What happens if someone doesn’t qualify for a mortgage right now?
We often have people who apply and can’t qualify right now for a mortgage loan. This can be for many reasons. Some being: credit issues, job time, not enough income, or not enough assets for the program. When someone doesn’t qualify at the moment for a home loan due to credit issues, we give them a detailed and written credit game plan. We are committed to making sure they hit their milestones through the credit game plan journey and follow up with them every month.
We are able to run reports in our credit bureau system. This will let us see how much the borrower’s credit score can increase. However this depends on what actions are taken toward their credit map. Sometimes a borrower’s credit score can be increased just by paying down a small debt. Our report will tell us exactly how much debt needs to be paid and once the borrower pays it and provides proof, we can take this information to our credit bureau and order a credit re-score. Re-scores take about 5-7 business days, and we receive the updated report and credit score. We can use this updated report to submit for preapproval.
We are here to help
No matter how long a borrower takes to qualify we will be there every step of the way. As stated above, we are committed to helping them reach their homeownership goals.
We are committed to our business partners in this process as well. Agents can feel confident knowing that we will keep them fully informed as their client makes progress on their credit game plan journey. Once their client has been pre-approved, we are sure to let the agent know they are ready to start the home shopping process.
The following videos are just a few simple tips that may help some folks along the way. If you have less than perfect credit or have a client that has less than perfect credit, let’s schedule a time to look at the big picture together. We are here to help our clients achieve their home ownership dreams in a manner that is in their best interest.
Success Mortgage Partners, Inc. supports Equal Housing Opportunity. NMLS ID# 130562. This is informational only and is not an offer of credit or commitment to lend. Contact Success Mortgage Partners, Inc. to learn more about your eligibility for its mortgage products. Please consult with a qualified credit counseling agency for credit advice.