Creative Financing 101 » mortgage lenders

Wells Fargo Alternative Documentation Loans

Jamie Beck — Mon, 07 Apr 2008 11:26:01 +0000

If you are self-employed or cannot easily prove your income through traditional means, you may be able to take out a Wells Fargo Alternative Documentation Loan. Instead of submitting past tax returns or paystubs, you can demonstrate income through the past 6-12 months of bank statements.

Wells Fargo Alternative Documentation Qualifications

Borrowers must meet traditional lending standards with the exception of proving their income. To prove income, they must submit six or twelve consecutive months of their most recent bank statements. Income is determined by the monthly average of the money deposited.

Wells Fargo Alternative Documentation Loan Terms

The alternative documentation solution may be applied to any personal home loan including both fixed-interest and adjustable loans. Borrowers should expect to pay a higher interest rate than may be offered for traditional qualifications.

Applying for a Wells Fargo Alternative Documentation Loan

You can apply for a Wells Fargo Alternative Documentation Loan by contacting a mortgage broker or calling Wells Fargo directly (1-877-937-9357). You can also visit their website for more details about this program.

Countrywide Fast and Easy Loan

Jamie Beck — Sat, 05 Apr 2008 09:24:43 +0000

The Countrywide Fast and Easy Loan helps extremely qualified borrowers with excellent credit skip some of the traditional paperwork and verifications required for loans. Borrowers can purchase a primary residence with as little as 5% down or a secondary / investment residence for as little as 10% down.

Countrywide Fast and Easy Loan Qualifications

Fast and Easy borrowers must meet the standard mortgage qualifications with these exceptions: they are only required to turn in limited documentation, there is no income verification, and there is only verbal job verification. Borrowers must have extremely high credit scores to qualify and put at least 5-10% down.

Countrywide Fast and Easy Loan Terms

Borrowers can use the Fast and Easy program alongside almost any loan including ARMs, fixed-rates, and interest only. Borrowers generally pay for their convenience with a higher interest rate than they would receive through a traditional program.

Applying for a Countrywide Fast and Easy Loan

You can apply for a Countrywide Fast and Easy Loan by contacting a mortgage broker or calling Countrywide directly (1-888-231-7074). You can visit their website for more details about this program.

Countrywide House America Loan

Jamie Beck — Sat, 05 Apr 2008 09:02:20 +0000

The Countrywide House America Loan can be used to help borrowers in non-traditional financial situation such as: not having an established credit history, having an irregular source of income, or lacking the cash for a down payment.

Countrywide House America Loan Qualifications

Countrywide House America customers must be able to meet traditional loan qualification standards with these exceptions: they can use cash from relatives or other non-traditional sources for their down payment, they can count non-traditional income sources towards their debt-to-income ratio (such as money made by family members), and they can use alternative payment records (such as rent payments or utility bills) to supplement an un-established credit score.

Countrywide House America Loan Terms

Aside from the altered qualifications, these loans are similar to traditional mortgages. Lenders generally charge a higher interest rate for borrowers using non-traditional qualifications.

Applying for a Countrywide House America Loan

You can apply for a Countrywide House America Loan by contacting a mortgage broker or calling Countrywide directly (1-888-231-7074). You can visit their website for more details about this program.