Borrower Profiles
An "A credit" borrower would have a middle credit FICO score of
680 or better on a three credit repository pull, that is on the primary
income earner. You would be entitled to the best interest rates in
today’s marketplace.
Reasons for additions or subtractions on your rate:
- 15 year mortgages normally .25
less in rate.
- Taking cash out during a REFI, a
bump up of .375 in rate.
- A stated income program with
limited documentation, a bump up of .5 to 1 point in rate.
- Debt ratio over the lender’s
accepted line, many times compensating factors such as extra assets
can offset with small or no bump up in rates.
A+ credit is designated by
a Fico of more than 720.
A- to B borrowers could have
credit FICOs from 620 to 680.
- There could be some loan to
values issues on the lower credit side. Example: no 100% loan
financing available at conforming rates.
- There are many more lenders with
programs for these borrowers and credit histories.
B to C borrowers could have
credit FICOs from 500 to 620.
- Programs for credit scores could
be clients one day out bankruptcy to just a lot of past credit lates.
- A great many programs available
at this level with lenders wanting higher loan to values.
Example: They may only finance 75% of what you want
to borrow.
Applications: For
faster service and factual loan quotes to you, put as clear a loan picture
into our application as possible. If you do not want to enter your social
security number, no problem, please just give us your best opinion of your
credit history.
Why we use so many Lenders?
- A very large selection of loan
programs for all loan borrower profiles.
- The larger your loan size, the
larger your savings.
- Fast loan processing, we solve
hard loan problems at the start.
- We make mortgages and focus on
delivering superior results to our clients.
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