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.
To eliminate high debt ratios, we can use a stated income program, depending on the credit of the borrower. Otherwise, we have programs that will allow debt ratios up to 55%.
Whatever is your predicament, the loan officers at Optimum Financial Services aim 'to find the best financing that fits your need.'