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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Buying a home for the first time in your life is the most critical buying decision you will ever make. Actually, property specialists recommend a team of experts early so first-time purchasers of a property can get a home loan consultant, who in turn will help verify your credit and check that everything is fine or not. Ensuring that your FICO score is good, correcting any issues you have had in your credit report.

You might never know when you will be able to purchase your very first home in the city of Houston so it will not hurt to attend open houses in the area where you might someday wish to live in. Meet numerous realtors and get to know your alternatives. Inquire about the first-time buyer home loans Houston and take notes of the information they provide. Borrowers have different personalities, so in case you are the kind of person who is number oriented, get a realtor that can give you statistics according to your concerns.

Another team of experts that you will need is professionals home inspectors. You might also need a structural engineer, but some professional home inspectors are also structural engineers; therefore, that can work for you as a first-time home buyer in the city of Houston. The list of experts can be long; however, having them on-board in your team can reduce a lot of pressure and stress.

One of the most critical things that first-time home buyers worry about is the sum they should put as a down payment. Keep in mind that the more money you put down means, the lesser the amount of first-time buyer home loans Houston becomes which, in turn, reduces your monthly expenses. However, you do not need everything you have into a down payment as you will have no money left for a makeover and even for appliances and furniture or other things required for your brand-new home in the city of Houston.

Many first-time home buyers take a lot of time in purchasing their home that is not so bad since it will be where they will live. Most of the first-time home buyers use to look at about multiple houses before they make the final decision. Also, a large number of people are surfing the internet to search first-time buyer home loans Houston. This way, they are more confident in finding the right home loan for them as well.

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Low credit score mortgage lenders Houston for first-time homebuyers

Home loans are essential when it comes to buying a home as houses are expensive, and many homebuyers cannot pay the full price of a house in one payment. Credit scores are one of the factors which play a vital role in acceptance or rejection of home loan application. The credit scores are categorized b FICO (Fair Isaac Corporation) and range from 350 to 800. The scores above 600 are termed good, and a person can easily get a loan with favorable terms. The scores below 600 are considered low credit scores and means a person has missed debt payments for several months and will likely default if given another loan amount.

The first time homebuyers with moderate income rely on low credit score mortgage lenders Houston who can offer various government-backed loans as conventional loans require good credit scores and making a large deposit in the form of down payment. The mortgage lenders offer different government assisted mortgage loans such as the Federal Housing Administration (FHA) loans, Veteran Affairs (VA) loans, and United States Department of Agriculture (USDA) loans.

The low credit score mortgage lenders Houston offer FHA loans to first-time homebuyers as it allows them to obtain the loan no matter if they have a poor or bad credit score. A homebuyer with a poor credit score of 580 or below will make 3.5% down payment while a homebuyer with a bad credit score from 500-579 will make a 10% down payment. The FHA loans down payment are considerably less as compared with conventional home loans.

The mortgage lenders also offer VA loans to war veterans, their families, and currently employed military personnel. The VA loans offer the best benefits as there is no credit score requirement, no down payment, and low interest rates and closing costs. The USDA loans, on the other hand, also offer no down payment and low interest rate to encourage people to buy homes in a rural area.

The low credit score mortgage lenders Houston provide the FHA, VA, and USDA loans after asking for some compensating factors from homebuyers such as having stable employment and high salary, low debt to income ratio, and no outstanding debt to pay. The mortgage lenders provide the loans because the loans are guaranteed by the government, which reduces the risk if the homebuyer defaults on the loan amount. The homebuyers can choose a 10 year, 15 year, or 30 year loan term.

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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