What makes a loan non-conventional?

loan non-conventional
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What makes a loan non-conventional?

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There are several factors that determine whether a loan is non-conventional. For instance, if you have low credit scores and only 5% down, you would be considered a non-conventional borrower. Also, borrowers who want to purchase or refinance a home at a high loan-to-value (LTV), i.e., 95% or 100%, fall under a non-conventional loan. In addition, if a borrower is unable to verify their income, they are considered to be non-conventional. For instance, self-employed borrowers who do not want to disclose income simply state how much they make on their 1003 application. Stated income loans at high LTV’s are non-conventional as well.

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