In the changing market like we have now it is difficult to know for sure if you qualify for a loan without talking to a mortgage specialist first. Underwriting guidelines are constantly changing and lenders are rolling out new rules all the time. Pro City Mortgage is here to help and give you the information you need to make an educated decision! Our experienced mortgage specialists are always up to date on the latest market changes. Don’t rule yourself out without getting the facts from us first!
Do you have an FHA loan?
A common refinance if you have an FHA loan is called an FHA streamline. Because you have already been approved for the FHA loan, it allows you to improve the terms of your loan often without any income documentation or an appraisal! This is very popular loan for areas that are hit hard by the recent decline in values and can help save you money each month. They are also cost regulated loans designed to help consumers lower their rates.
Have you had a recent bankruptcy?
There are many myths about when you can buy again after a bankruptcy. The reason for that is because the lenders often add their own rules that can override the written underwriting guidelines. If it has been 36 months since your bankruptcy has been discharged, you need to call to speak with a mortgage specialist and see what options you have.
No or low down payment?
100% financing isn’t as common as it used to be but there are still some options. Even if 100% financing isn’t an option for you, there are low down payment loans with as little as 3.5% down. Low down payment loans are still available even if your credit isn’t perfect as well. Don’t hesitate to call your Pro City mortgage specialist to see what you can qualify for.
Unsure if your credit score will prevent you from getting a loan?
Credit is the number one risk factor that a lender uses to determine your ability to repay. If you're not sure where you stand, you should apply! A credit report is part of every Pro City application and as always, there is no fee to see what you qualify for. In general the minimum credit score is currently a 620 middle FICO score. Pro City mortgage has secured resources that will allow a credit score as low as 560 or even no credit score on some transactions.
