| Yes, that's
right. Even in this time of mortgage industry adjustment, there is
a home purchase program for people with recovering credit. Even if
you are credit challenged or have poor / bad credit, there are mortgages
available for you. Take
our simple quiz below to see if you may qualify. But what if you
don't? Are you close? Maybe you don't meet all of the criteria but we
may still be able to help buy a home! Call today for FREE phone
counseling to see if another program will work for you. Sandra
813-690-4125.
First we'll cover "The
Rules":
- Purchase Only Mortgage
- No Pre-payment Penalty
- Loan Amounts $40,000 - $400,000
- 30 Year Fixed Rate. On 11/1/07 rates were 8.5% for
scores under 575. Rates improve for higher scores. This
is a good rate for poor credit!
- under 599 score, must have 5% down payment plus some cash reserves
(money in your account after closing)
- Full documentation of Income and Assets
- No Verification of Rental History
- Gift Money allowed for Down Payment
- 3% of purchase price can be paid toward your closing costs by the
seller. You will need the remainder, usually 1 - 3% (can be gift
except for $500).
- Mortgage Insurance required on loans over 80%
The Quiz:
- Have you had your job or type of job for at least 24 months
straight?
- If you currently have a mortgage, have you paid on time for the
last 24 months?
- If you have a car loan, have you made at least 6 payments?
- Do your collections total less than $5000?
(Scores over 575 allow $7500 in collections)
- Is your credit clear of any judgments?
- If you've had a bankruptcy, has it been at least 36 months since
discharge?
(Scores over 575 allow 24 month since discharge)
If you answered YES to all of these questions and you can meet the
criteria in 'the rules' you should call me now to get started!
Sandra 813-690-4125 |
