Looking for a local lender for FHA. Credit score of 636 short active trade line

Asked by KODIAK, Atlanta, GA Wed May 22, 2013

, but no trade lines active for over 12 months though past history. I have lived abroad for 6 years and have alternative credit available from abroad in forms of paid bills etc... Have the down plus closings costs plus reserves and high paying job which is why moving to Atlanta.

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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Wed May 22, 2013
Yours does sound like quite a complex situation. A lot will depend on what is able to be verified. Since you have lived outside of the US for so long, an International credit report will probably be required. Each country has different standards, so some countries are easier than others.

If you are just transferring back to the US with your current company, then the emloyment portion wil be much easier. For a new employer, you must have a non-revocable offer letter that clearly defines salary, position, start date, etc.

For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. 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 borrower’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 you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
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) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote
Richard- El…, Other Pro, Augusta, GA
Thu Jun 20, 2013
I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Borrowers using TIN
Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
Finance up to 20 properties with us
Non warrantable condos
580's OKAY
Past foreclosure or short sale, OKAY
65% of appraisal value financing for commercial purchasing or refinancing
20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
Email: thegocp@gmail.com
0 votes
Rick Payne As…, Agent, Norcross, GA
Wed May 22, 2013
Good Morning ,

I work with 5 excellent Loan Officers from SunTrust Mortgage, Wells Fargo Mortgage, Prime Lending, Brand Mortgage and Starkey Mortgage. Any one of my contacts would be able to explain what you need to do to obtain your mortgage.

You can contact me to further discuss which of my Lenders you would like to work with towards your home ownership.

Have a Wonderful Day,

Rick Payne

"As Seen On HGTV House Hunters"

Keller Williams Realty

678-427-5512 (cell)

404-972-9953 (E fax)


0 votes
Sheila Terre…, Agent, Stockbridge, GA
Wed May 22, 2013
I have several loan officers that may be able to help you. Please feel free to contact me.
0 votes
Maria Vassil…, , Alpharetta, GA
Wed May 22, 2013
I can get you in touch with a loan officer who can help you.

Maria Vassileva
Realtor ®
BHGRE Metro Brokers
Office: 404.843.2500
Mobile: 404.409.9750
0 votes
Gregory Pete…, Mortgage Broker Or Lender, Roswell, GA
Wed May 22, 2013

I have a program that meets your needs. Call me anytime today at 770-864-7926 for a quick pre-approval.



Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
NMLS#: 162522

Apply online! http://www.gregoryjpeters.com/
0 votes
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