Our personal service includes fitting financing to each buyerâ€™s needs. We can direct our clients to variety of lenders, including jumbo loans, lock and shop, income protection and specialty financing programs in the NC/SC Greater Charlotte area. For some income and credit qualified households, there are loans for buyers with 580 FICO credit scores, not credit dependent loans, 100% financing and low and no down payment loans and options for closing cost assistance. If you meet the below criterion, we can usually find a lender to make a loan to you. Generally, every borrower on the loan must meet these same standards.
â€¢ Employment: Verification for 12+ months as W-9 employee. If self employed or employed in more than one type of work, need 24 months work history AND two years of tax returns.
â€¢ Credit Score: If home for personal residence, 580+middle FICO. Some lenders work with alternative credit files and a few income qualified owner occupant programs have no minimum credit score. 620+ FICO is preferred.
â€¢ Credit obligations: Generally all open credit accounts should be paid to 25% of total available balance. A small balance is preferred to full payoff. Closing accounts is not recommended.
â€¢ Credit Payments: 6+ months on-time payments of all monthly housing, vehicle, utility, telephone and all other bills. (12 months is preferred)
â€¢ Judgments: Must be settled and repaid or at least two on time payments made on a payment plan. Medical collections can often remain unpaid. IRS liens must be settled and repaid.
â€¢ Bankruptcy: No wait for Chapter 13, at least 1 year out of Chapter 7.
â€¢ Short Sale or Deed in lieu: 12 months past sale or conveyance date.
â€¢ Foreclosure: None within 3 years. Longer for many types of loans.
â€¢ Other conditions apply based lender specific underwriting requirements and review a background check of each borrower's credit/employment history.
The farther below these minimums Buyers are, the more work they will need to become qualified. We also have options for credit repair for motivated people who are willing to take the steps necessary to become homeowners in the future. Borrower subject to underwriting and criterion subject to change.