Unconventional Mortgages - Sounds Too Good To Be True!

[Stephanie Wells]

I was speaking with a lender who told me about unconventional mortgages where you don't qualify based on your income, but instead on your credit score and how well the property cash flows. I had no idea this even existed, and am wondering if you all have experience with this type of loan and what the catches are, as it sounds too good to be true. Does the property have to have a certain amount of cash flow? A big cap on how much the property can cost? Etc.

I am asking because I am in a situation now where I do not like my permanent part-time job, but am hanging onto it since it has helped us qualify for mortgages in the past. I had another opportunity come up that is work from home, but the job is contract with less pay and wouldn't be able to help me qualify for a conventional mortgage. Not sure if I should risk quitting my W2 job on the hopes that I could qualify for an unconventional mortgage. Any input is appreciated!