Would you like to buy a home but you’re not sure if you’ll qualify?  Don’t worry with all of the different products available today, you can get a mortgage. The issue just may be when.

If you have less than perfect credit, you may have to repair your credit before you apply. Nevertheless, conventional loans can be made with credit scores down to 620, and FHA and VA loans with scores in the 500s.

If you do not have a credit score, programs exist for alternative credit where the lenders will consider your rent, cell phone, or pay TV history.

If you do not have any income right now, you may have to wait to apply once you have a job. Nevertheless, here are some forms of compensation that are acceptable to apply for a loan, other than income from a job:
● Dividend and interest income
● Rental income
● Monthly distributions made from a retirement account
● Social security income
● Pension
● Disability income
● Foster care income

Some lenders allow an asset depletion calculation, where income is calculated based on the assets you have saved in your accounts. If you are self-employed and do not show net income, programs exist where they take a percentage of deposits made into your bank account.

If you are looking for a loan, contact us and we can help you prepare. We are a mortgage broker and have many different products available to help you.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

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