Profile picture for Ben Maez

Ben Maez

Lender

Loan Officer, Texas-SML Mortgage Loan Originator, Colorado Mortgage Loan Originator License (5 years experience)

Specialties:
Purchase Loan,
Refinancing,
CHFA, NHF, MMA

Advice

  • (4 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Can you get approved for a loan with a credit score of 651?

Answer

While credit is an important aspect of a loan approval, it is not the only thing considered. To put it simply, there are 3 legs to a loan approval. Credit, capacity to repay the loan (income vs debt obligations) and collateral (value of your loan vs value of the home). Showing strength in the other two loan underwriting categories will increase the likelihood of loan approval. For example, putting cash down of more than 10%, having low expenses in relation to your monthly income, etc. I hope this helps!

  (0)
Can you get approved for a loan with a credit score of 651?

Answer

While credit is an important aspect of a loan approval, it is not the only thing considered. To put it simply, there are 3 legs to a loan approval. Credit, capacity to repay the loan (income vs debt obligations) and collateral (value of your loan vs value of the home). Showing strength in the other two loan underwriting categories will increase the likelihood of loan approval. For example, putting cash down of more than 10%, having low expenses in relation to your monthly income, etc. I hope this helps!

  (0)
Non applicant spouse to pay applicant spouse a salary...

Answer

I think that user05752 is not planning on being on the loan."Non applicant spouse to pay applicant spouse a salary..." From a pure qualification standpoint, loan guidelines typically stipulate that the income source have at least a two year documented history. If she could document a real salary from a real business for the most recent two years, the income amount would be used in qualifying for a new loan. 

  (0)
Dallas, TX lenders who will go off 1 yr of tax return instead of 2

Answer

It is important to note that income type is usually the determining factor for how many year's tax returns are going to be required. If you are self employed, an independent contractor or generate any income outside of standard W2 wages, 2 years will likely be required. 

  (0)
Home loan suspended in underwriting. HELP!!

Answer

One question for you. Have you lined up a renter for your old house? Or do you plan on finding a renter after you move? If you do have a renter lined up, do you have any equity on your "old" house? If you do have at least 25% equity, a renter signed lease agreement, a deposit totaling at least 1 months rent amount and the first month's rent (all verified through a paper trail), your lender can exclude your mortgage payment for your "old" house so long as your rental payment totals your mortgage payment or more. This can potentially make a huge difference in your debt to income calculation. 

  (0)