Can Anyone Use the MMA?
No.
We wish we could say yes, but it wouldn’t be the truth. You must qualify, not for the Money Merge Account so much as the Home Equity Line Of Credit (HELOC), which is required to make the MMA Program work. So, the key is being able to qualify for the right kind of HELOC. If you can get the HELOC, then you’re almost there.
Check with your local Bank or Lending Institution, to see if you can qualify for a HELOC. If you don’t have a source, give us a call, and we can help you find one. We have relationships with National Lenders, some of which specialize in helping families with ‘less than perfect’ credit. We have taken the time to find sources of HELOCs which meet the MMA guidelines, which greatly collapses time frames for the Homeowner.
The lowest average credit score we work with has been 600. We have had instances of families with a 580 being approved, but these are on a case by case basis. Some times life gets the better of us, and having a low credit score doesn’t mean we consider you a bad person. We simply have to work with the rules the Banks have set before us.
However, nothing improves a credit score better than money, so give The Jubilee Project a call. If you can refer families to this program, we are willing to pay commissions to assist you in improving your credit score. We also have special sources which could boost your credit score to 620-640* in 45-60 days, so give us a call.
Why won’t the Money Merge Account work in Texas?
The term ‘betting the farm’ might have come from Texas. Due to farmers extracurricular activities in saloons, Texas created a series of laws to protect the Homeowner…from themselves. Hence, the Money Merge Account does not function in the same fashion as every other state. The result?
United First Financial will not issue an MMA to any Homeowner in Texas, using a Texas HELOC. They will only issue an MMA if they can guarantee the results, and with the unusual Real Estate laws in Texas, they can’t.
‘Then can’t I get a loan from a Bank OUTside of Texas?’ You can, but the results will be the same. It’s not the location of the Bank, it’s the location of the property that matters. Hence, a HELOC on Texas property simply won’t work.
However, there are ways to make the Money Merge Account work in Texas, and has been approved by UFF. The main tool you need is a personal line of credit, or a business line of credit. So long as you have a personal or business line of credit with the same minimum requirements as a HELOC (open ended, interest only payment option and variable rate), you can acquire an MMA with the same guarantee from UFF.
NOTE: Make SURE you use the following formula to figure out the MINIMUM line of credit amount. This is for the client to determine ON THEIR OWN. We are not financial professionals, so please do NOT ask Jubilee for financial advice--we will NOT GIVE IT:
(Discretionary Income x 4 + Income + Expenses {absolute value of expenses} = Bare MINIMUM credit line needed.)
Example: You have a monthly income of $4200, total, complete expenses of $4000, which leaves $200 a month in discretionary income. ( $200 x 4 =) $800 + $4000 + $4200 = $9000 BARE MINIMUM needed for a personal or business line of credit.
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