Bridget's Blog

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Impossible Mortgage Loans in Maryland? Not anymore! Check out LOAN POSSIBLE!

If you thought  getting a loan was impossible because of past challenges, well think again.  Allied Home Mortgage Corp. may have a loan for you. Depending on your situation and your specific credit challenges, we may be able to help.

 

  • Credit scores from 580-619
  • Scores 600 and below require 10% down payment
  • Ratios cannot exceed 31/43 (no exceptions)
  • No rental or mortgage late payments in the last 12 months
  • Loans with Non-Occupying Co-Borrowers are not eligible (Effective 11/1/2010)
  • Provide VOR from management company with 3rd party verification or 12 months cancelled checks
  • No more than 2X30 on consumer late payments in the last 12 months with adequate reason/proof for late payments (must have been extenuating circumstances and not likely to re-occur again) Charge offs, Collections and Judgments are considered late payments
  • Any bankruptcies must have been discharged a minimum of 3 years
  • If a bankruptcy has occurred there can be no late payments after the bankruptcy
  • Foreclosure - must have been a 3-yr time period since foreclosure date
  • If a foreclosure has occurred there can be no late payments after the foreclosure
  • The borrower must address derogatory credit adequately
  • Alternative credit accepted - must have a minimum of 3 types of non-traditional credit with an excellent 12- month pay history (i.e., car insurance, phone, electric, gas, cable).  Must be on non-traditional credit report or otherwise must have cancelled checks and history from each institution.
  • No NSF’s on bank statements
  • One Bank Statement and VOD
  • Borrower must have their own funds – DPA, Grants or Bond Programs funds do not qualify to meet this minimum
  • Loans that do not meet minimum credit score or overlay requirements for some of the Allied Investors will require second level Sr. Management review.
  • Gifts may be accepted if they are 20% or more
  • Must have a minimum 2-year job history in the same line of work
  • REFINANCES ARE NOT ELIGIBLE
  • Condition for the loan to be locked under a GNMA pool
  • Written VOE
  • Must meet FHA Manual Underwriting Guidelines   (NO REFINANCES)

If you or a client would like to discuss mortgage financing, please give us a call today.


If life happened, and now you are ready to move forward, Allied Home Mortgage Corp. and Mortgage Mama are ready to help!

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.com

 

If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

Comment balloon 3 commentsBridget "Mortgage Mama" McGee • May 23 2011 11:11AM

Comments

Bridget, this is really great for you! We don't have anything like this where I work. Is it an FHA loan?

Posted by Jon Cagle, Lane County Oregon - Direct FHA, VA, USDA Lender (Northwest Community Credit Union) about 8 years ago

Looks like a great product.  I am going to reblog and post on my wordpress blog if that's ok with you.

Posted by Dr. Stacey-Ann Baugh, A doctor who makes house calls. (Century 21 New Millennium) about 8 years ago

What about if the person has had a short sale?  How long after that can they be considered?

Posted by Dr. Stacey-Ann Baugh, A doctor who makes house calls. (Century 21 New Millennium) almost 8 years ago

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