Low Credit Score Borrowers Can Still Get a Mortgage
Well, first the mortgage borrowers need to understand that there is no such mortgage situation that cannot be done. The only reason why borrowers feel that no one can help is that they have looked at wrong places and they have been told that nothing can be worked out and hence are desperate or have given up trying.
What is important is to reach the right place where the person can make things happen. A mortgage with spic and span clean files. The banks are running after such mortgage borrowers CA.
Bad Credit Mortgage Loans California With No Lender Overlays
Where the borrowers have been declined because of issues on the mortgage. Such files require more work than normal for sure and some time even more time with more documentation.
It is expected from the borrower that he must be patient with the process if his file is challenging. An expert will tell you upfront without even looking into your credit report what challenges he can foresee before he pulls a credit report to get an in depth understanding.
An important thing borrowers do not understand is that no one can bluff the system. The underwriters say that when you present a mortgage file to us it’s like telling me a story and that we must look into it and approve the loan. Underwriters understand the fact that a file may have some discrepancies.
Little do the borrowers know that technology is so much advanced and the underwriters have such powerful tools at their access that of the borrower feels that by not telling the information to the loan officer no one will find out. What they 're missing is the fact that everything is being reported against you. All the data, finance, information is already out there in the open and being collected real time. The technology tools that underwriters have is aware what you reported 10 years back but now reporting this time with your loan application and in a matter of few seconds it shows up the percentage of discrepancy on the file.
As long as the discrepancy is within tolerable limits. It's not an issue but the moment it crosses the threshold the system automatically indicates the underwriter where to look into the file and what to look for and what documents to ask for.
Sometimes there could be errors in the system or glitch but that can be handled.
As an example, a client filed for divorce 20 years back in the Philippines and now is living in the US for 15 years with a mortgage in her name. The last mortgage went through fine but this time around the title company records show her as married. The borrower definitely will not go back to the Philippines and look for records in her country as divorce was reached 20 years back.
Well, as mentioned. These glitches can be handled but one cannot bluff the system.
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