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Mortgage Qualification and Pre-Approval with Low Credit Scores
I was referred by my brother-in-law, Julio Munoz, and his partner, Dimitri Slovek, about getting a home loan. My brothers and I are contractors and have worked together for many years. My wife and I are first-time homebuyers looking to purchase a single-family home in Illinois. Our combined annual income is approximately $135,000. Our credit scores are currently around 540, but we have stable employment, consistent income, and are prepared to move forward with an FHA loan. We are looking for a lender experienced with lower-credit borrowers and manual underwriting, if needed. We are serious buyers and would like to obtain a pre-approval as soon as possible. We are available to provide all required documentation immediately.
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1 Reply
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Subject: Re: FHA Pre-Approval Request – From Julio Munoz & Dimitri Slovek – Quick Pre-Approval
Thanks for your email, and thanks to (referral names) for sending you my way.
I’m (your name), an associate with (your company) in the Westmont, IL office. We specialize in FHAs for clients with credit issues who have scores in the 500s, and we have extensive experience with manual underwriting and compensating factors. Your factors include your contracting income, long-term employment with your brothers, and a significant household income of $135K.
Here is more of a reason to choose our company:
We do not have lender overlays for FHA loans and depend on HUD guidelines; as such, we can go as low as a 500 FICO and 10% down, though I’m sure we could find a way to do a lower down payment if you bring in a more favorable score.
We have extensive experience with manual underwriting for self-employed contracting income, and we have a high level of comfort with this scenario.
We are fully licensed in the State of Illinois and often work with first-time home buyers.
We can make this process quick. Once you send me your documentation, I will start the pre-approval as soon as we meet face-to-face. The steps we will take are:
- You will need to apply, and let me pull your credit.
- I will then review your income from your pay stubs, tax returns, bank statements, and ID.
- Then I will send you a pre-approval letter.
Next Step: Please let me know a good time in the next day or two to have a quick call, 10 to 15 minutes. You can text or call me at [Your Phone]. I am open to calls or texts in the evenings and on weekends. You can send a reply to my email at [Your Email], or you can see other resources and documentation to prepare us for this process, at this site: https://gustancho.com/fha-home-loans/
I am dedicated to making you and your wife homeowners.
Best regards,
ALEX CARLUCCI
Licensed Mortgage Loan Officer
Gustan Cho Associates | NMLS 229891
Westmont, IL
Phone: 8009008569
Email: alex@gustancho.com
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FHA Home Loans: Guide to Benefits and Requirements
FHA home loans have lenient credit requirements than conventional loans. It is the best loan program for, borrowers with lower credit scores.
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