All mortgage companies want your business. How do you choose? What separates us from our competition is the diversity of our products, our rates, and our service.
We are the FHA experts, and we know credit. We will navigate the extensive guidelines and work around them to get you approved down to 580 FICO!
If you have had some credit hiccups in your past and are now on track with no late payments (past 30 days from the due date in the last six months to one year), there is a good chance that we will be able to get you approved. Most banks will only look at your credit score and will not be able to help you if you do not meet their minimum 620 or 640 credit score. They do NOT understand how to make this program work for lower scores.
We can get approvals on FHA loans with only 3.5% down payment and as low as a 580 credit score. At this credit score range, underwriting becomes very strict so it is imperative that you work with a specialist. We will look through your credit history thoroughly and tell you what needs to be done to get your scores and credit lines where they need to be to get approved. Only an experienced mortgage banker specializing in FHA loans can do this. Do not let your loan fall apart at the end because you were ill-advised by an inexperienced banker.
So what is the catch with FHA loans? The interest rate must be higher than a regular conventional loan… right? NO! The FHA rate is typically slightly lower than conventional loan rates by about 0.5%. There is a monthly mortgage insurance premium tacked on. With the lower interest rate, the difference in monthly payment is not much different even when factoring in the insurance. If you qualify for an FHA mortgage you will still be paying record low interest!
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A conventional mortgage is a loan that isn’t guaranteed or insured by the government. They are, however, sold to government-sponsored entities (Freddie Mac, Fannie Mae) on the secondary market for investment purposes. They are called “conforming loans” because they are subject to loan limits in order to conform with Fannie Mae and Freddie Mac rules. The loan limit will vary depending on the region.
Conventional mortgages are offered by private banks, credit unions and investors. Without the federal government backing the risk of default, they are selective about who to lend to. Compared to FHA, USDA and VA loans, banks will request a higher down payment (20% to avoid mortgage insurance) and credit requirements are stricter. Loan terms of 10, 15, 20 or 30 years are available. Closing costs are also higher, so these loans are best suited for the most financially secure individuals.
A jumbo loan is non-conforming and therefore harder to sell on the secondary market. This means it is an even riskier product for banks to give out, in addition to the risk of lending larger loan amounts. The guidelines will be similar to a conventional loan, but rates are higher and the thresholds for down payments, cash reserves and income are much stricter. Most banks will require 20% or even 30% down, and will adhere to very strict guidelines.
What we can do for the good credit borrower
We offer maximum flexibility on approval guidelines, down payments, income and cash reserves required, at very competitive rates. We are one-stop shopping, representing every lender and product out there. The average borrower only shops at 2-3 banks, but we will shop every program available. We streamline the process so you do not need to approach multiple banks to compare rates, terms, and fees. This translates to saving you both time and money.
All banks can offer you a standard 30 year conventional mortgage. Typically a credit score of 740 is required in order to get a good rate. We have the widest range of loan products available, which means our conventional loan programs allow for scores as low as 620 with competitive rates. Most banks will only offer down payments as low as 5%, but we have products with down payments as low as 1%.
Our jumbo product offerings are also very flexible. We can match you with a product requiring only 10% down with more generous DTI (debt-to-income) limits and minimal cash reserve requirements, at very competitive rates. The range of products we provide is unmatched by most banking institutions, so you can be confident that you are receiving the best loan possible. If you already have a pre-approved quote from a bank, you can still give us a call and we can locate a product that will beat their rates and terms.
In addition to representing every program out there for maximum flexibility, we can bypass many fees and have reduced overhead compared to other banking institutions, and these savings are passed directly to our clients.
If you still do not meet the guidelines for these programs, we offer jumbo products up to $3M for self-employed borrowers or investors through our alt-doc programs, with no tax returns required. It may make more sense for you to utilize these programs rather than a traditional jumbo product, depending on your source of income, tax returns, fees, existing assets, cash on hand, and loan purpose.
Knowledge and Experience
We have 15+ years of experience in the mortgage industry, both pre- and post-reform. We have seen how the industry fluctuates and continue to stay ahead of ever-changing guidelines. Working with an experienced mortgage banker is imperative to ensure you get the best deal and also prevent your loan from stalling. Getting a mortgage is a stressful process, and a home is likely the biggest purchase you will make in your life, so you want someone who will get it done right.
Dedication, Availability, and Personalized Service
We will be there every step of the way from the initial phone call to the day of closing.
The vast majority of banks adhere to regular banking hours between 9-5 and no holidays. This is inconvenient for busy professionals who work similar schedules. We are available on evenings, weekends and most holidays, and we promise that all calls will be returned within 24 hours or less.
You will avoid having to take time away from work through the loan process which can continue for many weeks. This is a level of customer service you will not find at any other bank.
Our mission is to treat each and every client like family. We value the relationships we form with our clients and truly care about getting you in your home. You are much more than just a number to us, and this is reflected in our service. We receive a lot of referrals and repeat business due to our commitment to offer personalized, friendly and caring service.
Please give us a call today. We are here to answer any questions you might have, whatever step you are at in the mortgage process.
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No Down Payment USDA and VA Loans
USDA loans are for moderate to low income home purchases in rural areas. This loan is insured by the USDA so there is no down payment and the monthly mortgage insurance is very low. The interest rate is also one of the lowest out there. Unlike most banks that require a 640 FICO score, we can get it approved with even lower scores as long as the USDA will insure it.
VA loans have the best terms available. Our brave servicemen and servicewomen deserve no less. There is NO down payment needed and NO monthly mortgage insurance. The interest rate is the lowest available as well. However, unlike most banks that require a 620 minimum FICO score, we can get it approved with even lower scores as long as the VA will insure it.
Anytime we can help a veteran it would be an honor for us and we give special pricing discounts for VA loans.
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