Today I read an article on CNN with the title “Why you can’t get a home loan”. It upset me very much and I plan to tell them so. The article made it sound as though an individual needed to be rich, have lots of money for down payment and have perfect credit. NOT TRUE!
Here’s what I know to be true. Please help me set the matter straight.
- MINUMUM FICO SCORE: A score of 620 or more can buy a home. An occupying co-borrower with NO CREDIT score can also get approved
- COLLECTIONS: they don’t always have to be paid (Underwriter discretion). Especially in the case of medical related collections.
- BANKRUPTCY: After 2 years since the discharge date a borrower can be approved to buy a home
- SHORT-SALE / FORECLOSURE: After 3 years of the recorded date a borrower can be approved to buy a home
- FLIP PROPERTIES: With two appraisals and a home inspection supporting the property value/price, this is an approvable scenario
- DOWN PAYMENT: Depending on the program, as little as 3.5%, 1% or even ZERO DOWN can buy a home
- SELF EMPLOYED: There are write-offs we can factor back in. In some cases all we need is a 1 year tax return to prove income (2 yrs is normal).
- ESCROW LENGTH: We’re closing escrows in 30 days or less every month. Call me, I’d love to explain what makes us different.
There are still plenty of great lending opportunities and my glass is half-full!
Thank you for choosing THE MORTGAGE HOUSE of Santa Maria!
Call me anytime on my cell at 805-478-8508
Branch Manager / Loan Officer
The Mortgage House, Inc
361 Town Center West #200
Santa Maria, CA 93458