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Difficult Circumstances Print E-mail

 

Loans available in difficult circumstances

 

Borrowers who have poor credit history or have been declined by the bank and need a fresh start can also be assisted by Ocean Blue, with a number of lenders able to assist.

        • Have insufficient profit for the year?
        • Insufficient savings?
        • Have irregular employment?
        • Or are you over age 55?
        • Or are you a non-resident or recent arrival?
        • Need to consolidate debt?

Regardless of your special circumstances, we can assist with:

      • 95% Home loans
      • Full Documentation loans
      • Low Documentation loans
      • No Documentation loans
      • Loans for a huge range of purposes
      • Shared equity loans
      • Family pledge loans 

What is a non-conforming loan?

It is important to know the difference between a low-doc loan and a non-conforming loan. While both do not insist on seeing the applicant's tax returns and/or financial statements, low-doc loans are almost exclusively available to people with an unblemished credit history. Applicants are usually mortgage insured and generally only need to borrow a maximum of 80% of the security's value. Non-conforming loans on the other hand are mortgages that do not conform to a lender's typical loan underwriting criteria. This may include situations where the applicant has a poor credit history, or who may not have been employed long enough to show a history of earning an income.

Non-conforming loans may exceed 80% of the security's value and the interest rate is based on the severity of the credit history. A low-doc loan application is normally by a borrower with a clean credit history and the most important factor for the lender, therefore, is the value of the asset being offered as security. Because the asset is vital to these loans, the location of the security is also important and hence insurers and lenders alike may not lend in some high-risk circumstances such as for large rural allotments. Non comformimg loans are difficult to source during the current environment or during a credit squeeze.

 


ImageOcean Blue is also able to arrange for private funding, giving clients options which do not fit with major lenders. Private funding is worth an enquiry where a special need exists.

 

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