There are 4 main types of Alternative Lending.
This is not the same as Alternative Mortgage Solutions or (AMS).
The rates on this type of mortgage typically range 0.5% to 2.5% higher than your best mortgage rate on the market. As a result, your mortgage payment is typically higher per month. Lenders that offer Alternative Lending to clients with Bruised Credit create a solution for them to achieve an approval. Not only does this solution apply to bruised credit individuals, it creates a path for those who claim little or no income.
The four main types of Alt-A Lending are:
- Employed with Bruised Credit
- Employed with Lower Income – resulting in Extended Ratios.
- Self Employed
- Investment Property
