
10 Tips to Improve your Credit Score
If a low credit score is holding you back from getting approved for loans, credit cards, or low interest rates, you may be wondering how
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Usually the basics to qualify include a credit score over 580, enough savings to cover closing costs, being employed for two years or more, and having a low DTI (debt to income ratio). However, depending on your circumstances, you may qualify for a mortgage, even if you're missing one of those items. It's best to reach out to a licensed mortgage broker so they can help you get qualified.
A quick conversation with your lender about your income, assets and down payment is all it takes to get prequalified. But if you want to get preapproved, your lender will need to verify your financial information and submit your loan for preliminary underwriting. A preapproval takes a little more time and documentation, but it also carries a lot more weight.
Yes! You can still get a mortgage.
If you apply for a mortgage without a credit score, you’ll need to go through a process called manual underwriting. Manual underwriting simply means you’ll be asked to provide additional paperwork for the underwriter to review personally. Your loan process may take a little longer, but buying a home without the strain of extra debt is worth it!
This debt to income ratio calculator (or DTI calculator for short) is a handy tool for every person who plans on taking any kind of loan, including a mortgage. It will tell you how profoundly indebted you are and whether you can afford yet another loan without disastrous consequences.
As a general guideline, 43% is the highest DTI ratio a borrower can have and still get qualified for a mortgage. Ideally, lenders prefer a debt-to-income ratio lower than 36%, with no more than 28% of that debt going towards servicing a mortgage or rent payment. The maximum DTI ratio varies from lender to lender.
Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to do our quick 1 minute quiz to find out if you’re pre-qualified for a home loan.
If a low credit score is holding you back from getting approved for loans, credit cards, or low interest rates, you may be wondering how
Independent mortgage brokers are expert entrepreneurs rooted in the local community who can offer guidance to you and your buyers throughout the entire home buying process.
The rapid spread of the virus has been compared to prior pandemics and outbreaks not seen in many years. It also has consumers remembering the economic slowdown of 2008 that was caused by a housing crash. This economic slowdown, however, is very different from 2008.
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For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
J Bee & Associates DBA J Bee Home Loans, 13362 Emerald Way, Chino Hills, CA 91709 | (909) 821-7447 | California DRE 02118467 | NMLS 2004628 www.nmlsconsumeraccess.org | Equal Housing Opportunity”.