Non-Prime Home Loan vs Hard Money | Nationwide Mortgage

Non-Prime Home Loan vs Hard Money | Nationwide Mortgage

(whooshing) – Are you looking to buy a home and think you need a hard money loan? Well, you may not. If you're planning to occupy your home and you may have some issues
with your credit or documenting your income, but we can
probably help you with that. We have a product called non-prime. It's great because it will allow a little flexibility with your credit. So let's say you've had some credit lates, even in bankruptcy or one
day outside of a foreclosure, we may still be able to help you. So, the other thing that we have a little special program
on is bank statement only. We find some borrowers
are looking to buy a home and they've been self-employed for two or more years, and they just don't have the tax returns to show their income. Well, we have a product
that's perfect for that. Our bank statement only program is a little bit more expensive
than a Fanny Mae type rate, but it's not as bad as a hard money loan.

So, this type of program allows you to use your bank statements and will take an average of anywhere from one month to 24 months,
depending on the program. And what we can use, we'll just add up your deposits, and that's what we use
as qualifying income. So that's been a super helpful program for people, especially when they think that they need a hard money
loan because of their credit or because they can't
document their income. And then, when they get
to us and we tell them "Look, you don't even
need a hard money loan; "we can get you a non-prime loan, "the rates are much
better than hard money," (humming) they're pretty happy.

bank statement

Non-prime loans are
typically fully amortized, which means by the end of the
term, you've paid them off. So let's say, like, a 30
year fully amortized loan, but the interest rate
is typically not fixed for the whole 30 years. The reason is that you
probably don't even wanna stay in the loan for the whole 30 years. For example, let's say your
credit was a little challenge. Let's say you had some lates. So, instead of paying for a 30 year loan, you're paying for your loan
to be fixed for five years. That way you can reestablish
your credit, and then, after a couple years, get yourself into a 30 year fixed loan,
maybe a Fanny Mae product. (dramatic echoing music).

As found on YouTube

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