2013년 11월 26일 화요일

About 'no ratio loan'|No Minimum Fico Score Required On VHDA loans







About 'no ratio loan'|No Minimum Fico Score Required On VHDA loans








It               is               common               knowledge               that               one               of               the               most               important               aspects               of               successfully               securing               a               home               loan               is               the               maintenance               of               credit               scores               and               debt               management.

Although               they               are               not               the               only               factors               pertinent               to               obtaining               a               home               loan,               they               are               quite               significant               for               the               entire               home               purchase               process.

FICO               Scores               demonstrates               to               lenders               the               strength               of               a               borrower(s)'               ability               to               repay               the               loan.

FICO               scores               tend               to               increase               as               a               result               of               borrowers               paying               their               creditors               in               a               timely               manner.

The               higher               the               FICO               score,               the               higher               the               lender               will               trust               the               borrower               with               a               loan.

Therefore,               it               is               advantageous               for               the               borrower               to               increase               one's               FICO               scores               in               any               way               possible.

In               addition,               those               with               higher               FICO               scores               tend               to               be               granted               with               lower               interest               rates               because               of               the               decreased               risk               to               the               lender,               thus,               saving               them               a               greater               amount               off               of               their               monthly               mortgage               payment.
               Amongst               other               criteria,               lenders               also               place               a               greater               emphasis               on               a               borrower(s)'               overall               debt               to               income               ratio.

Average               lender               guidelines               stipulate               that               a               borrower(s)'               debt               to               income               ratio               ought               to               be               between               45-50%.
               Because               preparing               to               purchase               a               home               is               not               instantaneous               for               most               people               especially               with               today's               stricter               lender               guidelines,               buyer(s)               must               take               the               time               to               get               ready               for               that               glorious               day               when               they               are               able               to               close               escrow               on               the               home               of               their               choice.

It               is               best               to               set               aside               6-12               months               for               preparation               to               buy               a               home               especially               if               the               buyer               is               aware               of               any               credit               and/or               debt               challenges.

Once               the               prospective               buyer               has               decided               to               embark               upon               homeownership,               their               first               step               should               be               contacting               a               Realtor               who               can               assess               their               situation,               offer               them               the               resources               necessary               to               improve               their               chances               for               owning               a               home               and               direct               them               towards               an               appropriate               plan               of               action.
               The               next               step               for               a               prospective               buyer               is               to               gain               a               credit               analysis               from               a               respective               loan               consultant               like               Gio               Peralta,               Broker               of               Welcome               Home               Mortgage               Corporation               in               Rancho               Cucamonga.

The               loan               consultant               will               be               able               to               define               a               current               budget,               price               limits,               as               well               as               offer               the               buyer               alternatives               based               on               scenarios               that               may               require               a               higher               FICO,               lower               total               debt               ratios               or               the               need               for               a               down               payment.

This               step               is               crucial               because               it               determines               whether               or               not               the               buyer               can               even               get               financing               for               the               home               purchase.

The               sooner               that               the               buyer(s)               can               obtain               a               credit               analysis,               the               quicker               he/she               can               establish               a               clearer               time               frame               as               to               when               he/she               will               be               able               to               successfully               close               escrow               on               their               new               home.
               When               less               than               desirable               credit               scores               or               debt               issues               are               stumbling               blocks               for               the               buyer,               it's               a               great               service               when               his/her               Realtor               and               Loan               Consultant               are               able               to               provide               a               legitimate               solution               to               the               challenge.

To               avoid               future               inconveniences,               buyers               need               to               consciously               choose               their               "TEAM"               for               greater               success               on               their               journey               to               homeownership.
               FDIRewards.com               is               the               revolutionary               method               to               which               Real               Estate               and               Loan               Clientele               can               take               control               of               their               finances.

It's               natural               design               attacks               issues               of               credit               repair,               identity               fraud,               debt               management,               as               well               as               gives               members               access               to               financial               consultation               with               CPA's               and               financial               planners.

By               offering               the               FDIRewards.com               program               to               potential               Real               Estate               &               Loan               Clientele,               Realtors               and               Mortgage               Professionals               can               pave               the               way               for               their               clients               to               reach               their               goal.

It               allows               the               buyer(s)               to               grab               hold               of               a               credit               repair               service               as               well               as               a               computer               program               to               assist               them               in               lowering               their               overall               debt               without               having               to               find               additional               funds               than               their               current               income               or               having               to               be               forced               into               borrowing               any               other               monies.
               In               today's               real               estate               market,               homeownership               is               no               longer               as               easy               as               it               was               during               the               'boom.'               Therefore,               buyers               must               get               saavy               and               discover               ways               to               make               themselves               more               attractive               to               lenders               who               become               extremely               critical               of               buyers               in               general.






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