Are Non-Conforming Loans Only for people Who Have Had Credit Problems?
Nonconforming or stated income loans can be used by people with good credit whose debt ratios are too high to obtain a conforming loan. How Are Non-Conforming Guidelines Different Than Conforming Loan Guidelines? For B-loans there are no hard and fast underwriting rules. Unlike conforming loans, each lender does not have the same basic guidelines. There are as many different sets of underwriting guidelines for B-loans as there are B-lenders. With non-conforming loans a borrower can shop around with many different brokers and lenders, attempting to find the best rate and/or lowest closing cost to suit them. If you have credit problems and need a non-conforming loan, your shopping becomes very limited. Although not true in all cases, with credit problems, you should be searching for a broker or lender who can get the loan completed while charging the least amount of up front points. Frontier Mortgage takes pride in being very fair with points and fees charged to borrowers with less-than-
