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CAN I GET APPROVED FOR A MORTGAGE LOAN
My credit scores are low. BUT I have 12 months of Chattel loan, 24 months of lot rent, and nine years with the same employer. Can Gustan Cho Associates help me? I found a house that I absolutely fell in love with.
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1 Reply
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The applicant has a strong payment history and steady long-term employment, which suggests a positive financial outlook.
The applicant’s records show several strengths:
- Twelve straight months of chattel-loan payments show the applicant’s commitment to paying housing-related bills on time.
- Landlord confirmation, along with receipts, bank statements, or canceled checks, can show 24 months of steady lot rent payments.
- Nine years of continuous employment show the applicant’s dedication and stability.
- According to the FHA basic rules, there is no minimum credit score limit. A 3.5% down payment may be allowed for scores of 578 or higher, and a 10% down payment may be possible for scores between 500 and 579 if automatic approval and lender requirements are met after a full file review (HUD).
According to Gustan Cho Associates, FHA may approve borrowers with credit scores as low as 500, including those who need manual review. This does not guarantee approval, but it shows that a strong payment history remains important (Gustan Cho Associates Mortgage Brokers). Please review your mortgage credit scores, monthly debt, income, available down payment, and property information. Also, provide a chattel loan statement showing a 12-month payment history. - Verification of 24 months of lot rent payments
- Pay stubs from the most recent 30 days and W-2 forms from the past two years
- Bank statements covering the most recent two months
- Home listing or property address information
- Explanation for recent late-payments, collections, bankruptcies, and credit disputes
Please keep in mind that the chattel loan payment will be treated as a debt until it is fully paid off. Avoid applying for new credit, paying collections, or making large or unusual withdrawals or deposits until the loan officer has finished reviewing your file.
gustancho.com
FHA Loans For Bad Credit Mortgage Options
Borrowers with credit scores down to 500 FICO with charge-offs and outstanding collections can qualify for FHA loans for bad credit.
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