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Buyers with Credit Scores Below 620 are Financeable

Does your lender finance anything below a 620/640? FHA/VA/ USDA loans are all regulated by the government. They don’t truly have minimum credit scores, but lenders have what is called overlays. http://www.thetruthaboutmortgage.com/what-is-a-lender-overlay/ These overlays are a set of rules specific to each lender. Most lenders sell their mortgages in large pools to investors. These investors set minimum credit score requirements for loans that they will purchase from these lenders. Since each lender has different investors, there are different minimum score requirements per lender. I deal with many different lenders, and I have a very reputable one who will go as low as a 550 score on all three types of mortgages: VA,USDA, and FHA. Other lenders are required to receive approvals from an automated software system specific to the type of loan requested, in order to close and fund these types of mortgages. My lender underwrites the loan manually, which means that they don’t have to receive an automated approval through any of the government software systems. This allows me the ability to finance many more ready, willing, and able buyers. In order to finance any of these buyers with sub 620 scores, they are required to provide 12 months rent checks evidencing they’ve paid all of the payments on time. The lender will not accept rent receipts, money orders, or letters from a landlord/apartment complex. In addition, the buyer will have to furnish 12 months checks or a printout from at least one utility company to evidence timely payments. The most common types are cable, internet, cell phone, electric, heat, and car insurance. Any of these will work, and the lower the score, the more utility references we may require. If you know of anyone who may fit the description of a buyer who is capable of owning a home please have them call me. I will give them an answer within 48 hours one way or another.

Satisfying Judgements on Your Credit

Have you ever heard of someone paying their judgment and it still is being shown as unpaid? This is a common occurrence. Creditors are eager to take your money, but they have no incentive to go to the trouble of removing the judgment, or at least showing it as being paid. Once you pay them it is too late to negotiate with them. They can still continue to show the judgment as being unpaid for up to 10 years! If a potential home buyer is attempting to purchase a home, and a judgment shows as being unpaid, even if the lender is willing to give a mortgage, the title company can’t get clean title for the borrower without proof the lien is paid and satisfied in the courthouse. You owe it to yourself to follow these simple steps if paying off an old judgment: 1. Contact the creditor who filed the judgment against you. ( Don’t call the magistrate or courthouse) 2. Get a bank or cashier’s check for the entire amount owed, made payable the plaintiff. 3. Set up a time to meet with the creditor at the courthouse in the county in which it was filed. 4. Pay them at the same time they go to the clerk of courts to file the “Satisfaction Piece”. By following these simple steps insures that your lien will show as satisfied anywhere from 30-90 days after it is filed.

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LOCATION

100 W Main St 1st Floor, Bath, PA 18014

Phone: (610) 837-1600
Fax: (610) 837-1616
NMLS # 113984

HOURS

Monday – Friday, 9AM – 4:30PM. After hours by appointment.
Saturday, By appointment
Sunday, By appointment