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!
Bridget McGee Maryland Mortgage Mama NMLS# 196068 SWBC Mortgage. 410-960-2061 EHO email@example.com or www.marylandmortgagemama.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.