As a multi-state licensed MLO, I have been pleased with what Tennessee has to offer an MLO. Home values have been climbing for several years now, and it looks like values are going to hold and increase over the next ten years. This means the availability of homeowners who have had mortgages for over 10 to 15 years have abundant equity in their most valuable asset, their home. The opportunity for large cash-out refinances, R&T refinances, and possible HELOCs is very high.

Another advantage for an MLO in Tennessee is a low inventory with an abundance of land with landowners ready to sell to the highest homebuilder bidders.
Now is a good time to begin developing relationships with local real estate agents to prepare for the future homebuilding boom in Tennessee.

Let’s Make Your Mortgage Work For You!

Yes, it is possible to get a mortgage in Minnesota (or any other U.S. state) with bad credit, but it can be more challenging. Here are some things you might want to consider:

1. **FHA Loans:** Federal Housing Administration (FHA) loans are often a good option for those with bad credit. They are insured by the government and lenders are more willing to take on borrowers who are seen as higher risk. The minimum credit score for an FHA loan is generally around 580, but some lenders may work with borrowers who have lower scores.

2. **VA Loans:** If you’re a veteran or active-duty military, you may be eligible for a loan from the U.S. Department of Veterans Affairs. VA loans typically don’t require a minimum credit score, but the lender you choose might have its own requirements.

3. **Subprime Mortgages:** These are offered to home buyers with poor credit. However, they usually come with higher interest rates and fees to compensate for the additional risk the lender is taking on.

4. **Credit Union Mortgages:** Credit unions may be more willing to work with you if you have bad credit, especially if you’ve been a long-time member.

5. **Co-signer:** If you have a trusted friend or family member with good credit, they may be willing to co-sign the mortgage loan. This means they’re agreeing to take responsibility for the loan if you can’t make the payments.

6. **Work on Improving Your Credit:** Even if your credit is bad now, it might be worth it to spend some time improving your score before you apply for a mortgage. This could involve paying down debt, getting any errors on your credit report corrected, or simply making sure to pay all your bills on time.

Keep in mind that even if you can get a mortgage with bad credit, it might not be the best financial decision. You’ll likely end up paying significantly more in interest over the life of the loan than you would if you had better credit. Before you decide to get a mortgage, you should talk to a financial advisor to understand all the implications.

https://www.linkedin.com/pulse/foreclosure-numbers-fall-july-starts-decrease-nationalmortgagenews/

linkedin.com

Foreclosure numbers fall in July as starts decrease

Foreclosure starts dropped for the first time in three months, although repossessions ticked up, as rising property values may be easing some difficulties facing struggling homeowners, according to a report from Attom. The number of overall foreclosure filings, consisting of … Continue reading

https://www.linkedin.com/pulse/confidence-rises-equipment-financing%3FtrackingId=nzVCNxs3Rp2BktR9sWqGbg%253D%253D/?trackingId=nzVCNxs3Rp2BktR9sWqGbg%3D%3D

What are the solutions for borrowers who have a high debt-to-income ratios? Credit scores are over 700 FICO, stable job and income, and on time payment history. Have extra income but cannot be used for mortgage loan qualification purposes because there is no two year seasoning.