Any person requiring huge finance to pay for high-end luxury home or for any other purposes wherein large mortgage loan amounts need to be borrowed can apply for a non conforming mortgage loan. Also, persons who do not qualify for a conventional mortgage loan or do not satisfy conforming loan guidelines may look to non conforming home loan as a viable alternative.
Non conforming mortgage loans are best for following persons:
* Low document borrower who has difficulty in verifying the last three years of income,
* Unstable income or infrequent or variable income,
* A history of late repayments, loan default, and bankruptcy,
* A borrower wishing to borrow more than 90-95 percent of the value of the property,
* A borrower wishing to secure the loans against properties not normally appropriate as security,
* Older borrowers, for whom 25-years repayment term may not be appropriate.
