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How to avoid delays in your closing on a Home Loan, The Series

By Frank Marta

Mortgage and Lending with Nuhome Mortgage 245813/835196

October 09, 2014 02:29 AM

Series One: Credit Score

Like all buyers, you see a home, want it, and then you go pursue it. You go set up an appointment with a Mortgage Broker and expect to get a smooth closing. Right? Of Course! But not all prospect buyers know exactly what documents they need or what credit score they need in order to get the closing done in 30 days or less. Keep reading and keep scrolling down to unlock your full potential on a fast and easy home loan process.

Credit Score

Although we at NuHome Group go down to 580 FICO, the higher credit scores the better rates you get. One thing lenders are really looking at is your credit report blemishes. This includes any: judgments, foreclosures, bankruptcies, late payments, broken leases, and disputes. The guidelines ask that you remove any disputed accounts, pay any judgments, and any broken leases prior to application. For home buyers who want to buy a home but have had a foreclosure or filed for bankruptcy don’t be discouraged just yet, we have special loan programs just for you!

Why should I remove my disputes before applying for a loan? Won’t the lender help me?

Once you have applied for a loan, gotten approved, and your loan goes to underwriting, the underwriting department will send back a list of conditions in which the borrower would have to comply to and bring forth the required documentation need for closing. If you have a dispute that normally doesn’t go away in a day or two, it takes time. The longer the borrower takes to bring the listed documentation, the longer it takes to the keys to the house. If you do have disputes and don’t clear them right away then your loan goes into suspension which delays your loan even longer! We understand your need to close fast and get into the home in which you desire, so we prevent any delays that will cause headaches and heartaches; therefore we do not issue approvals on clients whom haven’t removed their disputes. If you go to another company and they accept disputes please BEWARE, and be prepared to deal with a lot of problems.

If you would like to be informed about more reasons on how to overcome any delays please email us or contact us by phone. You should always call to consult with a professional loan officer for your personal scenario.