In today’s market, there are many different types of financing available for both rural properties and manufactured homes. However, not all lenders offer Non-QM financing for these types of homes. If you are looking to broker with a lender who specializes in Non-QM loans, you have come to the right place! In this article, we will discuss the benefits of Non-QM financing and how it can help your clients purchase their dream homes.
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If your clients are looking for a loan that does not require perfect credit, then Non-QM financing may be the right option for you. This type of financing is available to borrowers with less than perfect credit, which means that they may still be able to qualify for a loan even if they have had some financial setbacks in the past. Non-QM loans are also available for both rural properties and manufactured homes, so you can help to choose the option that best suits their needs.
Another benefit of Non-QM financing is that it offers flexible repayment terms. Unlike traditional mortgages, which typically have a fixed interest rate and monthly payment, Non-QM loans offer borrowers the ability to choose a repayment schedule that works best for their budget. This flexibility makes Non-QM financing an ideal option for borrowers who are self-employed or have other irregular income sources.
What is a rural property?
Rural property is defined as any property that is located outside of a city or town. This includes farms, ranches, and other types of land that are not considered to be urban.
Why would a client choose a rural property?
There are many reasons why a client might choose a rural property. Some clients may want to live in a more rural area to be closer to nature, while others may want to purchase a property for investment purposes. Whatever the reason, there are many benefits to purchasing a rural property.
What are some financing options for a rural property?
There are several financing options available for rural properties. The most common option is a USDA loan, which is backed by the US Department of Agriculture; however, A&D Mortgage does not offer these types of loans or VA loans. Other options include FHA loans and conventional mortgages.
But, for clients who don’t qualify for traditional loans, there are many Non-QM options available from A&D Mortgage for rural homes that include:
- Portfolio Loans: A portfolio loan is a type of Non-QM loan that is not sold to Fannie Mae or Freddie Mac. This means that we can offer more flexible terms and conditions.
- Asset Depletion Loans: An asset depletion loan allows borrowers to use the equity in their home to qualify for a loan. This option is typically used by borrowers who have a lot of equity but may not have a regular income.
- Bank Statement Loans: A bank statement loan allows self-employed borrowers to use their business’s bank statements to qualify for a loan. This type of financing is ideal for borrowers who may not have a traditional income source.
- No Doc Loans: A no doc loan does not require borrowers to provide any documentation to the lender. This type of financing is typically used by borrowers who have a good credit score but may not have all of the necessary documentation to qualify for a traditional loan.
What are five benefits of a rural property?
Here are five benefits of owning a rural property:
- You have more space and privacy.
- You can enjoy the peace and quiet of the countryside.
- You have the opportunity to grow your own food.
- You can live a more self-sufficient lifestyle.
- You can take advantage of lower property taxes.
What is a manufactured home?
A manufactured home is a type of housing that is built in a factory and then transported to the site where it will be placed. Manufactured homes are typically less expensive than traditional stick-built homes, and they can be a great option for borrowers who are on a tight budget.
What are the financing options for a manufactured home?
The most common type of financing for manufactured homes is an FHA loan. Other options include VA loans, USDA loans, and conventional mortgages. Many of the same Non-QM options for rural homes are also available for manufactured homes including the ones outlined above.
Why would a client choose a manufactured home?
There are many reasons why a client might choose a manufactured home. Manufactured homes are typically less expensive than traditional stick-built homes, and they can be a great option for borrowers who are on a tight budget. Additionally, manufactured homes can be placed in a variety of locations, including rural areas, which gives borrowers more flexibility when it comes to choosing a property.
What are five benefits of a manufactured home?
Here are five benefits of owning a manufactured home:
- Manufactured homes are typically less expensive than traditional stick-built homes, and they can be a great option for borrowers who are on a tight budget.
- Manufactured homes can be placed in a variety of locations, including rural areas, which gives borrowers more flexibility when it comes to choosing a property.
- Manufactured homes are easier to finance than traditional stick-built homes.
- Manufactured homes can be custom built to the borrower’s specifications.
- Manufactured homes have a shorter build time than traditional stick-built homes.
A&D Mortgage is a leading provider of Non-QM mortgages for rural properties and manufactured homes. We offer a variety of financing options to meet the needs of our borrowers, and we’re committed to providing outstanding customer service. If you’re interested in learning more about Non-QM financing for rural properties and manufactured homes, contact A&D Mortgage today. We’ll be happy to answer any of your questions and help you find the right loan for your clients’ needs.
As a mortgage broker, your clients rely on your expertise to find them the best deals. Our Quick Pricer tool can be an invaluable asset in your quest to secure the most advantageous mortgage rates. Be sure to explore our Programs section for additional resources tailored to your needs. If you have specific scenarios in mind, don’t hesitate to request them; we’re here to assist you. And if you’re interested in joining forces to provide even more value to your clients, consider becoming a partner with us. Together, we can empower individuals and families to achieve their dreams of homeownership.