We understand the difficulties Cannabis professionals face in securing mortgages. Despite the legalization of Cannabis / Marijuana in many states, banks and mortgage lenders often still deny mortgage applications from Cannabis industry professionals due to their income source.
We’re here to help. Our team has created a path to homeownership for those working in the Cannabis industry, and we’ll take the time to verify your income and review your application materials thoroughly.
Conventional mortgages, which are not backed by the government, offer more flexibility in terms of acceptable income sources for loan qualification. We approve borrowers with income from Cannabis-related jobs by reviewing their income and application materials in-depth. We have team members dedicated to working with you from start to finish, unlike other lenders that simply filter you through an automatic program.
While federally backed loans are known for their affordability, Conventional mortgages still have their own advantages. You can get a loan with just a 3% down payment and still qualify for a great interest rate, which keeps your monthly payments low.
If you're looking to apply for government-backed loans, such as FHA, VA, or USDA mortgages, you may have more difficulty qualifying. This is because Federal regulations prevent lenders from approving loan applications that rely on Cannabis-related income.
Working in the Cannabis industry does not automatically disqualify you from getting a government-backed loan; however it does mean that your Cannabis industry income cannot be used for qualification. So in order to qualify, you will need to have another source of income (beyond your Cannabis income) or perhaps a co-borrower who does not work in the industry.
When applying for a mortgage, there are two broad categories of mortgage products you can apply for: 1) Conventional mortgages and 2) government-backed mortgages.
Generally speaking, if you receive income from a Cannabis-related job, you’re most likely to be approved for a Conventional mortgage. We offer our own Conventional home loans to Cannabis professionals, and we'll work with you to ensure your eligibility for a loan.
Don't let the challenges of securing a mortgage prevent you from owning your dream home. We're committed to helping Cannabis professionals access the financing they need to purchase a home. Fill out our online application or schedule a call with us today to get started.
There are solutions available, and we can help. We don't discriminate based on your industry. To us, WHERE you work doesn't matter. What matters is that you're home. 🏡🌿
Yours in successful homeownership,
Unconventional Lending Program Director
About the Author:
Derek Bissen is a licensed Mortgage Loan Originator with over 25 years of experience in the industry. Derek is a self-employed lending expert who is known for his ability to work with borrowers who have substantial wealth and non-traditional lending needs. He is a creative loan structurer and specializes in portfolio lending, asset-based lending, bank statement lending, as well as traditional loans such as Conventional, FHA, VA, and first-time homebuyers.
Derek's expertise in the mortgage industry is unparalleled. He is a trusted advisor to his clients, providing them with customized loan solutions that meet their unique financial goals and needs. His vast experience and knowledge make him a valuable asset to anyone looking to purchase a home or refinance their existing mortgage.
As a highly-experienced loan originator and author, Derek is committed to sharing his knowledge with others. He regularly provides valuable insights and advice to readers looking to navigate the complex world of mortgage lending. His articles are informative, engaging, and backed by years of hands-on experience.
With his wealth of knowledge and dedication to his clients, he is the go-to source for all your mortgage lending needs. If you're looking for a reliable and trustworthy mortgage expert, contact Derek today to learn more about how he can help you achieve your financial goals.