Non-conforming Loan June 23, 2015
Are you self-employed and have difficulty in proving your income?
If you answer “yes”, you may wish to consider a Non-Conforming loan.
Non-conforming loans and non-conforming lenders are also high profile casualties of the global financial crisis.
There still exists lenders that provide non-conforming loans, but there are fewer players in this market segment than 2 years ago.
Changes to non-conforming loans since the global financial crisis:
- Fewer products/providers in the market place
- The borrower requires at least 20% equity within the transaction
- Less lender tolerance to poor credit history
Better Choice strongly recommends that borrowers seek independent legal and financial advice prior to taking out a Non-conforming Loan.
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