Full application must be provided to your loan officer to request the exception from the underwriter, who provides a pre-qualification letter to submit to the builder or seller. You must have had excellent rental history for the past 12 months with no late payments to a verifiable source who can provide a Verification of Rent Form. Please make sure you always pay with traceable funds such as money order or check, even if it’s to good ole mom and dad.
ALTERNATE TRADE LINES
There must be one other trade line on your credit report that’s reporting to the credit agencies to show that you are paying your bills on time, such as an auto loan in your name. An additional 2 alternate lines of trade may also be necessary, such as gas, electric or other utilities that are in your name and paid on time.
LIMITED, BUT NOT BAD, CREDIT
The caveat is that although you have limited credit, it must also be good. There can be no medical collections, no foreclosure, no bankruptcy, no other collections and no judgements on your credit report to qualify. When all is said and done, you’ll qualify for market interest rate with having a middle credit score of just 600. With all these conditions met, you would qualify for an FHA loan. The FHA loan will include PMI (Private Mortgage Insurance), but if you play your cards right, within 2 years with a steady rate of employment and paying your bills on time, you would qualify to refinance with a Conventional loan and eliminate the PMI. For help with connecting to the right lending officer who can get you moving in the right direction, give me a call. 704.562.1030
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LOCAL. HANDS ON. HOME GROWN.
Personal Best Buyer’s DEAL?! I got my client $100,000 off of a house listed at $500,000 including upgrades that was new construction, not out of the ground yet! The secret was timing. Call me to see what DEAL I can make for YOU!
After being hung up on while still a college student by a REALTOR who had determined I didn’t make enough money to qualify for a purchase, I dedicated myself to grooming prospective clients to attaining the American Dream of home ownership. Whether you’re making that first move from mom’s place, recovering from financial loss or finally ready to own your own home, call me. I can help! Several months after that rude REALTOR hung up on me, I found a builder who would work with me and my husband, and we built our first home together!
As an experienced real estate consultant in the Charlotte Metro Area market over 19 years, I have the expert tools you need to help you reach your real estate related goals – IN THIS MARKET. I am experienced with meeting the relocation needs of local, national and international clients and investment portfolio development. My experience as a Marketing and PR Exec with broad experience in all aspects of print, radio, internet, email and out of home marketing assures your property listing stands out in the crowd.