Home loan: solutions also for atypical profiles (fixed-term contract, illness, senior …)
No contribution, over 65, CDD or temporary workers, aggravated health risk, too much debt… If you recognize yourself in one of these qualifiers, know that there is probably a financing solution adapted to your profile, as complex as it is.
We hear and read that the banks have tightened their credit conditions and that only very good profiles would be in their favor. This unfounded rumor is detestable! Thus, for lack of contribution or considering themselves too old or too indebted or even uninsurable, many candidates for acquisition believe, often wrongly, that they cannot be financed. This prejudice is very often an error of assessment. Each credit file on the margins of the standards deserves an in-depth analysis and the search for specific solutions.
Rates are still extremely low and all of our partner banks are lenders. As proof, they gave us, for 2017, objectives for loan volumes higher than in 2016. The situation therefore remains ideal for all candidates for real estate acquisition.
No personal contribution
It is not imperative to have a personal contribution to obtain a credit. Many loans serve as a contribution. This is the case for 1% housing, the ELP, the PTZ, loans from local authorities and civil servants. It is also possible to mobilize employee savings for those who have it. In 2016, a large number of files funded with a PTZ were funded with a reduced contribution to the costs of the acts.
In fact, everything depends on the solvency ratio which must be around 33% but which is assessed according to the borrower’s income. Thus, significant recurring revenues make it easy to overcome the 33% limits.
Many are convinced that it is not possible to get a loan past 65 years of age. It is perfectly inaccurate.
Banks are very fond of senior customers for whom the default risk rate is almost zero. At Fine Bank, we have banking solutions that authorize loans up to 85 years, or in certain specific cases up to 90 years. At the same time, we have borrower insurance solutions adapted for these durations. Age is not a handicap for borrowing.
Interim or CDD situation
Without discussion, temporary workers and CDD holders also have access to credit. Credit institutions no longer neglect this segment of customers and adapt their criteria for these borrowers whose number continues to grow. Whatever the status, professional stability is a determining asset. Thus, an almost continuous interim with very little inactivity during the 18 months preceding the loan request will be considered as salaried assets.
Mostly, patients or former patients presenting or having presented an aggravated health risk hesitate to contact their bank to obtain a mortgage. Their apprehension is often justified because many credit institutions are reluctant to make financing for borrowers whose health constitutes a risk. But the law is evolving for the better. Thus, since the publication of the decrees of February 7 and 13 framing the law “right to be forgotten”, former cancer patients no longer have to declare their old pathology ten years after the end of treatment, if these ten years n have not led to relapse.
Also, if your state of health does not allow you to obtain insurance under the usual conditions, we recommend the services of our Fine Banks brokers, who will offer you an AREAS agreement. To benefit from it, the borrower must meet specific criteria:
- be under the age of 70 at the end of the loan repayment
- make a loan of a maximum amount of $ 320,000
Outstanding loans that weigh down creditworthiness
It is common for mortgage borrowers to have taken out several loans, the combined sum of which destroys the solvency ratio which would enable the loan to be obtained. In this configuration, there is a solution: it is the grouping of credits.
Again, it is necessary to contact a credit broker who will group all the loans to make only one with a single monthly payment. Beware, however, of the choice of broker because the grouping of credits requires specific skills and especially banking agreements with specialized credit institutions. Fine Bank brokers have ad hoc banking expertise and assistance.
For all these reasons, we advise you to use the services of our Fine Banks brokers who are able to provide solutions to almost all situations that buyers may face. We remind you that consulting a broker is free and that he can only claim remuneration if and only if the requested loan is obtained and the funds released.