A Non Conforming Mortgage can be an excellent product choice.  The reason is they are limitless in the arena of possibilities for clients with unique needs.  Unique needs are sometimes related to the amount borrowed in relation to the appraised value (LTV).

Other times those “needs” are about the “employment” (or lack thereof) or the “income” (or lack thereof).  And, sometimes they are about a previous credit issue which in most cases will be not that big a consideration in the “non conforming world” whereas it may have been a deal breaker for a “conforming” product.

The misconception prospective borrowers have is that non conforming means high interest rates.  This is not necessarily true. 

Earlier, I explained how Dino found easy mortgage financing—and got his cash, bills paid, and a lower interest rate.  (Dino’s mortgage was a 90% LTV with no proof of income and a 5.875 ARM).

Highlights of non conforming mortgages

• Don’t need a job
• Don’t need an income
• Borrow up to 107% of property value at low interest rate
• Don’t need excellent credit
• Licensed self employed borrowers do not have to prove income
• Bank statements can be used in liew of W-2’s or Tax Returns
• No Interest rate increase for large amounts of cash out.
• Great programs for borrowers who have larger cash flow, than income.
• PMI not required on non conforming mortgages