Turned down for a mortgage loan?
Many consumers speak to one lender and may be turned down and decide to stay out of the mortgage market, or try to fix the problem themselves. But there are solutions to the problem that you may not have considered, including our bank statement programs and our loan packages that allow you to qualify with a credit score as low as 500.
How you may qualify for a bank statement program approval
- You are self-employed
- You have good income despite not showing much of it on your tax returns
- You have strong reserves
- Your credit score may be good but not great
Your may have been turned down by one or two lenders despite having healthy cash reserves and strong income streams. As with many self-employed professionals, you write off a lot of expenses so traditional lenders are unable to qualify you for their mortgage loans. Luckily, we offer bank statement programs that don't need tax returns, rather we assess your business or personal deposits over the past twentyfour months to assess your eligibility for a mortgage loan.
Our bank statement programs work because they are geared to high income, hard-working professionals who are highly likely to generate enough cash flow to support a substantial mortgage.
A low credit score may not rule you out
Your credit score may be low because of circumstances you couldn't control. Quite often health issues or a divorce can devastate your credit but you may have adequate assets and good income. We can qualify you all the way down to a 500 credit score though you may have to put as much as 25% down. If you have been turned down by a lender, you may still qualify for one of our loan programs.
you may qualify for our bank statement program even if your taxable income is low, or we may be able to approve you with a score as low as 500. To find out more call
(404) 954 1645,
or Text us.
Raising your credit score
Many consumers try to solve their credit problems by themselves. They start by paying off old items on their credit report and may be surprised to see their scores fall instead of rise. Or they may assume they must pay off a debt in its entirety to qualify for a mortgage refinance. That’s not always the case but a thorough analysis by a mortgage loan officer dedicated enough to spend the time with you, can make the difference on your credit score. We will run a what-if scenario on your credit and advise you which debts to pay off to get the most bang for your buck.
photo courtesy of Brandon Hunt, Creative Common License 2.0, modified from the original 640x429 to 640x360.