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
YOU NEED TO DETERMINE WHICH CATEGORY OF LOAN YOU FIT. THEN WE
CAN GO ON TO DETERMINING 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 and come with excellent point
structures.
Reasonably
Clean
Most
borrowers fit into this category. Good credit, average reserves
and debt ratios that fit guidelines. Reasonably Clean rates
are very competitive and have excellent point structures. (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. 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
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!
