?
In my opinion, non-conventional loans are quite risky. You will have to be very careful while choosing the lender. The rates offered in the non-conventional loans are higher than those of banks. However, the positive point is that the terms and conditions are more flexible and loans are easily attainable.
Feel free to ask if you have further queries.
Sussane
There are very few portfolio lenders still offering "Alt-A" or "exotic loans". What you may have to settle for is a private investor, private money, or hard money loan.
As the previous poster said the rates are higher and the terms not as favorable, but if you are looking at a great deal it may still be a benefit to utilize one of those programs.
As the previous poster said the rates are higher and the terms not as favorable, but if you are looking at a great deal it may still be a benefit to utilize one of those programs.
