J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

J. Scott Harris – MortgageXperts.com - Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!  We close loans every day that Banks would not, or could not approve. NMLS # 375517  – Mobile 214-435-8825

Boomerang Buyers: Most Qualify for Financing in 2-3 Years


According to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years.

This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.

The study analyzed over one million loan applications for mortgages, personal, and auto loans and compared borrowers who had a bankruptcy on their credit report vs. those who did not to find out the “Cost of Bankruptcy.”

The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO® Score in less than a year. The percentage of those who achieved a 640 FICO® Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.

Americans who were able to repair their credit scores to a range of 720-739 within three years of filing were able to obtain the same financing options as those who had never filed bankruptcy.

According to Ellie Mae’s latest Origination Insights Report, 53.5% of those who were approved for a home loan had FICO® Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.

Raj Patel, Lending Tree’s Director of Credit Restoration & Debt-Related Services had this to say:

“People may think that filing a bankruptcy would put you out of the loan market for seven to ten years, but this study shows that it is possible to rebuild your credit to a good credit quality.”

“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”

Bottom Line

If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2018! Meet with a local real estate professional today who can help you evaluate your situation and assist you along the way!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS. Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
8105 Rasor Blvd #140 Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online

Be Careful Not to Get Caught in The Rental Trap!

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped

A recent article by ConsumerAffairs addressed the continuous rise in rents, stating:

“The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.”

Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it was revealed that,

“Despite a slight improvement from 2014, fully one-third of US households paid more than 30 percent of their incomes for housing in 2015. Renters continue to be more likely to face cost burdens…the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia shows that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 24,000 renters found that 80% of millennial renters plan to eventually buy a house, but 72% cite affordability as their primary obstacle. Aside from affordability, one in three millennial renters have concerns about their credit scores, and another 53% said that a down payment is an obstacle.

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible for a mortgage.
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram
Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

More Boomerang Buyers Are about to Enter the Market

We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.

RecentlyHousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “ possibly send a flood of more homebuyers into the housing market.

The chart below shows the total number of bankruptcies filed by year in the US over the last 10 years. The light blue bars represent over 3.3 million people who have already waited the 7 years necessary for their reports to no longer include their bankruptcies.

How would this “ send a flood of more homebuyers into the housing market”?

As the article mentioned, in 2010 the number of chapter 7 bankruptcies increased to nearly 1.14 million. Now, 7 years later, they will begin to fade from credit histories, enabling prospective buyers to become homeowners again once their credit scores improve.

As we can see from both reports, the homeownership rate has the opportunity to increase drastically over the next few years with all of these boomerang buyers returning to the market.

Bottom Line

If your family was negatively impacted by the housing bust, here is the light at the end of the tunnel! You may be able to purchase your dream home faster than you think!
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram
Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

Thinking About Buying? Know Your Credit Score

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.

Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’

Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

  • Make payments, including rent, credit cards, and car loans, on time.
  • Keep your spending to no more than 30% of your limit on credit cards.
  • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
  • Check for errors on your credit report and work toward fixing them.
  • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
  • Work with a credit counselor or a lender to improve your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

scott-circle

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram
Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

Headlines: Student Loan Debt is crippling prospects for Home Ownership..Call Us for a Solution!

Student debt delaying home ownership by nearly a decade

An overwhelming majority of millennials with student loan debt do not currently own a home, and blame the debt for what they expect to be a delay of about seven years before purchasing a home, according to the National Association of Realtors and American Student Assistance.

The 20% of surveyed millennials reporting they do currently own a home are carrying a median student debt load of $41,200, which surpasses their median annual income of $38,800. About 79% borrowed money to finance their education at a four-year institution, and just over half are repaying a balance

By Elina Tarkazikis – Published  – September 19 2017, 12:33pm EDT

Student loan balances jump nearly 150 percent in a decade

  • As college costs continue to rise, outstanding student debt has ballooned to an all-time high of $1.4 trillion.
  • Still, delinquencies have decreased, which may mean that consumers are managing their loan payments better than they have in the past.

Call Us to develop a plan to be able to manage your Student Debt AND a New Home !

 

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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We saved a client $1400/mo. with a CASH-OUT REFI. You can be next!

I helped a client buy their 1st home in 2010.  Since then, we have helped 2 other family members from their referrals.

Now that property values have improved, we are able to help them use their home equity and pay off ALL their high interest rate consumer debts.

 

Even though the client has a sub 640 credit score, we are able to do a cash-out refinance and give them over $50,000 to eliminate $2000 per month of debt payments..

The mortgage P&I payment is increasing almost $700 so they have a NET IMPROVEMENT of over $1400 per month!

Call me to discuss your situation!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Author

New Cash-Out Refinance Loan for 580+ Credit Scores – Has the Bank Declined Your Equity Refi?

Rising Property Values are helping most everyone.

But, some homeowners have been caught in a Catch-22.  Low Credit Scores can be caused by having a lot of maxed out high interest rate revolving credit card accounts.

Most lenders require 680+ Credit Scores to Approve Cash-Out/Home Equity Loans.   But, Our Portfolio Cash-Out will allow for 580+ Credit Scores.

Here is a real life example:

Our client has almost $40,000 in revolving and installment debt that is depressing their credit score.  The combined monthly payment for all these accounts is over $1650 per month.

We can Approve their 80% LTV Cash Out loan and give them $50,000 to pay off all this debt as have some money in savings for emergencies.

Their mortgage payment only increases around $350 per month.

That is an immediate saving of $1,300 per month and will make a tremendous difference for their family.

If you are in a similar situation, or know someone who is, Please contact us for some debt relief!

 

 

Even if another Bank or Lender has said “NO,”
We will work with you until we can say “YES.”


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

New Fannie Mae “No Credit Score Loan” Program @ 90% LTV

Fannie Mae has made enhancements that now allow the assessment of Mortgages when no Borrower has a credit score and when not all Borrowers have a usable credit score.

 Purchase or no cash-out refinance
 1 unit property
 All Borrowers must occupy the property as their Primary Residence
 LTV, CLTV, HCLTV not to exceed 90%
 The loan must be a Fixed-rate mortgage
 High Balance Loans and Manufactured Homes not eligible
 The debt-to-income ratio must be less than 40%
 Reserves determined by DU
 Approve/Eligible Finding required

 Each Borrower must have at least 2 payment references in the US comprised of Nontraditional credit references and/or tradelines not appearing on the credit report. If 2 or more Borrowers have the same nontraditional credit reference, then the credit reference may count for each of those Borrowers.

 Each nontraditional credit reference must have at least a 12 month consecutive payment history.

 At least one Borrower must have a housing payment history as one of the credit references and have no 30-day or greater delinquency in the most recent consecutive 12 months.

 For all other nontraditional credit references excluding housing payment reference, only one credit reference may have 1 30-day delinquency in the most recent 12 months and no 60-day or greater delinquencies in the most recent 12 months.

 No collections (other than medical collections) or judgements filed in the most recent 24 months is allowed.

 Judgements, liens, collections, and charge-offs of non-mortgage accounts must be satisfied.

 Any derogatory credit references that appear on the credit report must be considered in the final underwriting decision. Nontraditional credit references cannot be used to offset a previous derogatory credit history. A Borrower with derogatory credit references such as bankruptcy or foreclosure must have re-established credit in accordance with B3-5.3-07.

 One borrower must participate in a homeownership education program before the Note Date when the credit for all Borrowers is established using only nontraditional credit references.

 

CONTACT J. SCOTT HARRIS FOR MORE DETAILS.

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

What Would You Sacrifice to Save For Your Next Home?

  • 95% of first-time home buyers are willing to sacrifice to make home ownership a reality.
  • The top item that buyers sacrifice is new clothes, at 54%.
  • Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home.

I work with a select group of determined home buyers.  Most have been declined or ignored by other Banks or Loan Officers because of credit or other complications.  

Each month, many accomplish their dream and we FUND their loan. Everyone else has taken one step closer to that goal.

I will give you a step by step plan to improve your income qualification and credit scores to at least 580 by the time your lease ends.

For over 20 years, I have FUNDED loans other Lenders could not, or would not take the time to work with.  YOU CAN BE THE NEXT.

Complete this registration to get on a path to mortgage and credit APPROVAL.

ARE YOU READY TO STOP RENTING? I CAN DELIVER THE KEYS TO YOUR NEW HOME.


YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

ARE YOU READY TO STOP RENTING? I CAN DELIVER THE KEYS TO YOUR NEW HOME.


I work with a select group of determined home buyers.  Most have been declined or ignored by other Banks or Loan Officers because of credit or other complications.  

Each month, many accomplish their dream and we FUND their loan. Everyone else has taken one step closer to that goal.

I will give you a step by step plan to improve your income qualification and credit scores to at least 580 by the time your lease ends.

For over 20 years, I have FUNDED loans other Lenders could not, or would not take the time to work with.  YOU CAN BE THE NEXT.

Complete this registration to get on a path to mortgage and credit APPROVAL.