Have you ever wondered if you could get a 40 year mortgage? I’m sure you heard how “back in the day you could get a 40 year mortgage” when all it took was a signature to get a home loan. But with today’s stricter lending requirements is it still possible to get a 40 year mortgage?
It may surprise you, but the answer is yes!
These types of mortgages fall into what’s called the non-QM, or non-qualified mortgage category. They’re not required to meet standard documentation guidelines, and can offer more payment flexibility, but have their own set of unique underwriting requirements in order to be approved for a loan.
You can actually get a 40 year mortgage for your primary, secondary or even an investment property!
There’s fully amortizing fixed rate 40 year mortgages, 40 year ARMs (Adjustable rate mortgages), and even interest only 40 year mortgage options available.
Most mortgage lenders will want 20% down when purchasing a home with a 40 year mortgage. A small few will allow as low as 10% down depending on the situation and use of the property though.
I’m sure you’re looking for ways to stretch your dollars further with how high home prices have become, and the rising cost of everything around us. A 40 year mortgage may offer you lower monthly payments and more flexibility than conventional loan products do.
One of the many benefits of working with a mortgage broker, and NC best loan officer, is that we have access to many loan products that most other retail lenders don’t. We can easily sort through multiple lenders and loan products quickly to custom tailor a loan to your situation. We’ll go over the numbers together to find the best loan product and value for your situation.
Ready to see if a 40 year mortgage is right for you? Get pre-qualified! Apply now!
Not ready but still want to chat?? Contact us!
If you’re interested in other product insights check out USDA vs. Conventional loans.
