Category Archives: Qualifying

Qualifying

Recent Loan Approvals

Recent Loan ApprovalsAt Specialty Lending Group, we pride ourselves on our ability to get the tough loan applications approved and funded.

Focusing on customers that are seeking a loan approval, but have had difficulty with traditional lenders is what we do best:

Here are some of our recent Loan Approvals that we Funded:


Transaction Type:   Refinance (Cash Out)
Loan Amount: $191,000
Loan-to-Value: 82.33%
Credit Score: 505
Interest Rate Range: under 5.75% – 30 yr. fixed
Obstacles: Low credit score with little to no established credit. No positive open accounts showing, just collection and charge off accounts.


Transaction Type:   Purchase
Loan Amount: $288,000
Loan-to-Value: 90.00%
Credit Score: 561
Interest Rate Range: under 5.00% – 30 yr. fixed
Obstacles: Lower credit score with recent auto repossession, collections and charge off accounts.


Transaction Type:   Refinance
Loan Amount: $610,000
Loan-to-Value: 58.00%
Credit Score: 687
Interest Rate Range: under 5.625% – 30 Yr. Fixed
Obstacles: The borrower was elf-employed and could not prove income using tax returns. We were able to use his most recent bank statement and a letter from his CPA stating he was self-employed.


Transaction Type:   Purchase
Loan Amount: $405,000
Loan-to-Value: 95.00%
Credit Score: 573
Interest Rate Range: under 5.00% – 30 yr. fixed
Obstacles: Lower credit scores, multiple late payments and collections account within the past 12 months.


Transaction Type:   Purchase
Loan Amount: $335,000
Loan-to-Value: 80.00%
Credit Score: 518
Interest Rate Range: under 5.75% – 30 yr. fixed
Obstacles: Low 500 credit score with very little good credit history, mostly negative credit items from the past few years.


Are you ready to get started on your approval?

Call 800-607-1941 x220.

B BushPosted by: Brian Bush

Brian and his team have been funding Home Loans for over 26 years.
Since 1991, they have funded over 2,000 loans

You can reach Brian at 800-607-1941 x220 or bbush@slglends.com

How To Get A Mortgage With Bad Credit

New Bad Credit Mortgage Programs Are you a Home Buyer or Homeowner sitting on the fence because of credit issues and low credit scores? Would you like to purchase a home or refinance your current loan at today’s low interest rates? The good news is that you are in luck because things have changed. WeContinue Reading

Why Every Purchase Offer Should Include A DU Mortgage Pre Approval

Why Every Purchase Offer Should Include A DU Mortgage Pre Approval

Getting A Mortgage Pre Approval Are purchase offers still submitted with a Pre-Qualification letter and not an actual Mortgage Pre Approval? I hope not. There is no good reason for a buyer or buyer’s agent not to submit a Pre-Approval, at least a copy of a Fannie Mae Desktop Underwriter (DU) approval. You probably see DU approvals, butContinue Reading

3 New Changes Make It Easier To Get A Home Loan

3 New Changes Make It Easier To Get A Home Loan

Recently, the credit market for mortgage loans has seen some dramatic changes for the better. After years of extremely tight lending guidelines and risk avoidance by major banks, there are new loan programs that allow more flexibility. This means more loan approvals for today’s home buyers and current homeowners seeking to refinance. The new changesContinue Reading

3 Big Improvements To Rental Property Loans

3 Big Improvements To Rental Property Loans

How These Loans Just Got Better If you are a real estate investor, you probably know that getting the right financing for your rental property can be difficult. Banks and other lenders typically see these as riskier loans so they create tighter guidelines to minimize their risk. If you look at historical loan default andContinue Reading

The 5 Qualifying Factors All Mortgage Lenders Consider

The 5 Qualifying Factors All Mortgage Lenders Consider

When qualifying for a home loan, lenders focus on five main areas of the application. Although each lender may have its own preferences, they all have very clear written guidelines as to what they will and will not accept in these areas. The five main qualifying factors are Credit, Income, Employment, Savings History/Reserves and Collateral.Continue Reading

Updated Credit Requirements

Updated Credit Requirements

Mortgage lenders establish minimum credit scores as part of their program guidelines. If an applicant has a credit score lower than what is required, that will usually mean the loan request will be denied, regardless of how strong the rest of the application is. Click to see today's rates These credit guidelines also establish rulesContinue Reading

How Much Income You Need To Qualify For A Home Loan

How Much Income You Need To Qualify For A Home Loan

All government, conventional and jumbo loan program guidelines require that the borrower have the ability to repay the loan. Income qualification is one of the five main home loan qualifying factors. Click to see today's rates Underwriters, who work for lenders as the decision makers when it comes to approving or denying loan applications willContinue Reading