What we do is get you in the house. Then we put you into a credit coaching and restoration program. After about 6 months to a year, we flip you back to someone like Rodney who can get your interest rate back down.
Check out my website (link below) and contact us with any questions.
Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrowerâ€™s own funds and not a gift.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for a potential buyer to find out their options. To get Pre-Qualified for a purchase, a request can be submitted online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Nothing worse for a neglible, thin wallet homeowner than being house poor...
Please be mindful, however, that there are number of things beyond your credit status to be considered. In addition to a middle score of at least 620, lenders often look for the following when evaluating your situation for a mortgage to be used to buy a property for owner occupancy.
â€¢ Stable W-2 job with pay stubs for at least 30 days (ideally 2 years)
â€¢ At least three years of accounting statements for self-employed
â€¢ No business losses showing on the past three years tax returns for self-employed
â€¢ Full supporting income and asset information
â€¢ Same residence history for the past 2 years
â€¢ Debt-to-income ratio of no more than 43
â€¢ At least two months reserves (savings) to pay monthly living expenses including housing
As others have written, a lender would be your best source to determine your ability to qualify for a mortgage. But an agent might be able to provide a list of lenders who may be able to help.
All my best for a successful home search.
Georgia Real Estate Brokers Associate, REALTORÂ®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners