3 Kinds of Niche Mortgage Loans

There are many different types of niche mortgage loans that are designed to benefit different people. Here are a few kinds of niche mortgage loans to be aware of.

1. Energy-Efficient Mortgages

This type of mortgage is specifically designed for individuals that wish to purchase energy-efficient homes. This can be used in order to purchase a new home that is already energy-efficient or to purchase an existing home that they plan on upgrading into becoming energy-efficient.

2. Location Efficient Mortgages

Another type of niche mortgage is the location efficient mortgage. This is a unique product that is designed to benefit individuals that wish to live in efficient locations. There are certain communities that can qualify for this type of mortgage because they have very little need for driving around. You can easily access shopping, groceries, schools, and other facilities just by walking from your home. This improves air quality and the standard of living for all of the people that live in this type of community.

3. Subprime Mortgages

The subprime mortgage industry involves working with individuals that have bad credit scores. Even though these people cannot qualify for traditional mortgages, they can still purchase a home through a subprime mortgage lender.