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1. Does the borrower have three tradelines reporting on credit for a minimum of 24 months?
2. Does the borrower have one current, active tradeline reporting for the last 12 months?
3. Is there evidence to confirm the borrower has not had a forbearance?
4. Does the credit report confirm that the borrower has not had a bankruptcy?
5. Does the credit report confirm that the borrower has not had a foreclosure?
6. Does the borrower have a full 12-month primary housing payment history?
a. If renting, has the borrower lived rent-free for less than 3 months?
7. Does the borrower have at least 2 years of self-employment history?
1. Is there a non-occupying co-borrower?
2. Is the draw amount less than 75% of the high balance?
3. Is the property a 2-4 unit second home?
4. Has the property been listed for sale in the last 6 months?
5. Is the property greater than 10 acres?
6. Is it a rural property?
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8. In the last 4 years, has the borrower had a mortgage in forbearance with missed payments or that was modified?
9. Has the borrower had more than one late mortgage payment in the last 24 months?
a. If the borrower has had one late mortgage payment in the last 24 months, was it within the last 6 months?
10. Are any borrowers not vested on title as of the loan application date?
If you answered YES to any of the questions above, the loan does not meet guidelines.
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Need a certificate to qualify for a HomeOne® or Home Possible® mortgage? Want to take a deep dive into homeownership? It all starts here. Learn about bringing your credit up and keeping it there.
HomeView is a free online course accessible from a desktop, tablet or mobile and is made up of seven modules. It takes about 3-4 hours to complete, and borrowers can pause and resume at any time.
$7000 as of Sept 2023. The average credit card interest is 28.05%. Source: Forbes
Yes. Different lenders has different loan programs. Contact us to learn more about it.
Average new car payment is $725 Source: cnbc.
$28.950
With over 39 million people (according to July 2022 Census Bureau estimates), California is the nation’s most populous state—its population is much larger than that of second-place Texas (30 million) and third-place Florida (22 million). Source: ppic.org
Our’s Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.
First, check your credit cards, car loan, student loan & shelter requirements. Then go with your gut feelings to either keep multiple payments or one payment which is possible by paying off all the debt into a mortgage loan. Use your home equity as your bank during this tough economic time.
Be ready for the another refinance when rates will be lower again in future.
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