BUYERS WITH CREDIT SCORES BELOW 620 ARE FINANCABLE

Does your lender finance anything  below a 620/640? FHA/VA/ USDA loans are all regulated by the government.  They don't truly have minimum credit scores, but lenders have what is called overlays.http://www.thetruthaboutmortgage.com/what-is-a-lender-overlay/  These overlays are a set of rules specific to each lender.  Most lenders sell their mortgages in large pools to investors.  These investors set minimum credit score requirements for loans that they will purchase from these lenders.  Since each lender has different investors, there are different minimum score requirements per lender.

I deal with many different lenders, and I have a very reputable one who will go as low as a 550 score on all three types of mortgages: VA,USDA, and FHA.  Other lenders are required to receive approvals from an automated software system specific to the type of loan requested, in order to close and fund these types of mortgages. My lender underwrites the loan manually, which means that  they don't have to receive an automated approval through any of the government software systems. This allows me the ability to finance many more ready, willing, and able buyers.

In order to finance any of these buyers with sub 620 scores, they are required to provide 12 months rent checks evidencing they've paid all of the payments on time.  The lender will not accept rent receipts, money orders, or letters from a landlord/apartment complex.  In addition,  the buyer will have to furnish 12 months checks or a printout from at least one utility company to evidence timely payments.  The most common types are cable, internet, cell phone, electric, heat, and car insurance. Any of these will work, and the lower the score, the more utility references we may require.

If you know of anyone who may fit the description of a buyer who is capable of owning a home please have them call me.  I will give them an answer within 48 hours one way or another.

Andy Williams
President
Abacus Regional Mortgage
NMLS # 118317
(484)-695-5972
www.abacusmort.comhttp://www.abacusmort.com/

Free Credit Seminar December 5th 9:30-10:30AM at Best Western Rts. 512 & 22

This seminar is a free event where you will learn more useful tips for improving your credit in 1 hour!

Dave Wheeler from Credit Plus will be our main speaker.  Dave is one of the pioneers in the credit scoring industry who has helped to develop the complicated algorithms used in determining credit scores.  He will explain the impact of Bankruptcy, Foreclosures, Short sales, Late payments, Tax liens, Credit inquiries, as they relate to determining credit scores.

In addition, we will explore case studies to show examples of how to improve credit scores in a reasonable time frame.  We will show you helpful hints on improving your scores and keeping them at a high level.

Last time, we touched on some basic understanding of credit scoring and gave generic hypothetical situations to outline a  general idea.  This time, we will focus on specific situations with actual credit reports in order to show the direct impact of our advice to improve our past clients' scores.

This seminar is designed to help realtors, but is open to the public.  Because of the enormous turn out we experienced 2 years ago, reservations are required.  Please RSVP to Karen at 610-837-1600 or you may email: andrew.williams@abacusmort.com.

Location:   BEST WESTERN located at 300 Gateway Drive, Bethlehem, PA 18017.
A continental breakfast will be served (Juices, Coffee, Tea, Danishes, Sweet Bread, Muffins, Bagels, Fruit)

This 1 hour of your time will earn you a lot more income! 

Andy Williams NMLS# 118317  (484) 695-5972 
President of Abacus Regional Mortgage

Download this free App for your I phone or Droid:http://andyw.mortgagemapp.com/mobile.