What is a "no bank qualifying" home loan?
- 1 decade agoFavorite Answer
Sounds like dealing with a broker and not a bank directly. May be a scam or may not be. The majority of borrowers in this country end up with a mortgage broker because most banks do not offer the products that most consumers desire. Have you ever heard of a local bank giving you 100% financing on an investment property? What about taking 100% cash out of your property 1 month after you close. There are some lenders that do things banks would never think of but things could be changing in the industry. They say they are going to tighten guidelines but from what I have seen, it is becoming easier and more lenient.Source(s): http://www.scottlushing.com/
- MsFancyLv 41 decade ago
when a bank won't qualify you but a mortgage company will.
- Anonymous1 decade ago
They are probably saying, with that program you will only need a credit report and full application, and you won't have to prove your income and assets.Source(s): http://www.choicefinance.net/
- Isabella789Lv 41 decade ago
Its sound very risky probably very high mortgage rate-just beware ask lot of questions.
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- BarbaraLv 51 decade ago
Two words...A SCAM