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18. Mortgage Basics - Special circumstances

Special Circumstances:

There are circumstances that may cause a lender to reject your loan. You may be placed into this category of ?special-circumstances? for a variety of reasons, such as if you are purchasing a condominium, if you've held your job for less than a year, if you are self-employed, if you put less than 20 percent down, or if you have a few late payments on your credit card.


Here is some advice with regards to some of these special mortgage loan situations:
  •     Buying a condominium or town house
  •     No-doc or low-doc loans
  •     Sub-prime B-C-D loans

Buying a Condominium or Town House:
 
When you buy a condo or town house, you get a deed to the individual unit, but you share the common areas (walls, grounds, fences, facilities) with the other owners in your complex.

Before approving your mortgage for a condo complex, a mortgage lender will want to review the financial and physical perspective. They will typically provide a questionnaire to be completed by the condominium association in order to decide whether it is suitable collateral for the mortgage loan.

Some of the factors they take into consideration are how many percentage of units are owned versus those that are occupied by investors. An acceptable figure is typically 60 percent owner occupied or higher. Another important factor is whether the project is 90 percent complete. Your loan will most likely be approved if these two criteria are satisfactorily met. Other possible considerations that determine loan approval include insurance coverage, operating budget, the competency of the management, and the capital reserved for repairs.

No Doc or Low-Doc Loans:
 
Designed for the entrepreneur, the self-employed, recent immigrants with capital in foreign countries, or for clients who choose not to reveal their financial information, no-documentation or low-documentation loans require only down payments and closing costs. They require no documentation such as tax returns, W2 forms, paychecks, or bank statements. In order to qualify for these loans, you will need a substantial down payment, ranging from 20 percent to 35 percent, as well as an excellent credit history. They also typically have a higher interest rate, often one-half a percent higher than the norm.

A low-doc loan requires that you be self-employed for at least two years, and have sufficient assets as well as excellent credit. Those that choose to go with these options may switch to a lower-rate, full documentation loan later when they refinance and their financial status improves.

Sub-prime B-C-D Loans:
 
Developed for people with past or current credit problems, these loans provide more lenient lending guidelines, but charge higher interest rates and fees. This allows people with spotty credit histories to own a home and at the same time improve their credit ratings. Often, once the borrower's credit and financial situations improve, they have the option of refinancing to take advantage of the best current market rates.

Refinance Home Loan Mortgage Offers The Lowest Interest Rates, Home Loans And Refinancing. Mortgage And Home Loan Advisors Consult Home Owners And Home Buyers And The Financing Solution Best Suited to The Mortgage, Home Loan And Refinance Needs.

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