You have a borrower that has been turned down for a Mortgage and all parties involved now think the “gig is up”. Not so. Every single Bank has different criteria they take into consideration when doing home loans. Your local bank is generally able to do credit scores of 620 and above with debt to income ratios of roughly 45%. This works for them, this is their target. This is the service they provide to their customers.
However, it is not over for that borrower that does not fit into this criteria. There are banks out there that will work with lower credit scores, higher debt to income ratio’s, unique properties, and loans that don’t fit in the box. This is where it is important for a realtor to have a good mortgage broker in their back pocket. This is our world, this is where we excel. I have always told my co-workers, “anyone can do the A credit borrower, it is when things that get dicey, that our expertise comes into play”.
If you do not have a strong Mortgage Broker that represents multiple Banks (Right Trac represents roughly 37), please pick up the phone and give me a call. I would be happy to help! There may be more buyers out there than you think!
