Applying for Non-Conventional Loans in Colorado Made Easy by a Reputed Mortgage Consultant

If you’re having a low to moderate income, do NOT want to make any down payment, and have been previously disqualified for a conventional home loan, then you’re eligible for a non-conventional or non-conforming loan. FYI, a conventional mortgage is not backed by the government, whereas an unconventional mortgage is. Similarly, a Jumbo loan is also considered to be a non-conforming mortgage, wherein the loan amount far exceeds the prescribed limit. And, if you’re residing in Colorado and Arizona, there’s a mortgage broker by the name of “Affordable Interest Mortgage” that can help.

 

Of late, applying for a non-conventional home loan in Colorado has become a lot easier, thanks to the sincere efforts of such professional mortgage consultants that can assist you in the loan application process. If you have been rejected in the past for a conventional home loan, this is the right option for you. As a borrower, you do NOT have to follow the standard mortgage procedures and requirements. Often, this type of non-conforming loans are backed by the Department of Veteran Affairs, Federal Housing Administration and US Agriculture Department, thus the interest rates are low, and come with a minimum or no down payment at all.

 

How Does a Non-Conventional Home Loan Process Work?

 

The 2 main types of government sponsored non-conventional mortgages are VA and FHA loans. They have lower eligibility requirements, when compared to conventional home loans. Whereas for Jumbo loans, a borrower usually needs to meet stricter and stringent qualification parameters, apart from making high monthly mortgage payments. On the other hand, the Federal Housing Agency sets guidelines, as to what type of loans a borrower can apply, depending on his/her eligibility, which is measured on parameters like credit scores, existing debts, financial & employment status.

So, if you’re thinking about applying for a non conventional loan from a federally registered bank or any other lending agency, always consult with a certified mortgage broker that can guide you through the loan application process. Be it USDA loans or far bigger Jumbo loans, it is definitely easy to get approved for one such mortgage, if you’ve partnered with a professional brokerage firm that has loan specialists to help you get a low down payment mortgage, with less stringent credit requirements. This is how it works.