Who Qualifies to be approved with out Mic?

Mortgage Investment Corporations (MICs) qualify borrowers based on a combination of factors, with a focus on risk assessment, rather than adhering strictly to the traditional lending standards that banks follow. Key factors include:

Credit History: MICs assess a borrower's credit score, though they may be more flexible with borrowers who have lower credit scores than banks allow.

Income Verification: Proof of steady income is important, but MICs often accommodate self-employed or non-traditional income sources.

Property Evaluation: The underlying property securing the loan is critically assessed for its market value, location, and liquidity. MICs may prioritize loan-to-value (LTV) ratios over borrower financials.