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MBA Urges Regulators To Avoid Invoking Suitability Standards
The Mortgage Bankers Association (MBA) recently made a preemptive strike against what it obviously perceives as the next threat against the mortgage industry - "suitability standards." Read more...

 

Stated Mortgage Programs

In case you are looking for a new home or for a way to refinance your current mortgage, you should check out the wide array of mortgage programs available. Even though you might have a poor credit, there are still some of those programs that you can qualify for. Also, if you have excellent credit, then you can benefit even more from the mortgage programs as you ca easily qualify for the one you think appropriate.

In both cases, what you need to do is talk to a mortgage consultant and carefully explains what you are looking for. There are some "outside-the-box" mortgage programs that might come in handy in case you have troubles with your credit report, of which only a consultant can make you aware of.

Among those, the stated mortgage programs are designed for people whose income or assets fluctuate in shorter periods of time, from month to month, or from year to year. There are only a few banks that offer such mortgage programs and some inexperienced mortgage brokers might not even be aware of the formalities it involves. However, once you clearly state the fact that you would like to be a part of one of those mortgage programs, there is no reason why you shouldn't be able to find one.

The main idea of these stated mortgage programs is the fact that they are designed for people who would not normally qualify for a regular loan although they have sufficient income to pay back the debt.

In case you feel like these are the mortgage programs that you need, be sure to contact the first and best broker in your area and start applying. You might enjoy the benefits of having a mortgage loan accepted by a creditor sooner than you expect.

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