Non-Conforming Loans

Over the last few years, non-conforming loans have come to encompass many different types of loans and lending philosophies. The term, given its very nature is often, especially lately, misconstrued as a negative one, while in most instances, it is not. The terms sub-prime and non-conforming have often been commingled and in effect do not necessarily mean the same thing.

Sub-prime loans typically represent borrowers who have less than perfect credit and require loan products which are generally at a higher rate and cost. When combined with dynamics which are typically non-conforming in nature such as low or no down payments, stated income and or assets, and less than desirable properties, they can and have over the last 18 months, proven disastrous.

Many non-conforming loans are still a very viable part of North Star Home Lending’s product portfolio, and adjustments to rate and costs are often negligible. They include:

• Jumbo Mortgages which exceed the Fannie Mae Freddie Mac local maximum mortgage amount of $417,000
• Self employed borrowers who require stated income loans
• Borrowers who have an inability to source their funds for closing
• Non-conforming properties as a result of zoning issues or internal or external influences or vacant land loans
• Non-warrantable condominiums

North Star’s relationship with numerous lenders provides solutions for customers who find themselves in need of special attention. As a company we maintain a rigorous quality control program to ensure that while helping our clients, we don’t put them into a loan they don’t belong in, or put them at substantial risk.

We understand that borrowers are often confronted with circumstances that make securing a mortgage loan difficult. We realize that many credit challenged borrowers are often the victim of unforeseen circumstances such as medical bills or previous job loss, but are reliable hard working people. Our objective is to say yes whenever possible. If we can’t, we will be honest with you and help you set a plan in place to correct any issues at hand and help you to become a homeowner in as short a period of time as possible.

North Star Home Lending loan officers also specialize in helping borrowers who need direction in securing a non-conforming loan. We understand that market, and can help you find the right program to meet your specific needs.

Our company and our employees pride itself on its reputation. We don’t make loans that are not in the best interest of our clients. Through a thorough process of qualification, we qualify and quantify those borrowers who need that little assistance. By taking your best interest to heart today, we want you to remember, that we are in it for the long hall. A long term relationship with you is what we strive for.

North Star Home Lending fully supports the new industry changes to remove the “bad actors” from our industry. If you need a non-conforming or sub prime loan, feel free to contact us.

For further information, please contact your North Star Home Lending professional.