Alternative financing refers to options that go beyond traditional mortgage loans from banks and other financial institutions. These options may be suitable for individuals who do not meet the eligibility requirements for a traditional mortgage, such as those who are self-employed or have bad credit.
There are several types of alternative financing mortgages to choose from, depending on your specific needs and financial situation. Some options include:
Eligibility requirements for alternative financing may vary depending on the specific type of loan, but generally include factors such as:
The process and paperwork for alternative financing may also be different from traditional mortgage loans, including the application, pre-approval, closing, and appraisal.