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To get approved for a condo mortgage, you’ll need a lender to approve both you and the entire condominium project. ... You should know that loans for condos usually come with slightly higher ...
Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. In many cases, non-conforming loans can be funded by hard money lenders, or private institutions/money. A large portion of real-estate loans are ...
No income, no asset (NINA) [1] is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan .
Other non-conforming loan types. Hard money loans: A hard money loan is a non-conforming loan providing a borrower with short-term funding. Real estate investors often seek them out because they ...
Cons. Few lenders offer these loans in 2024. You’ll need a good credit score and lots of liquid assets to qualify. No-doc mortgage loans usually come with higher interest rates.
The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States. [5] Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank ...
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