Home Loans for Cannabis Professionals

How to get approved.

Because marijuana is legalized on a state-by-state level, cannabis workers aren’t eligible for a federally backed loan (FHA, VA, or USDA loans). Instead, you’ll need to meet the standard qualifications for a conventional loan:

• Have a minimum credit score of 620.
• Be able to provide proof of employment, income, and that you can afford to repay the loan.
• Have funds available for a down payment of 3% or more, and proof that money used to buy the home is from an acceptable source. 
• Plan to buy an acceptable property, like a single-family home, townhome, condominium, or 2- to 4-unit home.
• Have a maximum loan amount of $647,200.

In addition to these standard qualifiers, you need to meet a few other conditions specific to the marijuana industry: 

• Buy a home in Illinois, Michigan, or Florida, where states have legalized marijuana for recreational or medical use. We lend exclusively to cannabis workers in these three states.
• Not have an ownership interest in a cannabis business. We can accept income from workers in the cannabis industry, as long as that income is not tied to full or partial ownership.
• Provide proof of income from a reputable cannabis business. Unfortunately, we cannot use self-employment income for those working in the cannabis space.
• Apply for a loan of $150,000 or more, and use it to purchase a non-manufactured home. 
• Buy your home for personal use. The property you buy can’t produce income for any reason.