Non Traditional and Portfolio Mortgage Solutions
Outside of the Box Financing
Many borrowers of non-traditional loans are real estate investors, self-employed borrowers, foreign nationals, and/or wealthy individuals with complex tax returns that cannot meet the lending guidelines of conventional financing. At Fortis we have partnered with multiple national lenders to create an alternative solution for borrowers who fall outside the mainstream criteria use to qualify for traditional financing and require outside the box options for their home financing.
Nontraditional Mortgages
If you’re unable to qualify for a conventional loan or just aren’t interested in one, you may be wondering what other types of mortgages there are out there. Outside of conventional and even unconventional loans, there are other options for you, often compiled together under the umbrella term “nontraditional” mortgages.
Nontraditional mortgages have a reputation for being ‘riskier loans,’ but they can also be very useful to borrowers, depending on their situation.
Pros
Flexible payment options: Most nontraditional mortgages give you the opportunity to make lower monthly payments than traditional term loans. Ideal for properties with large equity positions that don’t need to build up additional equity with principal payments or for borrowers who want to build up additional liquidity outside of their real estate investments.
Expanded Guidelines: Nontraditional mortgages are usually easier to qualify for in terms of credit score, debt-to-income ratio (DTI) and post-closing reserves.
Custom Financing: Not all borrowers are created equal, so non-traditional financing options provide lending solutions that are reviewed on an individual basis. While there are general guidelines, exceptions can be granted more easily given the flexible and individual review of compensating factors.
Fixed Rates with 30 and 40 year terms
Adjustable Rates (ARM)
Interest only loan options
Investor cashflow loans/DSCR loans
Jumbo & Super Jumbo Loans
Asset Depletion as income solutions
No limit on cashout amounts
Vesting in LLC or Trust
Bank Statement Loans