Are you looking to buy a home in 2019 but worried about finding a lender that can work with your situation? Maybe you are self-employed and think you won’t fit into a cookie cutter loan program. Mortgage loans are not one size fits all and Cardinal Financial understands that better than anyone. We have smart solutions for just about any circumstance and are here to help!
Income & The D Word (DEBT)
Many prospective buyers believe that your credit score is a deal breaker when purchasing a home. That is not the case! Your monthly debt to income ratio (aka DTI) is also a significant factor. You get this number by dividing your total monthly debt by your total monthly income before deductions. The DTI golden rule is to keep your debt at less than 50% of your income. And just like a golf score, the lower the better!
The Dreaded FICO Score
A lot of credit cards, car loans, etc can make getting a mortgage more difficult but definitely not impossible! The goal is to keep your balance at less than 50% of your credit limit on each card. Helpful Hint: Don’t open or close any trade lines prior to getting pre-qualified and throughout the entire loan process. A Cardinal Financial Loan Adviser will let you know when it is ok to make any changes to your credit.
Credit History Haunting You
Don’t dwell on the past! Lenders mainly concentrate on your last two years of credit and rental history. So you can breathe easy; no one is digging for a skeleton in your closet!
Down Payment Stress
Good news! There are several sources of down payment assistance. Did you know that you can borrow directly from your 401K? And when you borrow from yourself, it will not affect your credit score. With an FHA loan, all you need as a down payment is 3% from your 401K.
Qualifying for a loan is easier than you think! And when you work with Cardinal Financial, the possibilities are endless. With our experience, knowledge and creativity we have all of the tools to help you find the right loan. So start that 2019 Pinterest Future Home board and pin away!
To learn more or if you are looking for a great lender contact us! We are always available at 480-759-1500.