I Can Take Your Turn Down and Get You Approved !!!!
If You have been Turned Down for a Mortgage Loan
and want a Second Opinion, You have Come to the Right Place.
Florida Mortgage Broker
Over 20 Years Experience in Florida
Nowadays, there is such a fine line between an approval and a decline. I'll admit that it is harder than ever to get a mortgage but that is one reason why you need someone like me.
Any waiter or waitress can take your information but you need someone who knows their programs and their guidelines in and out, someone who can look deep into your file and spot any potential pitfalls or perhaps a way around those pitfalls.
The purpose of this page is to point out some of the ways I have helped customers conquer the mortgage process and get their home after they were initially a decline. If you don't see your specific scenario listed below, please don't hesitate to give me a call and ask.
FHA with a 580 credit score: This is the all time #1 way I help clients with a turn down. I am able to accommodate customers with a 580 middle credit score. Most banks, for example, will only work on loans with a 620 or 640 middle minimum median credit score. Many do this because they know that the workload that goes with these lower score loans is usually two or three times more than the usual. They simply don't have time for it. Visit: prestonware.com/FHA580
Visit the page to get more info or just give me a call at 561-329-0075
One way we know for sure is when we do our online automated underwriting. When we send your file to FHA, Fannie Mae or Freddie Mac, we will get a feedback that basically states either an Approved/Eligible, Refer with Caution or Caution. "Yes, No or Maybe" See: Automated Underwriting
Self Employed Borrowers who have only Two Shaky years of tax returns: Many entrepreneurs have more start up costs the first year or maybe take a time to get going with their client base. We have a Freddie Mac option that requires the borrower to be self employed for two years but we work off of the last year tax return. This way we don't have to average two years with one bad year.
Bad Credit : Most borrowers know pretty much where their credit stands before they start the mortgage process.Quite often what happens is that the median credit score of the three bureaus comes in slightly lower than expected. In this case, I have a tool called a Rapid Re-Score which allows us to fix a problem if it comes down to a few points. My credit reporting system will tell us which account to fix and how much it will cost. Sometimes this is something as simple as applying a few more dollars to a certain credit card. ASK me about this.
Not Enough Money on the Tax Return: Many Self-employed borrowers work with some very ambitious accountants that are out to save their clients money on taxes. The problem with this is that this is good for saving money but bad for borrowing. One alternative to this is a bank statement loan that works off of one or two years of bank statements averaging deposits.
Customers who have had a Foreclosure in Less than Seven Years: Fannie Mae and Freddie Mac require the borrower to be out of a foreclosure for Seven years. FHA customers can get in a new home three years after a foreclosure. I even have a JUMBO lender who allows only Four Years out of a Foreclosure.
Not Enough Money To Close: This is my all time favorite because usually we can get around this. There are many alternative ways such as structuring the deal with seller paid closing costs. Many borrowers don't know that I can pay costs as well. We also have access to grant programs for certain demographics. Other alternatives include gifts from family or friends and grabbing money from your 401K.
Non-prime Mortgages : Non-prime mortgages is a whole other category that has redeveloped over the last 5 years. Fifteen years ago we called these types of loans Sub-prime and the industry vowed that we would never go there again but guess, THEY'RE BACK! I should say that the underwriting is in now way as aggressive as it was before the bubble but these loans are back. They include categories for customers one day of foreclosure or short sale, foreign national loans, bank statement loans and programs for fix and flippers or fix and hold strategies.
I HAVE ALL OF THESE PROGRAMS. PLEASE GIVE ME A CALL TO LEARN MORE.