Drum roll please…
Borrowing money just got easier!! (I had to actually say that…because it’s the first time this year I can)
I am happy to announce the completion of a multi stage project that I have been working on for the hardest to approve home buyers. WestStar Mortgage has secured sourcing of 500 Fico FHA loans! That means that while other lenders are turning down your buyers, we are now able to get those loans closed. I’m sure you are not all as excited as I am, but this step marks a true expansion of lending guidelines, and we all know how rare that is! Even more exciting is that we are doing it while other lenders are increasing their minimum fico to 580, 600, and some as high as 640!
Some Details on the program:
- Income Ratios are very important! We are looking for buyers that can afford their house.
- 2 months of mortgage payments in reserves. This is not required, but will make the approval much easier. 401k, IRA, 203b, and some pensions can be used!
- Collections accounts, outstanding medical bills, and delinquent credit is ok (with a 500 credit score, this is all expected).
- Judgments must be paid prior to closing.
- Down Payment Assistance can be used! (For now; that will be changing in the future)
- Rates are very competitive, current rate for a 500 fico borrower with good income and reserves -- 7%.
- Only 30 year fixed will be offered at this time.
Some of you already knew that I was close to completing this and have already sent me a few customers that are now approved. Others of you are going to have clients that I’ll need to speak with right away, please pass on my information and know that I will take the proper time with each and every one of them. We started approving these customers yesterday and are very excited about the help we can now extend to you and your clients.
--Keith
**If you know someone else who would benefit from these updates, please pass this link on to them http://www.realestatemortgagenews.com
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