Before you refer a borrower to this program, reach out to Julie Lee (firstname.lastname@example.org)
Email to Julie the following:
- Borrower's Name
- Loan Number
- current credit score and desired credit score
- a brief summary of the situation
Julie will review the information and ask questions to the LO as needed within 24 - 48 hours of receiving the email. IF the applicant does not fit into the parameters of the repair program, Julie will advise the LO.
The ideal candidate for our service will be a borrower that could have their score increased within one year from the credit date.
If the candidate does not fit our program, it is the Loan Officers responsibility to advise the borrower. Sending their info to Julie before advising them, saves the Loan Officer a disappointing phone call if their circumstances require extensive work.
What would make the borrower ineligible for our assistance:
- If the income is not approvable for a mortgage loan
- If their bankruptcy is less than 13 months old
- If their foreclosure is less than 22 months old
- If the DTI is not in a range to qualify for a mortgage loan
- If the credit repair needed cannot be accomplished within a 12 month period
- If the total of non-medical collections, repo's, charge offs and judgments are over 10% of the loan balance
- If the amount of debt that needs to be paid off is more than 25% of their annual income