Modern Lending Helps Non-Traditional Buyers Secure Loans

Everyone's financial story is different, and with a wide variety of ways to make money in the modern era comes the barrier of antiquated measurement systems. While credit, income reporting, and other loan criteria serve the needs of the 9-5 office worker, those seeking homeownership who don't fall into this specific category face issues when applying for and obtaining loans. Self-employment rates has been steadily increasing since 2020 and now makes up over 10% of the work force. Modern Lending understands the unique situations of our customers and seeks to offer alternate pathways to homeownership by appealing to diverse borrower profiles.

 Who Are Non-Traditional Homebuyers?

Non-traditional homebuyers are oftentimes individuals who aren't working full-time as an employee. These can be entrepreneurs, self-employed individuals, gig economy workers, and freelancers. Additionally, non-traditional borrowers can be first-time buyers with unconventional financial histories. First-time buyers with unconventional financial histories such as declared bankruptcy, no credit history or other factors.

Common Barriers Faced by Non-Traditional Buyers

Unfortunately, unconventional employment comes with barriers to obtaining home loans. Irregular income patterns may raise flags for lenders, as borrowers may seem unreliable. Additionally, larger lenders' approval is often computer-assisted. This prevents many individuals from receiving loans that they would be eligible for. Non-traditional home buyers also often lack awareness of available loan options that work for their particular situation. At Modern Lending, our experts work with our customers to understand their financial history and needs so that we can best serve them.

How Modern Lending Supports Non-Traditional Buyers

Modern Lending and Brian Deckers team members frequently receive national recognition for exceeding expectations in the lending industry. We believe we are able to help so many seeking homeownership because of our central pillar of excellent customer service. Without personal relationships with our borrowers, we would not be able to make so many dreams come true. This starts with working to understand each customers unique needs and their financial history. Our support includes:

• Flexible Loan Products
  • Loans designed for self-employed individuals
  • Options for borrowers with non-standard income verification
• Personalized Lending Experience
  • Human-driven approach to understanding complex financial situations
  • Expert guidance through the loan process
• Partnership with Down Payment Assistance Programs
  • Highlight partnerships that can reduce upfront costs
  • Assistance for first-time buyers in unique situations

 Why It's Time to Rethink Homeownership Criteria

As 10% of the U.S. workforce is self-employed, it is time for lenders to rethink home loan criteria. Modern Lending hopes to give more opportunities to more people so that everyone has access to homeownership. For us, this starts with understanding our customers. As leaders in the industry, we are using innovative and personalized lending solutions to provide better borrowing experiences. Get in touch with Modern Lending today to learn more about how you can secure your home loan and become a home owner!