Category Archives: Bank Statements

FHA Loans down to a 500 credit score with 10% down.

Almost all lenders require a 620 credit score to get an FHA mortgage. Most lenders use an automated system to get the customers loan approval (Total Score Card) which runs through DU (Desktop Underwriter) or LP (Loan Prospector). We can get you a mortgage with a 500 credit score if you have 10% to put…
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No income verification loans are back for investors.

If you are an investor you know the challenges of showing income on your tax return when you own investment properties. With this new product the underwriter will only look at the income the property is producing for rent. This program can be used for purchases and refinances. This product can be used for a…
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Sub Prime mortgages are making a comeback in Florida.

Subprime mortgages are for people who cannot get an FHA, VA, or Conventional mortgage.Usually their credit scores are less than 550, or they recently had a foreclosure, short sale, deed in lieu of or a bankruptcy. Subprime mortgages do not care what your credit score is. Now a person can get a sub prime mortgage…
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Jumbo Stated income loans are BACK.

It has been many years but stated income loans are BACK. A stated income loan is for a self-employed person who does not show all of their income on a tax return. If you are buying or refinancing a home in Illinois with a jumbo mortgage on it and are self employed this is the…
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