Had credit problems in the past? Don’t fit lenders’ traditional criteria? Don’t despair. With today’s wide range of home loans and lenders, even people considered ‘credit impaired’ can now apply for a home loan.
These loans, known as non-conforming home loans, are specifically designed to suit people who are:
- self employed
- no longer working full-time and/or retirees
- credit-impaired
- contractors
- seasonal workers
Because credit impaired and non-conforming borrowers are regarded as higher risk, most lenders charge a slightly higher interest rate and/or a higher fee structure than for traditional loans. Non-conforming loans can also be less flexible (particularly when it comes to refinancing).
Be careful to watch out for exit fees on these style of loans. These style of loans may help you in the short term to get you back on your feet, but always ensure that you understand the terms and conditions of these facilities before you sign the letter of offer.
Like to know more about the home loan
process then review our Guide to
Home Loans.
If you would like to discuss your situation please call
us or complete the form below and we will contact you.
|