How Can I Get a Nonconforming Loan in Utah?

Nonconforming loans are mortgages that don't meet the standard Fannie Mae guidelines and ratios. The nonconforming loan is often required by first-time home buyers without a large down payment, those with credit issues or consumers with high debt-to-income ratios. Credit history determines interest rates while total mortgage value is determined by the home value compared to the loan amount. Some nonconforming loans allow 100 percent financing though most max out at 70 percent. Nonconforming loans in Utah function the same way as in other parts of the country.

Instructions

Call local banks and mortgage companies to find out what lenders offer nonconforming loans. Not every bank offers these loans because of the risk. Your real estate agent may have a recommendation of someone he trusts.

Meet with the lender and ask what the guidelines are for a nonconforming loan. Banks have different requirements depending on how aggressively they seek mortgage business.

Complete a mortgage application. Provide the lender with all pertinent information requested include your credit history, bank assets and other assets available for down payment or collateral.

Find a house that has a mortgage with a back-end ratio of less than 55 percent; the back end ratio is your monthly net income divided by mortgage and any other recurring payments. Lenders feel more confident if you maintain this ratio to afford the payments. So if you bring home $5,000 monthly and have a total of $500 in monthly credit card and child support payments, your mortgage can not exceed $2,250.

Choose a house you can afford to upkeep. The mortgage is not the only factor in monthly expenses. You may have enough for a large down payment on a dream home, but if you can't afford the water bill for the expansive backyard, you might bite off more in expenses than you can handle, leading to future debt problems.

Reduce all other debts. Lenders want the mortgage debt to not exceed 50 percent of the monthly income with no more than 60 percent of the monthly income going to other debts such as credit car bills or car payments. The higher your debt-to-income ratio is, the more difficult it is to get a nonconforming loan.

Find a co-signer with good credit and collateral to back up your loan terms. Lenders feel better when a more responsible party is tied into the contract with the ability to maintain the loan terms should you have financial difficulties.

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