House Loans & Per Deim

Please ignore the response above as it is incorrect.

 

It is correct, I heard it on the internet..😂😂😂

 

ok I stand corrected LOL

 

To the op, the best way to get a mortgage is to be COMPLETELY DEBT FREE WITH NO OPEN ACCOUNTS OR ACTIVE COLLECTIONS, have an emergency fund of 3 to 6 months of expenses saved up, have a sizeable down payment saved up that is separate from your emergency fund (10-20%, the closer to 20% the better), be in your current job or industry for at least two years, show a record of on time or early rental payments for the last two years, and have a credit score of zero. Once you have all of that get no more then a 15 year mortgage with a payment that is no more then 25% of your net take home pay each month.

If you try and do something more then that you are asking for trouble and owning a house won't be a blessing but a curse!

By the way, you'll have to find a mortgage company and broker that has brain and knows how to do what is called manual underwriting. You follow this method you'll get a very competitive rate and have a mortgage you can handle if something happens to you or your job.

But if you're not debt free DON'T BUY A HOUSE!

 

The above scenario will work as long as you have 3-4 alternative tradelines. Electric bill etc. that you can show 12 months of on time payments. However cannot have a credit score of 0, if you have never had credit or no open tradelines going back a few years the credit report will come back with a finding of No Score.

 

You are right, you can't have a credit score of 0, what you want is no credit score at all!

Show a history of on time or early payments as I stated before and find a mortgage company that knows how to do manual underwriting and not just push a button to see of a magical number meets there requirements.

 

All banks/mortgage companies know how to do manual underwriting, just not all underwriters LOL

 

If you have all your credit cards closed, all items on your credit report cleared up with no active or current collections reporting to it, your credit score should come back as a no credit score in about 6months to a year.

 

I like to call those type of underwriters "AUS verifiers"

 

You have four months experience and you're being paid per-deim. I would say that your chances of being finance for a house on your own is slim. I would strongly advice that you stop by a mortgage broker. They will give you the low down based on your situation.

My wife and I just re-financed our house this summer and I can say that it was the most thorough process that we've ever been subjected to and we've bought and financed houses three times before. Granted that you're probably not financing a 650k house but the process will still be the same. I suggest you stop by a reputable mortgage broker, they will give you the right suggestions and advice for your area. Good luck.