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Example FHA guidelines allow for a minimum credit score of 580 for a 96.5% loan. However they allow lenders and banks to set their own credit score requirements and additional underwriting requirements which are called Underwriting Overlays. So many lenders have higher credit score requirements for FHA loans, typically a 640 score. As a consequence borrowers are denied for an FHA loan when the actually qualify under the REAL FHA Guidelines.
MortgagePro underwrites to the REAl FHA guidelines without adding unnecessary overlay requirements.The same underwriting flexibility for USDA, VA loans with minimum credit scores of 580.
Home loans for poor credit borrowers medical collections, bankruptcy or foreclosure. We can help clients straighten out past credit problems and offer solutions to help them avoid a repeat of past problems
Jumbo loans and clients with Excellent credit. We offer advantages for high income borrowers with more complicated income streams. Self employed, investment income, trust income etc.
Jumbo loans have higher rates than conventional loan. And loans above 80% loan to value require mortgage insurance which increases the cost further. MortgagePro tailors loan solutions to ovoid these in many cases unnecessary extra costs.
Example: Jumbo purchase of $750,000 with a downpayment of 10% . The required loan will be $675,000.00 or 90% of the puchase proce. This loan would require 2 things both bad. Jumbo intrerest rate and mortgage insurance.
Solution 2 Fixed rate 30 year mortgages. 1st mortgage $417,000 and the 2nd $258,000. The advantage 1st mortgage at lower conventional interest rates. the 2nd fixed rate still below Jumbo interest rates and no mortgage insurance. The saving is several hundred dollars per month.