Mortgage Pre Approvals – Fast, Easy, and Many Qualify
Here is what you need for a mortgage:
First, money. This means documented or reported income such as a pay stub, w-2 for the past 2 years, or filed tax returns. If you have documented, reported money, then you are on your way to getting a mortgage.
Second, credit. This means a credit score and a history. You do not need excellent credit. You just cannot have really bad credit the last two years. Ideally you need a 580 for a 3.5% down payment; if you are a VET you can go down to 550 for $0 down payment.
You need a history of credit, such as credit cards, auto loans and more. If you have never had credit, and paid everything in cash, you will not get a mortgage.
Here are limits:
- A bankruptcy - wait 2 years
- Foreclosure - wait 3 years from when the bank resold your home.
- No court judgments on your credit.
- Student loans – must be current or in deferment – cannot be in collection.
- About 12 months of “not bad” credit. This means no car repossessions, or delinquencies on your student loan, or lots of missed payments on your credit cards or auto loans.
Third, a loan officer. You need a loan officer to figure this process for you and find you a loan program.
I am a mortgage broker licensed by the state of Florida.
In general, a mortgage broker can close the same loans an in house lender can. But, a mortgage broker can close many more loans that an in house lender cannot. The bank where you have your checking or auto loan has only 1 mortgage loan program and may not fit you. I work with over 12 banks. I find the one that best fits you.
Here is the list of some of the most popular loan programs:
- FHA: credit score to 580, 3.5% down
- FHA: credit score to 500, for 10% down.
- Conventional: credit score to 620, 3% down if First Time Homebuyer
- USDA: credit score to 580, 0% down
- VA: credit score to 550, 0% down
- Jumbos: credit score to 600, 20%-25% down
- Jumbos: 95% LTV if above 720 FICO
To find out if you are qualified, call me at 800-991-3268, email me or go to my site and fill out an application. www.ChrisLuis.com
Christopher Luis, Florida Mortgage Loan Officer, State of Florida Loan Officer License #22963, Nationwide Mortgage Licensing (NMLS) #888571.
You can verify my license by visiting: http://www.nmlsconsumeraccess.org/
I work with federal and Florida licensed banks.