People with credit problems can obtain a mortgage loan!  Most people think that if they have derogatory items on their credit that they cannot be qualified to purchase a home or refinance their current mortgage. That is not true.

There are many factors in determining what type of loan will fit your needs. Please see below.

HAVE YOU BEEN TURNED DOWN?

If you have been turned down due to credit problems, that may be because the company you were working with is not experienced in all types of loans available. Expanded Level  loans, are loans for people that do not fit into the basic FNMA & FHMLC guidelines because of previous bad credit. There are many guidelines that may eliminate you from the "A" paper loans, but do not eliminate you from the expanded level loan programs. Please see below:

Basic Loan Program Guidelines Still Available.

• Debt ratios up to 55%
• Derogatory credit, OK
• Bankruptcies
• NOD's (Notice of Default) or previous foreclosures OK. Call for details.
• Low fico scores ok
• 40 year loan programs
• Interest only available on some programs.  Call for details

These are just a few of the programs we have for the alternative loans.  Please see below for some general classifications. . Please note:  This is just an overview of the guidelines for expanded level loans, there may be other restrictions or guidelines that are not stated below.

If your property is located in California, call me today to discuss your credit situation, I will assist you in obtaining a loan now, or help you to prepare for a loan in the near future. Please E-mail or call me at 818-920-1600.

03/23/08 - Please Note:  Due to the problems in the sub prime mortgage industry lately, the credit guidelines have been changing on a regular basis on all programs.  I have revised the guidelines for the A- and B grade programs as of today 03/23/08, but these are only general guidelines which may change without notice.  I do have programs for credit grades below A and A-. These are Expanded Level I, II, and III programs.   So if you do not fall under the guidelines below, PLEASE GIVE ME A CALL at 818-920-1600!  I may still have a program to fit your needs.  If your property is located in California, call me at 818-920-1600 to discuss your personal situation or feel free to email me at Patricia@yourmtglender.com. 

03/23/08 - Recently conforming loan limits have been raised to $729,750.00 for most high cost areas of California.  Call for pricing.  

A Loan Program

• Must be paid off.

A- Loan Program -

• 95% loan to value, w/ 580 fico score
• 50% debt ratio
• Self-employed borrowers must have a 2-year history of self-employment.
• Owner-occupied 3-4 unit properties are not allowed.

• Must be paid off or
• On a case by case basis, tax liens may be subordinated to the new loan.