The mortgage market has changed since the days of 2-3% rates. Lenders are introducing many new products into the market to try to make up for the loss in volume. Contrary to some recent news reports, it is not harder to get a loan today. Lending is not getting tighter. There are more options for borrowers to get a loan today than we have seen in many years. And, they can close quickly. We just had a loan final approved within 6 days. Here are some examples of the products now available:

1. 40-year fixed/10-year interest only loans
2. For self-employed individuals who do not show any income, use of deposits on bank statements as income for qualification
3. No income/no employment verification loans
4. Debt Service Coverage Ratio (DSCR) Loans for investment properties – no income or employment verification, approval based on rental income as compared to the mortgage payment
5. VA cash-out to 100% of the value of the home
6. Condominium associations must be approved by HUD to get FHA financing. “Spot approvals” are available where the individual condo unit can be approved
7. Solar express program, preferred pricing if there is solar
8. Bank statement loans for second mortgages
9. Delayed financing bank statement loans for self-employed borrowers – paying cash for a home and doing a cash out refinance after closing to recoup some of the cash
10. Zero down 100% FHA financing
11. Fund in an LLC
12. 550 FICO scores ok for FHA/VA loans
13. Cannabis Income Eligible
14. Gift funds ok for DSCR investment property purchase
15. Foreign Nationals buy or refi a second home or investment property – qualify borrowers using income from their country of origin

If you are having challenges getting approved, contact us. We are mortgage brokers and have a vast amount of resources to find a loan for you.