Nontraditional mortgages may be extended to borrowers in nontraditional situations. They can also be offered to subprime borrowers who are willing to pay higher rates of interest for alternative terms. Additionally, some borrowers may simply choose nontraditional mortgages because of the flexibility they offer. If you have had trouble qualifying for mortgages in the past, nontraditional mortgages may offer a product that fits your situation.
The SmartSelf & SmartSelf-Plus Product is designed for strong credit quality self-employed borrowers that permits the use of bank statements to support self-employed income for qualification purposes. The documentation must provide evidence the borrower’s self-employed income is stable, sufficient to repay the borrower’s debts and likely to continue. The income documentation must support the Ability to Repay requirements (ATR). A minimum of one borrower must meet the definition of self-employed, earn a majority of their income (51% or more) from their self-employment and utilize their self-employed income for qualification purposes to be eligible for the SmartSelf Product. Borrowers who provide tax returns or tax transcripts are generally ineligible for the program. Learn more
The SmartVest Product is designed for borrowers who are experienced real estate investors looking to purchase or refinance an investment property that is held for business purposes. An experienced real estate investor is an individual who has a minimum of twelve (12) or more months with ownership and management of residential or commercial real estate. The borrower is qualified based upon the cash-flow of the subject property and is not required to provide additional employment or income related information. Learn more
The SmartCondo Product is designed for borrowers seeking flexible financing options for condominium properties that do not meet agency guidelines. Learn more
The Smart Funds Qualification Product is designed for strong credit quality borrowers that permits the use of assets verified by asset statements to support their ability to repay for qualification purposes. Employment and income are not required for this program. Learn more
The Dream Big is designed for borrowers with strong credit, reserves and disposable income. Due to the strong credit characteristics associated with this type of borrower, the Dream Big provides for more flexible financing solutions. Learn more