Alternate Loans (Alt A) or non-prime loans offer options to borrowers who do not qualify for traditional financing, such as Conventional, FHA, VA, or USDA. Borrowers with bruised credit, self-employment income, or other non-standard qualifications may find that these loans provide the solution they need.
Typical Loan Features – Alternate Loans
- Minimum 500 credit score
- Owner-occupied or non owner-occupied properties
- Appraisals are required
- Interest rates are typically higher than Conventional Loans but lower than Private Money Loans.
- Varying down payment requirements depending on loan program