Summary

Sometimes you just can’t get approved at your local bank or lender because you simply don’t meet their guidelines for the mortgage you really want.  That’s because your local bank or lender only has a limited number of products in their suite to offer you.  At Direct Finance, we offer a full suite of traditional mortgage products just like your local bank or lender, but we also offer a wide array non-traditional products for those situations where you just can’t qualify for a traditional product at your local bank.  Several popular non-traditional products that you won’t find at your local bank are bank statement loans, portfolio loans, and privately financed loans.

Advantages to Non-Traditional Loans

  • No Income Documentation Needed- Just because your business allows you to take certain deductions doesn't mean you can't qualify.  Bank Statement loans allow you to use your monthly deposits as income rather than have to provide complicated tax returns or W2s.
  • Flexible Debt Ratios - Some Non-Traditional loans are equity based rather than debt based, so as long as you have the equity, we can get you approved.
  • Faster Turn Times - Certain Non-Traditional loans (such as business purpose or private financing) do not have unnecessary waiting periods.  These loans can close in as little as three to five business days.

Non-Traditional Loan Requirements

In order to obtain a Non-Traditional loan, you will either be looking to purchase a home in the near future or refinance a home that you currently own.  If you are looking to make a new home purchase, the first step of this process is to get pre-approved.  If you are looking to refinance your home, the requirements will differ slightly from a purchase.  Speaking to one of our licensed loan officers will give you the education you need to make an informed decision so you can get your current mortgage refinanced.

Non-Traditional Loan Options

  • Bank Statement Loans - Utilize bank statements for income rather than have to use tax returns or any other income documentation.
  • Portfolio Loans Available - We offer loans to help you qualify that you won’t find at your local bank or lender.
  • Purchase and Refinance - Both transaction types permitted.
  • Private Financing - Also available.

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