Unconventional loans are making a comeback, allowing borrowers with undocumented income streams to achieve their dreams of homeownership. While there are many benefits brought around by this trend, it’s also important to consider the potential risks before determining if this method is the right fit for you.
It’s no surprise that applying for a mortgage typically involves a lot of paperwork. Namely, mortgage underwriters need to see a well-documented financial history — including pay stubs and tax forms — to verify a steady stream of income. Or at least, that’s how it’s always been in the past.
Unconventional mortgages provide alternatives for those who don’t meet the standard income documentation requirements. Continue reading “All About How Unconventional Mortgages Are Making A Comeback”