Non-Conforming Loans
Non-conforming loans are precisely as the name suggests. loans designed for borrowers who do not meet the traditional lending criteria set by major banks.
Who might find non-conforming loans suitable?
Much like low doc loans, non-conforming loans are typically suitable for borrowers who fail to meet the requirements of a traditional home loan. These individuals may
- Struggling with low credit score.
- Have a poor credit history.
- Encounter irregular income patterns.
- Be self-employed and struggle to present evidence of stable income, particularly if they have recently initiated their business.
- Approach retirement and encounter difficulties in meeting loan qualification criteria.