Are you a Non-Standard Buyer?
Homeownership is considered to be an integral part of the American Dream. But for some unique situations (whether it’s credit issues, unique income, or other circumstances), it can sometimes feel out of reach. Luckily, we have access to many options for non-standard buyers. So let’s jump in and find out more!
Think you Need 20% Down? Think again!
Loans have often required a 20% down payment in the past, which is major roadblock for most homebuyers. Nowadays, there are multiple programs to assist with the down payment, and cover in entirely in some cases. Keep in mind, some credit requirements do apply for these programs.
Little or no Credit
FHA loans only require a 3.5% down payment, so if you’re able to at least accrue a small down payment, this option might be for you – with this down payment, we have multiple lenders that go down to a 580 credit score. If you live in a rural area, a USDA loan might be best for you. And if you’re a veteran, a VA loan could be best. Arizona also has several different down payment assistance programs available.
If You Have Little-to-No Credit
Plenty of people don’t have great credit, and some people don’t have any credit at all. It might make it a little tougher on you to get a home, but it shouldn’t disqualify you. We have programs that use alternative credit like rent, utility bills, and other payments to document payment history.
Have assets but little income?
Sometimes you might be in between jobs or businesses – BUT, you do have assets! Legally, for a primary home loan, you need to show some kind of income – we have a way to do that with your assets in different ways even if you’re not actively bringing in income.
Most loan programs require a 2 year history for qualifying. However, our goal is to have as many options for our customers as possible. We have options that allow you to finance in as little as a year (sometimes less) of starting your business – again, some credit requirements do apply for all programs.
If any of these situations apply to you, don’t stress too much. We can help you with all of these situations and more! Contact us today to figure out your situation.