1.) Borrower With No Down Payment
There are 100% financing programs available as long as the borrower's middle credit score is 600 or above. There are also government programs (FHA & VA) that are not Fico-Score driven that allow secondary financing from Pers, California Gold, and California Housing Finance Agency (CHFA).
2.) Borrower With Late Payments, Collection Accounts, Or A Previous Bankruptcy or Foreclosure
We instruct the borrower how to negotiate a lesser payoff amount of collection accounts. There are lenders who will ignore derogatory consumer credit two years old and base the credit worthiness of the borrower on his/her mortgage rating.
Before extending a new mortgage, most lenders require a bankruptcy to be discharged 2 years and a previous foreclosure to be 2-3 years old. A special loan is available to take a borrower out of bankruptcy chapter 13.
3.) Borrower With Low Credit Scores
Low credit scores are due to many factors: Insufficient credit, Short length of time of established credit, Excessive debt, High balances, Collection accounts, Judgment, Bankruptcies and Foreclosures. There are non-credit score down driven programs that will allow 95% financing.
4.) Borrower With No Established Credit And No Credit Scores
For this type of borrower, we establish credit history using non-traditional alternative accounts. We obtain credit ratings from the borrower's telephone and utility accounts. There are loan programs available that are not credit score driven, where on a case by case basis one can obtain up to 90% financing.
5.) Borrower With Unverifiable Income And Assets
Special programs are available to this type of borrower even if you are salaried or self-employed. Some programs use 6, 12, or 24 months of bank statements to validate income. Other loan programs allow the borrower to state, within reason, a sufficient income amount that is accepted without verification. Other times, no income or asset amounts are stated to the lender. Loan programs up to 100% financing are available.
6.) Borrower With No Job Stability
This type of borrower switches jobs often. There are loan programs that require only a work telephone number, but no information about the company. These programs are credit score driven. One needs a credit score of at least 660 and decent credit history.
7.) Borrower Who Is A Foreign National
This type of borrower is one who lives in the US on a work Visa. Purchase loans up to 90% financing are available with established credit history, good credit scores, and at least 3 years remaining on the work Visa.
8.) Borrower With Excessive Debt
Refinancing can be a good option for this type of borrower. We offer first and secondary financing up to 125% of the home value. Secondary financing can be an equity line of credit or a closed end mortgage. Second mortgages or equity lines of credit are very credit score driven.
Whatever is your predicament, the loan officers at Optimum Financial Services aim 'to find the best financing that fits your need.'