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.
By clearlending, 2019-05-17
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.
By clearlending, 2019-05-10
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.
By clearlending, 2019-04-19
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
By clearlending, 2019-04-05
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.
By clearlending, 2019-03-28
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.
HOW CAN BAD CREDIT MORTGAGE LENDERS HOUSTON TX ASSIST YOU IN GETTING APPROVED FOR BAD CREDIT MORTGAGE?
By clearlending, 2019-03-15
In case you have a terrible FICO score, don't expect that you will never have the capacity to claim your own home or renegotiate your current home loan. While it used to be basic for somebody to be turned down because of terrible FICO score, it doesn't occur as regularly. The truth of the matter is there are bad credit mortgage lenders Houston TX that will enable you to purchase your first home or renegotiate your current home loan.
In case you've fallen into a circumstance where you have judgments against you, or you have defaulted in repaying an advance, you have fallen into terrible credit. Most home loan lenders see how these circumstances occur and the bad credit mortgage lenders Houston TX are there to support you. Moneylenders are in a ferocious business of offering competitive rates, and you will almost certainly exploit this with a terrible credit home loan lender.
While the bad credit moneylender will charge you a higher mortgage rate than somebody with great credit, you should know that the bad credit mortgage lenders Houston TX are still in rivalry to offer the best rates and it will be to your advantage to search for the best rates. You can do the greater part of your exploration online to locate the best rates and best home loan credit program for you. When you look online for a terrible credit home loan lender, you will probably have the capacity to apply on the web. After you apply on the web, you will be reached by the bad credit home loan lender. It's that simple.
There are a few things to be cautious about with a terrible credit home loan lender, nonetheless. One of the principal things, obviously, that you'll need to keep an eye out is incredibly high loan fees. They may in actuality offer you a lower rate for the initial year and the next year; your loan fee may bounce as high as two. Something else to be watchful about is prepayment penalties. Ensure your terrible credit home loan moneylender does not charge an excessive prepayment penalty should you wish to renegotiate your home loan later on.
Your terrible FICO score ought not to prevent you from acquiring another home or renegotiating your current home loan on your home. The truth of the matter is the terrible credit home loan moneylender will help you in finding a home advance that is moderate for you and one that won't cause you additional financial hardship later on.
By clearlending, 2019-02-15
The United States Department of Veterans Affairs, likewise referred to many as the VA is managing the VA Home Loan Program for qualifying veteran and their spouses. The program, known by numerous individuals as a standout amongst the best veteran support campaign being utilized today, is intended to enable veterans to buy a home for themselves and their families in order to help them in getting better access to competitive mortgage rates and credit administrations. Like other Loan frameworks, VA loans for bad credit Houston have its very own advantages and have its own specific prerequisites for compelling use and execution.
WHAT IS THE WORKING METHOD OF VA HOME LOAN PROGRAM FOR BAD CREDIT?
The VA loans for bad credit Houston work not by really giving out credits to veterans simply, however by offering to guarantee mortgages made by qualifying people. Since the government, through the Department of Veterans Affairs viably stands behinds the veterans and guarantees negligible losses for home loan lenders, more mortgage lenders are anxious to provide credits at better rates and with preferred administrations over what might have been initially accessible without the program. VA affirmed moneylenders are promptly accessible in Houston and numerous veterans can pick between offers made by various mortgage lenders to increase funds or potentially secure better credits.
HOW TO GET QUALIFIED FOR VA HOME LOANS?
The VA has set up a reasonable arrangement of rules in regards to eligibility for a VA advance for bad credit in Houston. As a rule, veterans who have served the required measure of time may ask for their endorsement of qualification from the nearby VA office to bring to VA qualified mortgage lenders as verification. A few mortgage lenders offer a certificate of eligibility for the veterans to enhance effectiveness. Some of the spouses of veterans that were murdered in service or because of service are likewise qualified to get advantages of VA loans for bad credit Houston. Neighborhood VA offices just as the national site and workplaces of the Department of Veterans Affairs can offer nitty gritty clarifications and data on the prerequisites for qualification under the home advance program.