but
the converse is also true... The Lower the Risk, the Lower the
Rate.
By paying attention to this old adage, we have put together
a portfolio of investors to make sure we can find the best rate
and point structure for most Borrower's situation. We work hard
to document your situation so that we can present you in the
most favorable light and at the lowest risk factor.
F$
HAS LOANS FOR ALMOST EVERY SITUATION!
FIRST
WE NEED TO DETERMINE WHERE YOU FIT. THEN WE CAN DETERMINE WHAT
IS NEEDED FOR A LOAN APPROVAL IN YOUR CATEGORY.
Super
Clean
These
loans are the cream of the crop and usually take the least amount
of processing time. These people have excellent credit, solid
cash reserves, low debt ratios and solid employment and address
history. They qualify for the best loans. Our rates for this
type of person will be under the normal market rate.
Reasonably
Clean
Most
borrowers fit into this category. Good credit, average reserves
and debt ratios that fit guidelines. Reasonably Clean rates
are very competitive. (see also Reading
& Controlling Rates)
Some
Problems
THIS
IS WHERE WE REALLY SPARKLE! These people have a past history
of credit problems, and/or higher than average debt ratios,
income inconsistencies or instabilities in address and job history.
They still must show adequate cash reserves and have explanations
for past derogatory information. These rates are only be slightly
higher than market rates.
Most
mortgage companies totally bypass this market because it takes
too much time & effort on their part. Their Buyers do not
get the opportunity for a decent interest rate, but must go
straight to the Major Problems "B" rates or they turn
them down. If you've been turned down for a loan don't
give up. Get a copy of your credit report from the other
company and give us a call. We find we can usually get a good
loan for about 70% of the people who have been turned down elsewhere.
We
can offer most of our customers in this situation an "A-"
or better rate.
FYI
many "A-" programs automatically reduce your interest
rates and payments after you make 12 consecutive on-time payments!!!
Major
Problems
Up until recently "B " loans were available for just
about anybody. Now they are hardly available for anybody.
Bankruptcies
must be more than one month old. High debt ratios and lower
than average reserves will fit into this bracket. Rates for
these loans vary and depend upon the severity of the problem
and the time elapsed.
Many
times we can take people who start out in the "B"
category and by diligent attention to detail, documentation,
and help correcting erroneous credit reports get them out of
the "B" loans and into "A-" or even "A"
interest rate levels!
