David Shamansky brings the truth and hope to many who would make great homeowners if only given the chance. I highly suggest you speak with a couple of "knowledgeable" Lenders before giving up on turning your real estate dreams into a reality!
580 Fico OK!
OK I know this may seem a little talking out of both sides of my mouth since I am a hardcore advocate of helping out those others turn away (I can do the easy ones too so dont box me in lol) but just because you see me or anyone advertise "we can help to a 580 score", that alone doesnt mean you can buy because you have a 580 score!
What that means is you have met (just barely but still met) that ONE requirement for the approval on the mortgage process there are still items like income, down payment and the big, WHY is your score a 580?
Yes a 580 can be a score that is improving to get there. The troubles from the past are moving further away and the current credit is showing signs of life and improvement. This is fine and what we WILL lend on.
Then there are the 580 scores that are currently on the down side. The credit is just starting to go bad the and items causing the low score are happening NOW and that is NOT a lendable scenario.
The difference comes to question - "I have a 580 score and you advertise you can do that why cant you do mine"? or the accuser - "You are a false advertiser you said you can do 580 and you cant"!
The reality is simple we can and DO close 580 scores. As a matter of fact I have a 540 I am closing next week so please dont tell me what I cant do. When the items causing score problems are happening now NO ONE is lending to a sinking ship and while your score may meet the minimum you dont have the other required pieces in place.
The Factors you need in ANY mortgage lending scenario are...
- Equity (down payment or equity)
Credit alone is one part of the equation. You still need to verify income (which these days means whatever you tell the IRS and PAY taxes on is what counts NOTHING else). The debt to income ratios typically need to be 36/43% but can be altered higher up to 45/55% depending on compensating factors and prodcut type. Employment does NOT need to be at the same employer for the last 2 years BUT it DOES need to be at least 2yrs in the same line of work with no gaps preferred but minimal gaps in employment can also be acceptable. EQUITY if nothing else it seems lately this is the sole killer of many loan requests, HAS to ba part of the equation (unlesss you are refinancing via the HARP product). To buy a home you have to have some down paymentand the current minimum is via FHA at 3.5% down.
I know the days of old many, including myself, wish for some of the components to come back but as of today you can't buy a home with NO money down except for only 2 products VA - If you are honorably discharged and USDA for rural housing. Thats it so if you dont have any money you should start saving today so you can buy in a year or two!
Colorado 1st Time buyers, if you are ready to stop renting, get the many benefits from home ownership, or maybe your a current homeowner looking to move up or maybe looking into what it takes to become an investor in this incredible market, that WILL create millionaires, and you are looking for a strategy, answers and direction, please feel free to call or email me. My 18yrs in mortgage lending and 27 years in finance gives me an in depth knowledge, critical to helping others and making their dreams go from dream to reality!
"Positive reinforcer, promoter, success coach, entrepreneur, team builder, wealth builder, blessed individual, business leader and professional lender"
6855 S Havana St Ste 520
Centennial CO 80112
Equal Housing Lender
*photos used may come from my personal pictures or www.freedigitalphotos.net
Albuquerque Homes and Lifestyle Blog
John McCormack Owner/Managing Broker, e-PRO
505-980-4576 / John@AlbuquerqueHomes.com
If your considering Buying, Selling or Relocating to Albuquerque or Rio Rancho, NM and need a Professional Realtor It would be my pleasure to help you!
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