I have heard numerous stories from my past borrowers where they were told how acquiring a home loan would be an unending, agonizing and complicated process. And that on top of this, one minuscule credit problem was going to end their journey to getting their dream home.
This is not the case if you find the right Lender. Getting a loan for the home you desire can prove to be difficult if Lenders see you as a “high-risk” borrower. So what is a high-risk borrower?
There are 4 circumstances covered in a recent Trulia blog “Are You A Risky Borrower? 4 Ways To Find Out” that are helpful in answering this question:
1. Your credit score is below 620.
2. Your employment history is unusual.
3. You have financial responsibilities you aren’t taking care of.
4. You don’t have a down payment.
If one or more of these applies to you, then you probably have some work to do before you can be approved for a traditional home mortgage. Not so with Hard Money. The only item we cannot contend with is no down payment.
If your favorite Lender or bank turns you down for a home loan, give us a call at (707) 523-2099. We have helped many a high-risk borrower with our creative financing programs, known as hard money. We would be happy to help!
For a more in-depth look at the above 4 points, see the original article here: http://www.trulia.com/blog/are-you-a-risky-borrower-4-ways-to-find-... .
Best, Ken - Another Guy in the White Hat
Hard Money Lead Loan Originator at family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988! www.Sunpacificmortgage.com
CA BRE License #01858042. NMLS #1221130