If you are planning on purchasing a home sometime soon, you might have already started looking into mortgage lending options. Instead of applying for a standard mortgage, however, you may want to think about talking to a mortgage lender about a custom mortgage program. Basically, with a custom mortgage program, someone will sit down with you to try to come up with a mortgage option that is perfect for your needs. These are a few signs that this type of mortgage might be right for you.
You Have an Untraditional Job
When you talk to mortgage lenders about applying for a mortgage, you might find that many of them will want you to turn in a few copies of your paycheck stubs so that you can prove that you have an income. If your source of income isn't quite as traditional — such as if you are a business owner or an independent contractor — then you might find that it will be challenging for you to get approved through a standard mortgage lender. With a custom mortgage program, however, you might be able to secure a mortgage loan after showing proof of your not-so-traditional income.
You Are in the Process of Rebuilding Your Credit
If you have really bad credit, then you might find that it will be difficult for you to get approved for any type of mortgage. However, you don't have to have perfect credit in order to purchase a home, and if you have been working on rebuilding your credit, there is a good possibility that you will be able to find a home loan that you will qualify for. With a custom mortgage program, you can get help with securing a mortgage loan that will allow you to purchase the home that you want to purchase, and you might even be able to enjoy a low interest rate.
You're Buying a Not-So-Traditional Home
Lastly, if you are planning on purchasing a not-so-traditional home — such as if you are planning on purchasing a duplex or other multi-family home or if you are purchasing a home that needs a lot of work — then you might not be able to get a traditional mortgage. With a custom mortgage program, however, you should hopefully get help with financing for the property that you are interested in.
As you can see, for many people, a custom mortgage program is ideal. Luckily, there are a surprising number of lenders out there that can help you with a custom mortgage program. Therefore, you should consider working with one of these lenders to find out whether or not they can help you secure a custom mortgage that will be perfect for buying the property that you want.