“Credit Scores aren’t the only Important Factor”

“Credit Scores aren’t the only Important Factor”

American Eagle my bank did not approve me, even though they said they would. I know you told me that was going to happen. My friend Jose told me you know what to do. I don’t understand why they told me they can do something for us, but not tell the truth. I know my credit scores are not too good, but as I told you I have a good down payment. When can we meet as I need to close in 5 weeks.

Yes Luis, I can do your mortgage.

I previously explained that his credit scores are lower than most institutions will allow.

I am not kidding when I say that I can get an FHA loan done with a 500 mid credit score.  A higher down payment is required which is understandable as the lenders are taking a bigger risk.

What is important to understand is that when you have lower credit scores, the loan must make sense and so do the reasons for the lower scores. This transaction is one that makes sense.