![]() ![]() To help you understand what that means, another drug that is schedule one is heroin. Under the DEA’s classification system, marijuana is considered a schedule one drug. The Drug Enforcement Administration, or DEA, is a federal agency that is responsible for controlling drug distribution and trafficking within the United States. Before we can dive into the cannabis job market, we need to discuss how we got to this point. Cannabis in AmericaĬannabis has a long, complex history in America. If you choose to use a co-signer, it is important to make sure that the co-signer is informed of their responsibilities to the loan. If the primary borrower defaults on the loan, co-signers are held responsible for any remaining payments. Unlike co-borrowers, cosigners typically take on no commitment to actively pay-off the loan and do not take on ownership of the property. If you find a cosigner for your loan, their income can be considered when applying for a mortgage. These co-borrowers are usually spouses who work outside the cannabis industry but are able to be approved for a large enough loan to cover the cost of a house with their income alone.īut know that co-borrowers are as legally bound to repay the loan as the primary borrower and have ownership of the property.Īlternately, finding a cosigner for your mortgage might be the right path. Co-borrowers & co-signersĬo-borrowers are one of the most obvious methods of approval for cannabis industry workers. If you are lucky enough to be approved by an alternative lender, be prepared to pay higher interest rates and fees than a traditional mortgage. These lenders are best found in states (like Colorado, for example) that have a long history of legal cannabis. To save some money, consider purchasing a fixer-upper ! Alternative lendersĪlternative lenders, some even being local credit unions, may sometimes approve loans for workers within the cannabis industry. While saving up enough to buy a home outright might seem like a lot, it might be less of a headache than looking for alternative lending options. CashĬash is king in the cannabis industry and it might just be one of the best options for cannabis workers looking to purchase a home. Your dreams of owning a home don’t have to be over!Īlthough being denied a traditional mortgage can be discouraging, it is not an end-all. If you are denied a traditional mortgage, don’t give up quite yet. What can you do if you are denied a traditional mortgage? It is also important to ensure that you have a well documented, stable income stream. In these states, it may be easier to find a lender who is willing to use your income to provide you with a loan. In order to improve your chances of being approved for a mortgage, it is recommended that you live in a state with an established, legal, cannabis industry. How to improve your chances of getting approvedĮarning money from a job within the cannabis industry can be limiting when it comes to getting a traditional mortgage. If a bank handles money from the cannabis industry, it can be federally charged with money laundering. Federally, the cannabis industry remains illegal, making any income derived from it illegal in the eyes of the federal government.ĭue to this, banks who are Federal Deposit Insurance Corporation, or FDIC, insured are unable to consider cannabis-derived income a valid income stream. Traditional mortgages are not easy to obtain while working in the cannabis industry. Why it’s so hard to get a traditional mortgage if you work in the cannabis industry What can you do if you are denied a traditional mortgage?.How to improve your chances of getting approved.Why it’s so hard to get a traditional mortgage if you work in the cannabis industry.Loan Payoff Calculator: How Quickly Can You Repay Your Loan?.Auto Loan Interest Calculator: Monthly Payment & Total Cost.Free Monthly Budget Spreadsheet for Excel & PDF.How To Pay Medical Bills You Can’t Afford.Best Car Insurance For College Students.Should You Get Home Contents Insurance?.How Much Should You Contribute To Your 401(K).How Much Do You Need To Have Saved For Retirement.The Beginner’s Guide To Saving For Retirement.Investment Calculator: How Much Will You Earn?.How To File A FAFSA As An Independent Student.How to refinance your car loan in 7 steps.Best Personal Loans For Excellent Credit.Understanding Overdraft Protection and Fees.6 Best High-Yield Savings Accounts of September 2022.Balance transfer calculator: how much can you save?. ![]() Credit Score Calculator: Get Your Estimated Credit Score Range. ![]()
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