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F.A.Q.
Q: What if I don't have any established credit?
A. If you
do not have enough established credit, your Loan Officer can work with you to document alternate credit information. If you
have been renting, we can obtain a rental rating from your landlord as a way of verifying your payment history. In addition,
we may contact your utility companies, phone service, cable companies, and/or car insurance carrier to obtain a rating on
your payment history. Not all loan programs will accept alternative documentation on your credit. However, there are both
government and conventional programs that will accept this type of payment history to meet credit qualifications.
Q: What if I have had credit problems in the past or have filed bankruptcy?
A. One's credit payment history lets the lender know the intentions to repay the loan. Therefore,
a good credit history is important, but a perfect credit history is not. Simply click on the Quick Application Button below
to begin your free Pre-Qualification process.
Q: What if I am new at my job?
A. A new job may work in
your favor when you apply for your loan. Loan program guidelines look for a two-year history in the same field, but a job
change for a better position is looked on favorably. If you are a recent college graduate, you may be able to obtain a loan
even though you do not have a two-year work history.
Q: What does “loan to value” mean?
A. Loan
to value (LTV) is the loan amount divided by the lesser of the sales price or appraised value. For example, if you pay 15%
of the total cost of the home as a down payment, you would only be borrowing 85% of the total sales price from the lender.
Therefore, your LTV would be 85%.
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