Mortgage and Lending with Stephen Gallo

We have a few new updates for our FHA programs for the better, we can now go down to a 540 credit score on all FHA purchases and on our FHA refinances, and a 580 credit score on our FHA Jumbo loans. The credit minimum was originally a 620 credit score, that got changed for the better by our Lender.  Most Banks/Brokers, can only go to a 620 credit score on all FHA loans, so please keep that in mind for yourselves or your clients that do not have the credit scores to qualify for an FHA mortgage. Also, if you just recently lost one of your FHA purchases due to the credit scores not being there, I would be more than happy to get those loans closed for you or your clients. As always we ensure that every client get the "Unparalleled Service" that they deserve. If you or your clients have any questions, please don't hesitate to let me know.



 We are your FHA, Fannie Mae, & Freddie Mac Experts


FHA Highlights:

•       Approved with credit scores as low as 540 for all Purchase's & Refinances

•       As little as 3.5% down for all purchases including JUMBO loans

•       Non-Occupying borrowers and gifts are allowed for all purchases and refinances to qualify borrower for loan

•       Condos/Townhouses and 1-4 family residence loans

•       No limit on the debt to income when approved (FULL DOC) & also up to a 6% seller's concession towards all prepaid items and all closing costs

•       203K (Construction Loans) are still available with as little as 3.5% down

•       Reverse Mortgage for borrowers 62 and older, this program is No Doc, the borrowers can also be in Foreclosure and Bankruptcy.


Fannie/Freddie Highlights:

•       100% Financing with no MI for All Qualified Borrowers with USDA Loans

•       All agency products- ARMs, Fixed, 40yr & Interest Only

•       No Doc & Stated Loans are still available for all borrowers including primary and second home loans, which includes Jumbo Loans up to $3,000,000                  

•       CPA Letters can be used with no additional income documents for all self employed borrowers for our stated program, and for our no income doc W2 borrowers we just need a written VOE filled out and signed by their employer and no 4506T is required


*Some of our Loan Programs are designed to meet the tailored needs of homebuyers / borrowers that have a credit scores of >680! We recognize that borrowers have varying needs, so our loan programs are designed with that flexibility in mind.







Stephen J. Gallo

Director of Sales & Marketing

NMLS# 205469

Parallel Mortgage Corp.

555 Route 18 South

East Brunswick NJ, 08816

Office 732-238-1100 ext 317

Efax 732-348-9513




"A Mortgage Loan Originator is unlike a traditional loan officer, we are now licensed by the State and Federally. As a Licensed Mortgage Loan Originator, my role is to help you integrate the loan that you select into your overall long and short-term financial and investment plan, to minimize taxes and interest expense and improve cash flow. My team is dedicated to delivering superior mortgage advice and world-class customer service to you. Our goal is to take such great care of you and your loan that we earn your loyal business and your referrals of family and friends. Our success was built by happy client at a time!"





Comments (0)