Outside the Box Loans

For borrowers or properties that don’t adhere to conventional loan guidelines, Plum Tree offers Outside the Box Loans. These may be mortgage loans offered by non-government sponsored lenders or government loans that provide for unusual circumstances. There are also conventional or conforming mortgages that adhere to the guidelines set by Fannie Mae and Freddie Mac but aren’t publicized or well known with either a fixed or adjustable rate and unusual terms. As with any other loan, these mortgages have guidelines and limitations for which borrowers must qualify.

Outside the Box mortgages may only require down payments as low as 1% or have higher dollar amount limits. Self employed or credit challenged borrowers may qualify for an Outside the Box Loan. Another potential scenario would be for a property purchase that requires some work to be done on the structure. Outside the Box Loans may be available in Portland, all of Multnomah County, or anywhere else in Oregon. Contact Ron from Plum Tree Mortgage for more information at (503) 525-7888.

Is an Outside the Box Loan Right for You?

If you don’t fit the usual criteria for employment, income, or credit, or if the property you want to finance is one-of-a-kind, unusual, or in need of repair, you may be a good candidate for an Outside the Box Loan. Understand that all loans must adhere to guidelines, and not all borrowers will qualify. Interest rates may be higher than for mainstream loan transactions.

Mortgage Insurance

…is required by a lender to protect its investment when there is less than a 20% down payment or equity position. Some Outside the Box loans will require mortgage insurance, paid by the borrower as a monthly payment, a one-time payment, incorporated into the interest rate, or a combination of more than one option. Credit scores, loan to value ratio and other factors will determine the amount of the mortgage insurance.

Outside the Box Loan Requirements

Lenders have several requirements for successful underwriting of mortgages. These include sufficient borrower income, assets, and credit scores. Property condition and liens, property function, location, construction method, employment and credit history are some others. While there may be flexibility with Outside the Box loan requirements, it is important to consider all contributing loan factors together before a loan is submitted to underwriting. Working with an experienced qualified loan officer who prescreens borrowers before pre-approving is an important step to meeting any loan requirements. Ron from Plum Tree Mortgage will communicate with you before your loan is submitted to avoid loan delays later in the process.

Work with a Qualified Mortgage Lender

Ron Burian from Plum Tree Mortgage is committed to helping his clients with all of their Loan needs inĀ Portland, Multnomah County, or anywhere else in Oregon. If you are purchasing a property for the first time or are looking to refinance your old (non-conventional) loan into a conventional loan, Ron can help. Contact him today atĀ (503) 525-7888. for any questions you may have on Outside the Box Loans or how to get pre-approved!