Are you trying to purchase a home or refinance your current loan, but getting denied?
Well, the good news is that there are loan programs available to help you get approved, you just need to know where to look.
Big banks and most mortgage lenders have very strict qualifying guidelines and only approve the best credit applications that they receive.
If you are applying with less than perfect credit, limited income documentation or savings and other qualifying issues, it can be difficult to get the financing you need.
A subprime mortgage can be a good option in these cases. A good subprime mortgage program will provide you with more flexible qualifying guidelines and still offer you decent terms.
As you may already know, subprime mortgages are now called non prime mortgages and these loans have returned to the marketplace to provide credit to those in need.
If you have lower credit scores and other credit issues that are limiting you, consider a non prime mortgage.
For example, our non prime mortgage programs allow credit scores down to 500 (below in some cases), higher debt-to-income ratios, little to no reserves requirements and alternative income documentation options.
Lower credit scores, a recent bankruptcy or foreclosure, late payments, collection accounts and charge offs are acceptable.
Debt-to-income ratios on our non prime mortgage programs are also more lenient, allowing you to qualify for a larger loan amount, when needed.
No reserve accounts (verified savings amounts, usually 2 months of the mortgage payment) are required.
If you are self-employed, you can use bank statements or savings account balances to verify income instead of your tax returns. If you are employed, the documentation requirements are also less.
Our flexibility with credit, savings amounts, debt-to-income ratios and income documentation allows us to get more approvals for those who have been turned down by other lenders.
We specialize in these types of loans. Our management team has funded thousands of these loans since 1991.
So, what are you waiting for?
Are you ready to see how these programs can help you?
Call 800-607-1941 x220
Posted by: Brian Bush
Brian and his team have been funding Home Loans for over 25 years.
Since 1991, they have funded over 2,000 loans
You can reach Brian at 800-607-1941 x220 or bbush@slglends.com
