Examples of How We Can Help

Saturday, 11 December 2010 09:33

Appraisals, credit scores, debt to income ratios, and guidelines in general are tough nowadays.  We are here to help you.  Here are some examples of recent closings that were referred to us because of issues elsewhere: 

703 credit score with only 1 tradeline reporting on credit
Used 3 alternative credit lines
No derogatory credit
100% USDA loan
Zero money out of pocket to close 

FHA purchase
51% debt ratio
Closed in less than 30 days 

48% Debt ratio
75% cashout refinance
Self employed borrower 

6,000 square foot home
$400,000 loan
$600,000 value
Comps 20 miles away 

3200 square foot lake front home
45% dti, Self employed, no comps within 12 months and 20 miles+ away
$300,000 loan
$560,000 value 

640 credit score
Self employed
Comparables where all from 14 – 40 miles away
Refinance loan amount $320,000
$550,000 value 

USDA purchase with no money brought to closing
628 middle credit score
Received the MCC tax credit for first time buyers which will be $1713.25 credit on tax returns 

USDA purchase with no money brought to closing
619 middle credit score (worked with borrower to raise score to 633 in 1 week)

We also have the ability to be your bank’s resource for mortgage loans with an origination services agreement with PrimeLending.   You can take an application, use us as the lender, and get paid on the HUD.  You can be as involved as you like in the process.  Ask me about this if you are interested.

Give me your scenarios and we may be able to help.