For those who think they can’t get a mortgage on account of their low or nonexistent credit score, or writing off tons of expenses in their tax returns, there’s no need to fret, because there’s essentially 2 ways to get a mortgage.
The first one being the more common of having a less than perfect FICO score, people often overlook the second: asking for a manual underwriting.
While fewer places still offer this service, it may do you well to find a place that does; as a stable job and income can easily save you where your credit score can’t.
A manual underwriting is the manual process of approving your application for a loan. Because most systems for approving loans nowadays are fully automated, with people who meet certain criteria qualifying for a loan, not having an adequate credit score could potentially automatically ruin your chances at a successful loan application.
As such, times like these may require you to ask your lender to manually process your application. This takes significantly longer than a traditional mortgage application, as your lender must scrutinize your application without automation.
There are some aspects to consider when asking for a manual underwriting: have your history of payments, debt-to-income ratios, money reserves, and government loan program information on hand and easily accessible, as these are documents that your lender will likely ask for when applying.
Contact me today to find out for more details.