You apply for a loan, you recieve the loan. That is the ideal scenario. However, this is not the realistic scenario for some people. Some people (maybe you), have circumstances that make it extremely difficult to qualify for a mortgage. Do not give up hope just yet!
Amy Fontinelle, a financial journalist and editor for a variety of websites, public policy organizations, and book publishers, offers four alternative to a traditional mortgage.
Amy recently wrote an article detailing what these alternative options are. She points out that, "Unusual home-financing tactics may be uncommon and hard to come by, but for people who fall into a category that makes it difficult to qualify for a mortgage, there are options to finance a home purchase beyond getting a mortgage from a bank."
The four options that Amy touches upon and provides details about are the following:
- Borrowing From Your Whole Life Policy
- Seller Financing
- Borrowing From a Self-Directed IRA
- Rent To Own/Lease Option
If you are ready to start searching for your next home, On-Top Realty has qualified agents ready to help you!
It is important to keep in mind that if you ARE turned down repeatedly for valid reasons, maybe it's not really the time for you to buy.
You can read Amy Fontinelle's full article here: 4 Alternatives To A Traditional Mortgage
