What Other Factors do Mortgage Lenders Consider for Your Mortgage Loan?

Sydney Hahn, Loan Officer

Even if your credit score is not that great, it does not mean you can't get a mortgage loan. When you apply for a loan, your credit score is only one of the factors taken into consideration. Sydney Hahn, Loan Officer at Cliffco Mortgage, goes down the list of the most major factors also taken into account.

Different loan programs will have different documentation requirements. For instance, the DSCR (Debt Service Coverage Ratio) loan program specifically offered by Cliffco enables our clients to buy investment properties by using the prospective rental income of the property, instead of their personal income documents.

Other loan programs offered by Cliffco take into account your bank statements, or the top revenue line of your business (if you are on a 1099)... All these loan programs can get you qualified for a mortgage loan even if your credit score is not within the range usually accepted by mortgage bankers.

Among other factors, your debt-to-income ratio is a major factor, and if you are on a W2, your employment and its continuance. Cliffco Mortgage will also look at major financial events such as bankruptcies and foreclosures. If you don't have any such event on your credit history, it is often possible to qualify you for one type of loan or another.

In any case, Sydney recommends that you speak with a loan officer at Cliffco Mortgage, and share the specifics of your situation. Our loan officers are very good at their job, and they want to qualify you for a loan to get you into your own home.

Cliffco Mortgage Bankers serves the Long Island, NY market, which we know very well. This helps when it's time to make a credit decision.

We also originate all of our loans, which means we don't farm out your loan to a big bank, and we don't have to seek their approval. We make our own credit decisions in-house. If you don't immediately qualify, our loan officers will orient you to a specific program to help you qualify rapidly. The "rapid rescore" program is one such tool to help you boost your credit score faster.

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