I have found that often smaller lenders are easier to do business with as everyone (underwriting, closing, origination) are in the same building or area. Instead of dealing with a big bank where you might be overnighting documents to California for processing. It also seems like the bigger the bank the more redundancy you experience as the right hand doesn't always talk to the left hand and sometimes you end up sending paperwork in multiple times to different people....That's just my opinion of course.
Thanks for the question. If your creditworthiness warrants a loan, you shouldn't have any problem.
Property type and amount for down payment as well as funds for closing costs will have an affect on your interest rate also.
Banks tend to take a bit longer, but private lenders have more flexibility.
In my experience, I have helped a broad spectrum of clients. Each loan is unique.
I would recommend talking with several lenders to obtain good faith estimates on a few properties to establish what is comfortable for yourself in monthly payment. This will also let you compare each ones costs.
Please advise if I can be of further assistance. Visit my website for more online information about the home buying process!
The first item lenders look at is your credit - few mortgage brokers offer loans to anyone with a credit score of less than 620. There are some banks who are offering FHA loans down to 580 now, BUT your debt-to-income ratios need to be tighter so you this would limit the amount of home you could afford. Credit lines that are open and closed in good standing are also part of the evaluation.
For those who do reach the 620 score and meet income requirements, there are programs through the State of Texas and also City of Houston for up to $19,500 in downpayment assistance, meaning you need very little to buy a home. You can call me at 713-775-6569 for more information including credit questions.
And some lenders actually understand the loan guidelines better than others.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
Let me know if you would like a presentation of lending programs available to you.
832 818 5868