Clearlending

About Clearlending

Clear Lending is a residential real estate lending services company dedicated to maintain the highest ethical standards to its customers, agencies, and lenders and most definitely committed to customer satisfaction. Clear Lending offers: First Time Home Buyer Loan Programs. Veteran VA Home Loans from 500 credit scores. FHA Loan Programs for 500 credit scores. Rural Home Loans. Construction Loans.

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A large number of borrowers think that securing a home loan while having high debt ratios is next to impossible. But, like all phases of life, home loans and high debt ratios are not just black and white. There are also shades of grey that enable lenders in the city of Houston to provide these types of home loans for high debt ratios Houston based on the situations except their FICO scores and DTI ratio. Thus, it is very important for someone thinking of applying to check what, precisely, they could offer to a home loan lender so as to secure that loan they need.

Whether a person has bad credit or not, is find out based on multiple factors and then boiled down within a number system known as FICO scores. This number will be ranging from 300 to 800 points. Usually, any FICO score below 650 is taken as a danger with regards to lending. Apparently, the lower your FICO score, the greater the risk you are offering to an approved lender offering you home loans for high debt ratios Houston.

The calculation of a credit score considers many characteristics of a borrower's financial history, which includes the credit to debt ratio, loan defaults, and past payments of the borrower at the time of submitting a home loan application. But, while these numbers are simple enough to find out, their explanations are as assorted as the borrower who claim them.

Basically, when you apply for home loans for high debt ratios Houston, the home loan lender will study a number of elements. Initially, he would require to know what is your actual FICO score is - he is far likely to be capable of working with anyone with a FICO score in between 500s or 600s as opposed to someone with a credit score of 550 or lower.

Then, he will try to find out why your FICO score is low. Did you get jobless from a high paying job or were you impoverished all of a sudden, unpredicted medical bills that you could not instantly pay? The scenarios around your bad FICO score or high DTI ratios are as important, if not more critical than the credit score or DTI ratio itself.

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The city of Houston is known for its captivating beauty and providing all the happiness and luxuries to its inhabitants. There are some extravagant houses and other real estate properties that people can buy. The veterans who wish to buy a big and lavish home but do not have the means to reach the purchase price can always rely on Veteran Affairs (VA) jumbo loans.

A VA jumbo loan is a special type of loan which is given to the veteran when the loan amount exceeds the conforming loan limit. The veterans and their families can fulfill their wish of buying their dream home by getting VA Jumbo loans Houston that exceed the limit which is $ 484,350 in most states and counties. However, the loan limit may vary in different states and as per guidelines of the VA lender. Like the simple VA loans, the VA jumbo loans do not require a veteran to pay any down payment but if they wish they can.

The qualification and requirements of VA jumbo loans are a bit stringent and tough as compared to ordinary VA loans. The strict requirements of jumbo loans are due to the big mortgage amount. A veteran needs to have considerable cash reserves and good credit score to qualify and obtain the VA Jumbo loans Houston. The interest rates are also one or two points higher than normal of VA loan. There is also a funding fee which 2.15% of the purchase piece for first-time use only and it can be refinanced into the loan.

If the mortgage amount exceeds the limit, then the veterans have to make 25% down payment to obtain the VA Jumbo loans Houston. The veterans have the option to choose the loan term which is usually 10 years, 15 years and 30 years. The VA jumbo loans are also backed by the VA department which reduces the risk of the lender and allows veterans even with less than a perfect credit score to obtain the VA jumbo loans. The VA jumbo loans also provide many benefits to the veterans which are similar to normal VA loans. The veterans can borrow a loan as big as $1,000,000.

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Home ownership is a dream of every American and particularly for first-time home buyers who are either getting married or have married and want to start a family. There are two options when it comes to the home buyer assistance program namely conventional loans offered by banks and government-backed loans provided by approved lenders. The first time home buyers have moderate income and mostly rely on government assisted home loans as they find it difficult to qualify for conventional loans either due to bad credit score or high debt ratios.

The best government-backed loans are Federal Housing Administration (FHA) loans which are known for their easy and affordable mortgage terms. The FHA lenders for bad credit in Houston allow first-time home buyers to complete their wish of owning a Texas home. The reason why many people rely on FHA loans is due to their credit score requirements. The credit scores are deciding factor of nearly every mortgage loans as it determines the financial ability of the person to repay the loan or not. The credit scores are categorized by FICO (Fair Isaac Corporation) and range from 350 to 800. Any score at 550 or below is known as a bad credit score and shows a person has missed debt payments for several months.

The banks and private lenders do not give home loans to a person with bad credit as there is a considerable risk of the person defaulting on the loan amount. The FHA lenders for bad credit in Houston provide the mortgage loans only because the FHA loans are guaranteed by the government which reduces risk of the approved lenders. The FHA lenders ask first-time home buyers with a bad credit score, at or below 550 to make a 10% down payment which is considerably less as compared to conventional home loans.

The FHA lenders may also ask the first time home buyers to improve their credit score before applying for any mortgage loan. Many FHA lenders for bad credit in Houston provide the loans after the home buyers comply with certain compensating factors which are

  • Large down payment
  • High monthly income
  • Low debt to income ratio
  • No outstanding debt; and
  • A significant amount of cash reserves
DEPARTMENT OF VA COVERS BOTH THE BORROWER AND THE VA LENDERS FOR LOW CREDIT SCORES HOUSTON

VA home loans, or also known as Veteran Administration loans, were introduced by the Department of Veterans Affairs to help veterans and soldiers get approved for a mortgage. The Department of Veteran Affairs does not provide any home loans itself but offers guarantees to the borrower and approved lender of the mortgage to ease the lending process. In other words, the VA home loans will guarantee the borrower a mortgage from an approved lender. In return, the Department of Veteran Affairs will also guarantee to VA lenders for low credit scores Houston that the home loan will be paid back, either by the borrower or the Department of Veteran Affairs itself.

To allow veterans and soldiers to be capable of accessing home financing and home possession with no down payment the mortgage was implemented. It is generally known as the G.I. Bill (or Servicemen Readjustment Act), it was introduced in the year 1944 after World War 2. The dynamic objective of this action was to push veterans back on their track in the civil world by offering them help, which includes base funds for homes and businesses and fast unemployment compensation. When the act began it only protected the active military personnel of the 3 main branches of the USA military. Nowadays, it has extended to cover both active and non-active military personnel, their life partners, and the National Guard and Reservist units. This law is among the most supportive laws in the USA for supporting American servicemen.

To make clear, the VA will not issue loans. The Veterans Housing Benefits Improvement Act of 1978, while extending housing advantages to veterans, just required that the Department will promise endorsement for loans and mortgages; it is the job of the individual veteran to look for the loan from approved VA lenders for low credit scores Houston. After that, a form is also known as the Freddie Mac Form 65 relating current status in the military, personal information, benefits recipients (family members), tax dependents, and other data concerning any past financial history. The Department of Veterans Affairs will select the process that will be utilized to choose the mortgage amount and the interest rate once going through the home loan application.

Mortgages approved from VA lenders for low credit scores Houston have done an excellent job for active military personnel and veterans. The VA Department is among the largest government departments, and it also has cover from the federal government particularly related to the financial security of its administrative personnel.

The Veteran Affairs (VA) is a department that looks after the wellbeing of the soldiers and military men who serve the country. In 1944, the VA department introduced home loans with easy requirements after realizing the need for housing for war veterans who returned from war.

Today, the VA loans are considered the best home loans among all the government and conventional mortgage loan programs. The war veterans, their surviving spouses, their families and currently serving military members eligible for VA loans. The reason why VA loans are so popular is because of their easy eligibility criteria and also offering numerous financial benefits not found in other home loans. The VA loans are issued by approved VA lenders and backed by the VA department. The VA lenders for low credit scores Houston are VA lenders who allow veterans to become homeowners even if they have low credit scores.

The credit scores are one of the basic requirement for mortgage loans and determined by FICO (Fair Isaac Corporation). A low credit score means a person has missed his/her monthly debt payments and it would be a risk to give that person an additional loan amount. The banks and private lenders do not give loans to a homebuyer with a low or bad credit score. However, VA lenders for low credit scores Houston help the veterans to buy a house because the main purpose of the VA loans was to facilitate every war veteran regardless of his/her credit score or debt to income ratio.

The war veterans who have served in foreign countries find it difficult to maintain a good credit score but still hopeful that they can qualify for the VA loans. The VA loans provide numerous benefits to the veterans such as

  • No down payment
  • No mortgage insurance premium
  • The low-interest amount and closing cost than conventional mortgage loans

The VA department has set no credit score requirement so that every veteran get an opportunity to qualify for the VA loans. Many of the VA lenders for low credit scores Houston provide the loan if the veterans agree to

  • Show debt payments for the last 12 months
  • Show low monthly payments for the last 36 months
  • Have a handsome monthly salary and are employed with the same employer for more than 5 years
  • Maintain a low debt to income ratio

 

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Once serving your nation as an individual from the military, readjusting to daily life as a regular citizen can be complicated. This is particularly true for military personnel with bad FICO score who may need to locate housing alternatives; however, fear that they have no choices available. However, there are approved lenders who are happy to offer VA loans for bad credit Houston that permits borrowers with bad credit the alternative of financing a home purchase while having bad FICO score. This article will audit the details of VA home loans and what one needs to do so as to get approved for one.

VA HOME LOANS: A BRIEF HISTORY


The United States Department of Veterans Affairs, or else called the VA, was built up before the nation was even established. In the year 1663, the Plymouth Pilgrims really approved a law which stated that any military personnel injured while fighting with close by Pequot Indians would be backed by the colony. When the nation was founded in 1776, those advantages proceeded and have thusly extended during the time in response to the numerous conflicts that United States military members have partaken in.

VA loans for bad credit Houston began following World War II. The thought was to give an approach to veterans and their families to get housing and satisfy the American Dream of home proprietorship. The Veteran Affair basically protects the credit and gives veterans the upside of their help when meeting with home loan lenders. Moreover, should you fall behind on your home loan monthly payments, the VA can help you out too, protecting your credit later on.

MEETING ALL REQUIREMENTS FOR A VA HOME LOAN


So as to get approved for and get VA loans for bad credit Houston, you don't require to be a first-time homebuyer. There are some other criteria that you have to meet, in any case. This incorporates:

  • You should meet the credit and income qualification criteria determined by the VA.
  • You should be at present or former individual from the military, a reservist or a certified National Guard or the surviving life partner of one.
  • The home you purchase should fill in as your main living place.
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The compensating factors for VA loan with 500 credit score Houston

Home assistance programs offer many aspiring first time homebuyers to become homeowners. Houses are very expensive to buy and not within the reach of people who have modest or moderate earning. Conventional and government loans have however given prospective homebuyers an opportunity to buy a home with the help of mortgage loans.

Credit scores play a vital role in homebuyers to secure an appropriate loan. A credit score is a tool which depicts the financial ability of the borrower and whether he/she will repay the loan on time or not. Many first time home buyers rely on government-insured loans because the banks and private lenders who offer conventional loans require that the borrower have a good income, good credit score and low debt to income ratio. There are different types of government home loans, but Veteran Affairs (VA) loans provide the best financial assistance and benefits particularly to war veterans and serving military men and women. VA loan with 500 credit score Houston is VA loans which can be obtained by veterans even if they have a credit score of 500. FICO (Fair Isaac Corporation) considers 500 a bad credit score which shows that the person has missed debt payments for several months and will most probably default on the new mortgage.

Veterans who have bad credit want to obtain VA loan with 500 credit score Houston because it will not only allow them to own a home but provide them with many financial benefits which are not available in any other home loans such as

  • No down payment or mortgage insurance
  • Low-interest rates
  • Low closing cost

Although there is no minimum credit score requirement for VA loans, there are some VA lenders who require veterans with bad credit to fulfill certain eligibility criteria to get VA loan with 500 credit score Houston, which includes

  • Paying a considerable sum of money as down payment to reduce the risk of the lender
  • No outstanding debt in collections
  • High monthly income
  • Low debt to income ratio
  • The debt payments of the last six to twelve months
The significance of VA home loan credit score 550 Houston

Home loans have always been providing significant financial assistance to prospective first time home buyer to fulfill their dream of owning a home. The home loans are offered by both government-approved lenders and private banks. The mortgage loans in banks require home buyers to accomplish certain criteria before they get the loans whereas the government-backed loans such as VA (Veterans Affairs) and FHA (Federal Housing Administration) loan shave easy requirements.

The VA loans are zero down payment mortgages which are issued to veterans, the surviving widows of military personnel and currently serving military men and women. The VA home loan credit score 550 Houston are loans offered by approved VA lenders who are backed by the government to reduce the risk if the veterans defaults on loan.

A credit score is one of the most important things which makes it easier to qualify for all sorts of home loans. A credit score is a financial tool which reflects the ability of a person to make the regular mortgage on time or not. A good credit score shows that a person repays the debt on time, but a poor or bad credit rating means a person is missing on monthly repayments and will likely default on new loan given to him/her. The FICO (Fair Isaac Corporation) credit rating shows that a score of 700-749 is considered good whereas a score of 550-649 is poor. 

The purpose of VA home loan credit score 550 Houston was to allow veterans who are struggling with tough credit requirements and making huge down payments to still become homeowners. The benefits of VA loans is that not only no down payment is required, but the interest rates are also low as compared to conventional home loans. The veterans also pay low closing cost on the house they buy.

The criteria of minimum credit score requirement for VA loans are offered to veterans depends on the VA lender. The approved VA lenders provide VA home loan credit score 550 Houston after reviewing the monthly income of the veteran and the payment of debt for the last twelve months.

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