What is a "no bank qualifying" home loan?

5 Answers

  • Favorite 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.

  • 1 decade ago

    when a bank won't qualify you but a mortgage company will.

  • Anonymous
    1 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.

  • 1 decade ago

    Its sound very risky probably very high mortgage rate-just beware ask lot of questions.

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    Two words...A SCAM

Still have questions? Get your answers by asking now.