Alternative Advantage: Home Loan Options for the Missing Pieces

Alternative Advantage Loan Options

At PRM, we recognize that sometimes an individual's income, credit, residency, or specific property will not fit in with the traditional mortgage parameters. Sometimes the loan itself doesn't meet the requirements of a Qualified Mortgage (QM). Finding the right loan to fit your specific situation can be much like searching for a missing puzzle piece. While it's impossible to say we offer financing to every single person, PRM is pleased to announce the following Alternative Advantage Loan Options, which provide additional financing options for applicants or properties that are outside the scope of traditional QM loans.

Loan Products we've added:

• Bank Statement loan for self-employed individuals

The Bank Statement Loan is for self-employed applicants. Instead of using tax returns, we review the client's bank statements to analyze cash flow to qualify them for a mortgage. For more detailed information, click here.

• Non-warrantable condo loan

The Non-Warrantable Condo Loan is for condominiums which do not qualify for conventional financing. It covers primary residences, second homes, and investment properties. For more detailed information, click here.

• Loans for Foreign Nationals

The Foreign National Loan is for non-resident aliens who are not authorized to live or work in the U.S. full time or those who hold work Visas that are more temporary than those required to meet Non-Permanent Resident Alien qualifications. For more detailed information, click here.

• Asset Resource Loan

The Asset Resource Loan is for clients who may not have sufficient documentable income using only their W2 wages or self-employment. For those clients with insufficient income, but sufficient assets, we can use the assets to supplement their income used for qualifying. For more detailed information, click here.

• Non-Conforming Investor Loan

The Non-Conforming Investor Loan is for clients in need of a non-conforming option to purchase or refinance an investment property. We offer several methods of calculating qualifying income, and we can combine this program with the Bank Statement, Non-Warrantable Condo, and Foreign National loan products. For more detailed information, click here.

Do you think our Alternative Advantage loan options might fill in the missing piece for home financing?

To discuss this, or any other home loan questions, contact us today!