FHA mortgage loans, first time home buyers, home loans, credit problems, refinancing, bad credit, purchase loans, low fico, 3% down payment

CREDIT PROBLEMS???

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.

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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. FHA & Conventional Expanded Level  loans, are loans for people that do not fit into the basic FNMA & FHMLC guidelines because of previous bad credit, low fico scores or even no fico scores. There are many guidelines that may eliminate you from the "A" paper loans, but do not eliminate you from FHA and Conventional expanded level loan programs. Please see below:

FHA LOANS

FHA stand for Federal Housing Administration. FHA is a government agency whose primary purpose is to insure residential mortgages.  The benefits of an FHA loan are:

1.  Minimum credit score requirement of 620.

2. FHA requires a minimum down payment of 3.5%. 

3.The PMI monthly payment is lower than on a conventional loan.

4.  The seller can pay up to 6% of the purchase price towards your closing costs. 

5. FHA has a program called  a Streamlined Refinance.  With this program you can refinance your current FHA loan with minimal documentation and closing costs.

6.  To read more about FHA loans, click here.

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.

If you do not qualify for an FHA loan, then the Conventional Expanded Level program may work for you.  Please see below for the basic guidelines.

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.
• Lower fico scores ok

 

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.

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      General Classifications for Expanded Level Loans

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

• 95% loan to value refinance, no cashout w/ 620 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.
• Mortgage rating
  • 0 x 30 day late in the last 12 months (No Rolling lates allowed )
• Consumer credit
  • Bankruptcy must be discharged for 3 years. 
  • NOD must be released 3 years.
  • Foreclosure must be released 3 years.
• Charge-offs; collection
  • Must be over 24 months.
  • Charge Offs and collection accounts must be paid unless an individual account is <$250.00 or the total balance of all accounts is <$1000.00.
• Tax Liens
• Must be paid off.

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A- Loan Program -

• 95% loan to value, w/ 620 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.
• Mortgage rating
  • 1 x 30 day late in the last 12 months 
• Consumer credit
  • Bankruptcy must be discharged for 24 months with reestablished credit. 
  • NOD must be released 2 years.
  • Foreclosure must be released 3 years.
• Charge-offs; collection
  • Must be paid off.
• Tax Liens
• Must be paid off or
• On a case by case basis, tax liens may be subordinated to the new loan.

• Please note:  The above information is just an overview of the guidelines for credit problem loans, there may be other restrictions or guidelines that are not stated above.  If you would like to discuss your personal situation, please E-mail or call us at 818-920-1600.

  These are just a few of the programs we have available.  If you would like information on the above  programs or if you do not fit into the above programs, please E-mail or call us at 818-920-1600.

If you would like to be pre-approved for one of the above programs, please click here or complete the Quote Rate Quote form below.

 

Quick Rate Quote

For a quick rate quote, please complete the following form.  If you have a more detailed loan scenario, please click here and complete the form for a free pre-approval.  We will contact you within 24 hours.

 

FHA   Refinancing   FHA Streamline Refinance  First Time Home Buyer   Credit Problem   Interest Only Loans  VA Loans

Cashout Refinances   Prequal vs. Pre-Approval   The Loan Process  Closing Costs   Fico Scoring   Loan Types Described