To Get a Mortgage: You Need Credit, Money and a Loan Officer
To get a mortgage you need credit, income and a loan officer.
Credit means a credit score and credit history – such as credit cards, or an auto loan. Ideally it should be above a 580 credit score and nothing bad the last 2 years. You can even go down to a 500 credit but this will require 10% down. That's for an FHA loan. For a VA loan - veterans - you can go down to 550.
If you have a bankruptcy or a short sale/foreclosure/deed in lieu, then depending on the reasons it happened, you have to wait 2 years for a bankruptcy or 3 year after the home you lost to be resold to get an FHA loan. But if you have 20%-30% down, you can get a mortgage now.
Any tax liens with the IRS or state, or a court judgment needs to be paid off. If you have defaulted on a student loan, or past due, you need to refinance it.
Money means an income (a job, or pension or social security) and money in the bank. Even with a USDA or VA loan which are $0 down, you will have some costs and the lenders want to see how you handle your money.
A loan officer – mortgage broker is the person who pulls your credit, to see if you qualify. And then verifies your income and figures out which loan program is best for you.
Getting the right mortgage broker makes a difference. The more loan programs available, the better your chances of getting a Pre Approval, the better your odds of closing. 40% of all Pre Approvals get denied by a lender. That is almost 50-50. My batting average is 90% plus.
Every year some 2.4 million homebuyers get a mortgage. You can be one of those. It may be right away, or maybe a couple of months or maybe a year or 2. Or, it may cost you more. I will present you options, just like going to a restaurant and you decide what makes sense for you.
If you need a mortgage, write or call me. I will let you know right away. I know you do not come to me to get a mortgage. You come to me to realize a dream. Or a place for your babies. Or the personal garden you always wanted. And, to not get stressed out over the loan closing. I am one of those that cares.
I know your time is as valuable as mine. I want to be your favorite mortgage broker.