Good Morning!You can have a credit score as low as 620 and get a loan with just 15% down payment on investment property.It’s been several years since you could have a credit score this low and be able to purchase an investment property.If you are interested in purchasing an investment property, and want to see…
Good Morning! I wanted to give you a quick break down of how your credit score is calculated by the credit bureaus… 35% – Payment history The credit bureaus look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item;…
Good Morning! When it comes to getting a mortgage the difference between a credit collection account and a judgment is significant. The biggest difference is that a collection account doesn’t have to be paid off as a condition of mortgage approval. …However, a court ordered judgment MUST be paid off before a mortgage can be…
Good Morning! If you purchased your house on a Contract For Deed, or a Land Contract – we can treat this as a refinance loan? …It’s true! …The Contract For Deed doesn’t even need to be recorded. We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract. The…
Hello! In some circumstances your spouses credit matters – even thought they may not be on the loan with you. When it doesn’t matter… If you are applying for a conventional loan then we won’t run your spouses credit if they aren’t on the loan. When it does matter… If you are applying for a…
Hello! I wanted to let you know that I can now do VA loans with no credit score limitation! This means that there is no “minimum score” you must have to get a VA loan. There are two main requirements for me to get your VA loan approved… 1) I must get an Approve /…
Good Morning! Are planning on using your bonus income or overtime income to help you get a mortgage? …If so, then there are three important things you need to be aware of: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2)…
Good Morning! Have you been told by a loan officer that you don’t qualify for a mortgage because you don’t have enough “trade line depth”? Most lenders have guidelines for the number of trade lines they want to see on your credit report. …for most of them they want to see 3 trade lines with…
Happy New Year! I know you’re going to have a great year this year! Continuing with little known underwriting guidelines on FHA loans… Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy. They are…
Good Morning! If you ask a loan officer how long you have to wait after a foreclosure to get an FHA loan they will tell you three years. Three years is the standard seasoning period for a foreclosure before you can get an FHA loan. However, three years isn’t always true. …It can be less.…