Holy Smokes Batman! Loan Scores Below 500 Are Now Doable Again!

I know everyone must be thinking this is a gimmick. I am proud to report that it’s not. If you’ve worked with me or followed my Blog, you understand that I take my craft very serious. Having stated that, I am proud to announce that loan files with less than 620 credit scores… less than 580 credit scores… even less than 500 scores are once again doable. Yes, you read right. Loan files with sub 500 scores are now doable again. See some of the particulars on this FHA/VA Streamline Refinance program:

*All Streamlines (FHA and VA) require a credit score.

*The borrower only needs a single repository score, as long as there is a mortgage history to qualify.

*If the borrower’s credit score is ABOVE 500 the borrower may qualify for a refinance even with mortgage lates (per the Underwriter’s discretion) if the loan is current.

*If the borrower’s credit score is BELOW 500… the borrower must have a no mortgage lates within the past 12 months.

*This program will not consider any other credit other than reviewing the score and the mortgage history.

*If the current mortgage has been open for 12 months the Underwriter will need to also review the mortgage history of the previous loan to cover a full 12 month payment history.

*If the borrower is a First Time homebuyer who bought a home withing the last 12 months but has not owned the home for 12 months, the Underwriter will only review the history of the mortgage since the date the loan was opened. No previous Rent verifications will be needed to make a full 12 month payment history.

The mortgage history is forever changing and I will continue to do my best to keep everyone abreast via my Blog and Twitter. Please be advised that other guidelines may apply. This is a huge breakthrough after suffering quite sometime from the meltdown in our credit markets. If you should have an FHA or VA Loan and want to apply directly, please feel free to visit http://www.ChooseEagle.com

Should you want to discuss particulars in more detail please feel free to visit the “Talk With Steph” section and I will be glad to discuss your personal particulars with you via the telephone prior to completing an application. You can also subscribe to this Blog and/or follow me on Twitter at http://www.Twitter.com/Follow_Steph to receive updates on new posts to my Blog, free tips and giveaways.

Professionally yours,

Steph Love