I’ve just had a look at the subjects of the past posts for the last few days and don’t see anything about Non-Conforming Lending. If it’s been discussed, I apologise, but here goes.
As a mortgage broker of some years now, I’m always amazed how little publicised the various types of residential lending that are available. I would break lending into two main areas;
Conforming – which uses Lender’s Mortgage Insurance (LMI) to offset risk
Non-Conforming – which does not use LMI. Rather the lenders’ use a Rate for Risk technique.
Non-Conforming lending is very useful when you cannot meet the Mortgage Insurer’s requirements due to past/current credit impairment, length/type of employment, source of deposit funds, rent reliance, lack of financials, and many other issues.
If you would like to know some more general information, please post here, and I’ll check each day to try to answer the questions.
If you have a personal scenario which you would rather keep private, email me on [email protected] and we’ll discuss it off-line.
Gary Y.
Gary Young
Home Loan Connexion
Mobile 0407 64 66 32
Fax +61 7 4636 4841
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