Mortgage Grader

Please email your buyer scenarios to Jeff Lazerson by clicking HERE or call him at (949) 322-8640 and let’s see if we can solve your loan approval challenges!

Week of 5/27/17:

Buyer with excellent income from his stable job has two challenges:

1) He has large cash deposits (larger than a paycheck)

2) He has a 565 middle credit score.

We wait for his cash to season. So, we don’t use the March statement. We do use the two following months of April and May for which his funds are now seasoned.

The credit score makes him ineligible for a conventional loan. There is little we can do to raise his score in the short term. It just takes on-time payments over time to raise the score. He wants to buy now as every day he wakes up home prices go up.

Mortgage Grader arranges an FHA loan with 10 percent down on a $655,000 sales price at a respectable interest rate of 3.875 percent.

Loan funds.

All is good in the world!

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Jeff Lazerson - Mortgage Columnist since 2011