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Mortgage rates are all based on risk. The lower of a risk the loan is the lower the rate will be. Second mortgages are riskier loans. In the unfortunate event of a foreclosure the second mortgage holder gets paid second, not first. If threes not enough money to payoff the second mortgage often they take a loss. Since they are higher risk loans to investors the carry higher rates of return (so investors will purchase them).

A mortgage is considered a lien on your property. A first mortgage is in the first lien position and is the least amount of risk because they are the first to get paid should the borrower default and the home be sold through sheriff’s auction or through some other type of sale. A second mortgage is in the second lien position and is at a considerably higher risk than the first so a 2nd mortgage usually has more strict lending guidelines and credit requirements and will also charge a higher interest rate to make up the difference of this greater risk. If you also had a third lien on your property, they would have the greatest risk and even much worse terms than the first and 2nd liens.

If a homeowner files for BK the second mortgage is not guaranteed to be paid off. So the lender who makes a loan in the form of a second mortgage vs. a first mortgage assumes a higher risk. The lender offsets that risk by charging a higher rate.

Most second mortgages are also held in the lenders own loan portfolio rather than being sold to Fannie Mae, etc. Given that, there is considerable variation in rates, terms, qualification criteria, etc. from lender to lender.

When you take out a 100% one loan you will pay for private mortgage insurance (PMI). When a loan is sold on the secondary market to Fannie Mae or Freddie Mac they will only insure 80% of the value of the home. This insurance covers the other 20% of your loan in the event that you don’t’ pay and the property goes to foreclosure. Second mortgages, when used on an 80/20 combo loan program are self insured and for this reason carry a higher rate. Meaning you don’t have to carry PMI.

Rates on second mortgages will always be higher because the risk to the lender is higher. The rates will vary as with a first mortgage, depending on your credit worthiness, ability to pay and combined loan to value ratio. Combined loan to value ratio is the combination of the first and second mortgage compared to the sale value of your home. The lower the ratio is, the better rate you will get.

Before lenders lend money, they need to be assured that the funds will be repaid. In other words, is the prospective borrower creditworthy? To find out, they ask for various types of information.

Sub-prime lenders understand you may have come upon some hard times in the past and will look at your more recent credit history.

Lenders look at the risk that you will default on the loan, based on several factors. Those include credit score, history of paying your mortgage or rent on time, debt-to-income ratio, occupancy type (primary residence, second home or investment property), property type (single-family, 2-unit, condo), percentage of the property’s value you want to borrow (60%, 70% 80% 100%), and work history, among others.

Lenders will look at an applicants past credit history, income and the value of collateral being used to secure the mortgage. The lenders will compare this information to their guidelines to determine if the applicant is a good credit risk.

With regards to repayment capability, most banks prefer that a borrower has total debt obligations of less than 45% of gross income. Total debt include any monthly obligations the borrower has, including the proposed mortgage payment, property tax, homeowner insurance, automobile financing, credit card installments, alimony, etc. Utility and food costs are not considered debts and are not included in the Debt-to-Income ratio. Some non-prime mortgage lenders allow a Debt-to-Income ratio of up to 55%.

Lenders will look for job stability, credit worthiness, disposable income, liquid assets, debt to income ratios and loan to value ratios among many other things. Sometimes a borrower can be deficient or weak in one of the above mentioned areas but make up for it in others to still be considered for the financing desired. Lenders don’t typically want to see a lot of job changing or career changing happening. Also, obviously the better the credit the better the chance the lender will be repaid on the debt. Disposable income is how much income is left over after you have paid all of your monthly obligations. Debt to income is a ratio that is calculated based off of how much you make divided by how much your obligations are and LTV (loan to value is simply how much of a mortgage you are borrowing compared to how much your home is valued at. These are all very important items that a lender looks at as a part of your whole package.

Reserves is another factor that lenders want to see. Reserves are simply how much liquid cash you have in the bank to make payments with. If you are a first time home buyer the reserves can be anywhere from 2 -6 months worth of PITI (Principle, Interest, Taxes and Insurance). Various lenders will have different guidelines so be sure to ask your Mortgage Professional how much cash you will need to have in reserves.

Your credit worthiness will affect the interest rate and the number of programs that are available to you.

Editors Note: Due to the mortgage and credit crunch, alternative credit loans are no longer be available. If you’re in need of a first or second mortgage in Denver, CO contact us to discuss your mortgage options.

Alternative credit is an option available for borrowers with little or no credit history. Alternative credit usually is in the form of a letter from the company that holds an account that does not normally report to credit bureaus.

One program that was designed for limited credit depth is Fannie Mae’s “My Community” program that will allow up to 100% financing. You should discuss this program with your broker to see if it is right for you.

Examples of accounts that may qualify as alternative credit are cell phone accounts, cable TV accounts, car insurance and even cancelled rent checks all can be used as alternative credit. However they all need to be paid on time in the last 12-24 months.

Homeowners and prospective buyers with limited credit histories or artificially reduced Fair Isaac (FICO) credit scores may now obtain alternative credit reports and scores based on the timely payments they make to landlords, utilities, telecoms and cable companies and other recurring accounts which may not be included in their national credit bureau file, even child support ampersand payday loans.

Another example of a borrower who may need to use Alternative credit would be someone who did a bankruptcy and never re-established any credit accounts. Sometimes after a bankruptcy people feel it is better to pay cash for everything and not get any more credit accounts. This is not true as it is important to re-establish your credit after the BK.

Banks make a distinction between loan applicants with no credit history and those with bad credit history. Non-prime lenders are usually the only source of mortgage financing for loan borrowers with bad credit profiles, whereas home buyers with little or no consumer credit history can often get home loans with Alternative Credit features from banks. Mortgage brokers are a good source for Alternative Credit mortgage programs.

You may also here mortgage professionals refer to alternative credit such as cell phones and cable TV as Alt trade lines. This is an excellent way for someone with very little established good credit to prove their credit worthiness to a lender. It’s all about building a case for yourself to the lender. Knowing how to package your information to the lender is a better portion of the mortgage broker’s job.

These Alternative Credit programs are very useful for Foreign Nationals, who traditionally will not have established credit since they have just come to the United States.

There are many lenders in today’s market that can help a person who had some event that caused them to either file bankruptcy or get behind on the bills. These lenders are called subprime lenders and many have really aggressive programs.

Consider using a 401k loan, or withdrawal, in order to come up with a good sized down payment on a home to help you qualify for a loan with less than perfect credit or even very bad credit. Many times you can get away without being penalized by the IRS if you use a 401k withdrawal for a down payment for the purchase of your first house.

If you have consulted with your mortgage professional and are still having trouble buying a home with poor credit, consider looking into buying a house through a land contract. With a land contract you buy the home from the seller, however the seller retains the mortgage loan and you agree to make monthly payments of a certain amount to them for a certain period of time. You do not take title to the property until you obtain your own financing on the property.

An important part of getting a mortgage with less than perfect credit is to make sure that you are paying your rent on time and by a check. This will show the lender that you have the ability to pay as some mortgages are based solely off of the rent history.

A lot of times credit issues can be resolved fairly quickly with systems that lenders use like “Rapid Rescoring”.

Some loan programs will allow you to purchase or refinance one day out of bankruptcy (some up to 100% loan to value) and others will allow a bankruptcy buy out to refinance (Chapter 13). If you are looking to do a bankruptcy buy out, you must first get permission from the bankruptcy judge and make sure your payments on the plan have been current for at least 12 months. By rolling the bankruptcy into your mortgage debt you could save hundreds every month. It is also a good idea to think about debt consolidation before filing for bankruptcy. It could save you money and not hurt your credit like a bankruptcy will.

You may want to consider professional credit improvement programs, which can boost credit scores to qualify for bad credit mortgage programs

Banks evaluate the credit worthiness of a loan application by three major criteria, credit, income, and assets. Potential home buyers with bad credit profiles should scrutinize their other two aspects. A mortgage applicant with poor credit can most likely get home financing if his income is proved to be sufficient to repay the loan and his other debts, and if he has ample assets as reserves after making a large down payment towards the house.

When considering getting a mortgage with poor credit it is often important to employ a long term strategy. One such strategy might be to take a two year fixed subprime loan and pay off consumer debts through the loan. With the debts paid off and better monthly cash flow the borrower should have a much better credit score two years down the line. At that time the borrower can refinance into a more permanent financing program such as a thirty year fixed.

The best way to get a Mortgage with poor credit, is a large down payment. The more money you put down, the easier it will be to get a mortgage. But even if you can not afford a large down payment, there are loan programs for people with poor credit and there are also down payment assistance programs.

There are many sub-prime and niche lenders available to people with poor credit. These lenders have very aggressive programs available to help almost any borrower. There are even programs available for 100% financing. A qualified mortgage professional will be able to find you the best lender to fit your particular situation.

Federal National Mortgage Association (FNMA); a federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers.

Generally speaking, mortgage loans products than are sold to Fannie Mae will have the most attractive interest rates on the market. Also, the conforming loans (Fannie Mae products) do not normally have pre payment penalties.

Fannie Mae is apart of what are known as Government Sponsored Entities (GSE’s). Though government sponsored, are not government owned, just as the Federal Reserve is a privately owned but government sponsored corporation. Fannie Mae is responsible for over half of the conforming loan purchasing and investing in the nation and is largest real estate asset holding company in the nation. While Fannie Mae is an integral part of real estate loans in the nation, they still have their limitations of what they feel comfortable investing on for Wall Street. Because GSE’s like Fannie Mae are so influential to real estate financing, loans they will not buy are called non-conforming, or subprime mortgages.

All loans that are sold to Fannie Mae are underwritten according to Fannie Mae’s rules and guidelines. More information about Fannie Mae and their underwriting guidelines can be found on their website, simply type Fannie Mae into any search engine to find their site.

To sum it all up; Fannie Mae buys the mortgages on the secondary market, sells those mortgages in the form of securities to investors, which allows lenders to continue loaning money over and over again.

Since Fannie Mae is one of the two (the other being Federal Home Loan Mortgage Corporation, or FHLMC, also referred to as Freddie Mac) largest purchasers of mortgage loans in the secondary mortgage market, it’s underwriting and product guidelines are widely accepted in the mortgage loan industry. Even in the world of non-conforming loans (loans that are not eligible to be sold to FNMA/FHLMC, usually due to the loan amount being larger than that allowed by FNMA/FHLMC), its underwriting criteria are still closely followed.

Mortgage loans that are eligible to be sold to FNMA are called conforming loans. Because lender banks can resell these loans to FNMA and recoup their investments immediately after closing, rather than having to wait 30 years to recover their investments, lenders are able to offer lower interest rates for conforming loan products. In addition, since every financial institution, regardless of its financial strength, can sell conforming loans to FNMA and immediately recoup its investments, smaller lenders with limited capital are able to compete with large international banks in offering loans in the primary market, thereby giving conforming loan borrowers even more competitive rates. Non-conforming loan products carry higher interest rates because banks cannot sell these loans to Fannie Mae and must sell to smaller investors or keep in their own investment portfolios for the length of the loan terms. Therefore, Fannie Mae plays an important role in every mortgagor’s loan transaction.

Because Fannie Mae was formed with the sole purpose of promoting homeownership in the United States by creating a healthy supply of mortgage funds, all of its underwriting guidelines are designed to benefit the average homeowners, and to keep the wealthy and the commercial sector from taking advantage of its functions. Amongst its many criteria, FNMA stipulates that the property must be for residential use. It also dictates the maximum loan amounts allowed. Other criteria that has to be met include percent of down payment in relation to purchase price, borrower’s capability to repay loan, cash reserves, the type of eligible properties, borrower’s credit worthiness, and other aspects of the loan file.

Started by Congress to help keep the secondary mortgage market going. As a tax-paying corporation, it insures mortgage money is available. They also buy and/or sell conventional residential mortgages, in addition to VA-guaranteed and FHA-insured mortgages.

Fannie Mae is also credited with developing two automated underwriting engines that revolutionized the underwriting process of conforming loans. Desktop Underwriter (DU) and Desktop Originator (DO) computerized the loan risk assessment process and are used by every conforming lender in the primary market.

Other sites: Mortgage Broker | Delinquency | Negative Amortization | MIP | VA | Fixed-rate mortgage | Mortgage banker| Pay Option Arm Calculator

A number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan.

If you are shopping for a mortgage with a lot of lenders and we tell you while reviewing your credit report with you that your score has suffered due to excessive inquiries, we may ask you to prepare a letter of explanation which may help us to minimize the effect of the penalty in getting you the loan program you deserve.

There are 5 factors that impact your credit score:1) Payment History2) Outstanding Credit Balances3) Credit History4) Type of Credit5) Inquiries

Credit scoring has been utilized by lenders for over 30 years. Credit scoring is a technology used by credit grantors to qualify the risk associated with extending credit to a given borrower. Risk is quantified by means of a score card which calculates a numeric value, or score, for a credit applicant a lender wants to evaluate. Score calculation is done based on information that has been determined to be indicative of future credit performance. There are many types of scoring methods currently utilized today including credit scoring, applicant scoring, behavioral scoring and several others. The type most relevant to the mortgage industry is credit scoring and among the most widely recognized is the FICO SCORE.

A value (score) is assigned base on the following criteria, in the order of their weight in the scoring formula, payment history, outstanding balances in relation to credit limits, length of credit history, number of inquiries, and the type of accounts.

There are three major credit bureaus that lenders use to “pull” your credit. These companies are:• Experian (Formerly TRW)• Trans Union• Equifax Each of these companies maintains a separate credit report on you based off information gathered from your creditors. Depending on who your lenders are and which Credit Bureau’s they report to, if not all three, will determine the differences in your credit report from each company. At a bare minimum you need to order a report from one of these companies directly or through an intermediary. The best thing you could do is order a Tri-Merge report. This report is one that merges the information from all three Bureau’s into one report so you can see the information that all three credit providers are reporting about you. Mortgage Professional will have access to this report for a reduced fee.

In order for these accounts to be added to your credit report you must actually use the newly issued card at least once to activate it. It usually takes about 90 days for these type of accounts to be reported on your credit report.

The scoring model will differ depending on whether you’re applying for a mortgage, credit card, auto loan, or insurance.

Credit scores you get from companies that advertise online many times are in fact not the actual score your Loan Officer will see. These scores are not based on the same scoring models that are used when have your credit pulled by your Loan Officer for the purpose of a mortgage loan.

FICO scores generally range between 300 and 900.

Scores are based on a person’s whole credit picture. No one factor determines a score. A credit score is a composite of both positive and negative information such as missed payments or bankruptcies (if any) as well as accounts paid satisfactorily. That said, several areas of the credit bureau report carry the most weight in a credit score.

You might consider getting added as an authorized user on a credit card account that has excellent payment history is over 3 years old and has a high credit limit with a low balance. This could increase your credit scores by as much as 20 points per account.

Slight variations in your credit score can have a dramatic effect on the rate you can receive on a home mortgage.

Always review your credit to be sure it is correct.

When shopping for a mortgage or any item that may require a credit check, do not allow your report to be pulled too many times. If your report is pulled too many times, in a short period of time, your credit score may adversely affected.

Free Credit reports advertised never give you a detailed information. It gives you just the accounts open and their balances. They don’t give you scores. A free report is not always the best representation of your credit. You should consultant with a mortgage counselor to get a more detailed view.

A credit check inquiry stays on your credit report for 12 months.

Most lenders obtain scores from three sources and use the middle score to base your qualification.

No more than 7 inquires will be used to calculate the score. Multiple inquires within 14 days, will be counted as a single inquiry. This applies to auto inquiries and mortgage inquiries. Being late on your mortgage is no worse than being late on your credit card. A 60 day or more late is significantly more damaging than a 30-day late. In most cases an unpaid collection is just as bad as a paid collection.

Credit scoring is a scientific method that uses statistical models to assess an individual’s credit worthiness based on their credit history and current credit accounts. Credit scoring was first developed in the 1950s, but has come into increasing use in the last two decades.

Your credit score can play a vital role when lenders decide to extend you a loan. Over 75% of mortgage lenders and nearly 100% of subprime lenders review your current credit scores when making lending decisions, and depending on your score they may offer you a different rate or term then they would otherwise.

I can understand how your credit score can be confusing. I want to thank you for reading the information above. If you would like to continue this conversation than please contact me so you and I can discuss your financial situation. Please read more valuable information and when you feel comfortable I would like you to contact me.

Biggest single factor to credit score is your mortgage. Having one mortgage late is a red flag.

By keeping all of your revolving credit balances below 50%, you will get a higher score. Below 30% is even better

Yes, mortgage accounts are looked at big time. FICO scores are most affected by lates on mortgages than lates on credit cards. They figure, if you cannot be financially responsible enough to pay for your house (the roof over your head) then you are not financially responsible at all. I’ve seen 100 points be taken away from a single 30 day late on a mortgage.

Sometimes credit bureaus can report inaccurate information about you. It is important to resolve these issues since they may hurt you in the loan process. You should talk with your broker about any inaccurate information or contact the three major credit bureaus. Equifax Credit Bureau P.O. Box 740241Atlanta GA 30374-0241(800) 685-1111http://www.equifax.comExperian (Formerly TRW Credit Bureau)P.O. Box 949Allen TX 75013-0949(888) 397-3742http://www.experian.comTrans Union Corporation (Credit Bureau)Consumer Disclosure Center P.O. Box 390Springfield PA 19064-0390(800) 916-8800(800) 682-7654(714) 680-7292It is important to check your credit report annually for errors or potential fraud. If you suspect errors, immediately contact the three credit reporting agencies. If you believe there is wrong information, you should be prepared to provide documentation to the agencies so that they can clear it up.

If there is incorrect information on your credit report such as a payment that was reported late that should not have we will be able to correct the information within 3-5 days by going directly through the 3 major credit bureaus and get a rescore to reflect what your credit score should be.

It might be worth taking a look at your credit report to see just what potential lenders are going to find on your report. In fact, you are entitled to a free credit report within 60 days if a lender has denied you credit based on their review of your credit report.

Commercial Financing is underwritten on a case by case basis. Every loan application is unique and evaluated on its own merits, but there are a few common criteria lenders look for in commercial loan packages. Financial Analysis A key component in making an underwriting evaluation is the debt coverage ratio (DCR). The DCR is defined as the monthly debt compared to the net monthly income of the investment property in question. Loan to Value Most commercial lenders will require a minimum of 20% of the purchase price to be paid by the buyer. The remaining 80% can be in the form of a mortgage provided by either a bank or mortgage company. Credit Worthiness For businesses less than three years old, personal credit of principals will be evaluated. This may hold true for longer periods of time for tightly held companies. For corporations, business performance and credit ratings will be evaluated with a proven track record. Property Analysis Fair Market Value and Fair Market Rent will be analyzed. Special use property may require additional underwriting. Age, appearance, local market, location, and accessibility are some other factors considered.

To calculate the debt service coverage ratio, simply divide the net operating income (NOI) by the mortgage payment(s). For the sake of simplicity, let us assume that there is only one mortgage on the property: $500,000 First Mortgage 11% Interest, 30 years amortized Annual Payment (Debt Service) = $57,139 Then: DSCR = Net Operating Income (NOI) = $65,000 Total Debt Service $57,139 DSCR = 1.14

Most lenders will have a set Debt Coverage Ratio that they will want to see when considering underwriting the project. For example, retail property lenders may want to see a 1.3 DCR and an apartment lender may want to see a DCR of 1.2 or 1.25. The riskier the project, the higher the DCR.

There are several Lenders that will fund small commercial projects, similar to residential financing. Ask your Broker or Banker about these companies.

Depending on the market value and equity which you may have in your home or any other residential properties you may already own, it may be possible for you to refinance or obtain a second mortgage or HELOC to help cover all or part of a small to medium sized commercial real estate investment.

Commercial loans are for the most part a little harder to get than a residential loan.

Because higher loan amounts are often associated with Commercial Loans, some commercial lenders may require two appraisals from different certified appraisers if the loan amount exceeds a threshold limit. Certain lenders also require the service of their own approved appraisers.

Commercial properties are those other than a single family residence, 2-family, 3-family, or 4-family home. Properties that are 5 units or more, even though all units are of residential purposes, are considered commercial properties and require commercial financing. “Mixed-use” properties, those with a commercial unit and one or more residential units on the second/third floor, are also financed with commercial loans.

Appraising a commercial property is often more costly than appraising a residence of equal size

Another name for the Debt Coverage Ratio in the context of commercial mortgages is the Debt Service Coverage or Debt Service Coverage Ratio

The most important ratio to understand when making income property loans is the debt service coverage ratio. It equals Net Operating Income (NOI) divided by Total Debt Service.

If you lack established forms of credit such as a mortgage, credit card, or car loan, there are forms of credit that can be used as an alternative.

Renting is an alternative form of credit. A verification of rent is obtained from the apartment complex, management company, or landlord. The verification of rent verifies your rental payment history.

Many “rural development” programs offered by our lenders allow for a variety of alternate credit proofs.

There are several loan programs designed for borrowers with little or no established traditional credit reflected on the credit report. Lenders must still have something in order to verify past payment histories and credit worthiness. Non traditional credit or alternative credit will provide the references that are needed to satisfy past payment history.

Other forms of credit that can be used in situations if borrower does not have more than 3 trade lines on their credit report include payments to the electric company and automotive insurance. Accounts must show excellent payment history and in good standing.

If you do not have good established trade lines and you are using alternate forms of credit your rate may be slightly higher. This would still be better than renting because you are putting yourself in the position to take advantage of the appreciation of real estate.

Your telephone payment history is another type of Alternative Credit. With your authorization, your mortgage professional can verify with your telephone company your payment history and use this verification as credit reference in the mortgage process.

Many lenders will allow you to use letters of credit from rent-to-own businesses to establish additional credit lines.

Many home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Ordinarily, you cant take money from your 401(K) plan unless you retire, leave the company or become disabled, but many company plans permit certain “hardship withdrawals” when there is an immediate and heavy financial need, including the purchase of the employees principal residence. The drawback to a hardship withdrawal is that you will pay taxes and penalties on the amount withdrawn from your plan, which often must be paid in the year of withdrawal. And while hardship withdrawals are allowed by law, your employer is not required to provide them in your plan. Check with your employer’s human resources department if you’re not sure if your 401(K) plan allows hardship withdrawal. Another approach may be to borrow against your 401(K) – often as much as 50 percent of your account balance. You pay interest on the loan, but the interest goes back into your account. The money you receive is not taxable as long it is paid back and plans can give you anywhere from five to 30 years to pay back your loan. There are risks involved in borrowing from your 401(K). If you lose your job or leave your employer, you must pay back the loan in full within a short period, sometimes as little as 60 days. If the money is not paid back in that time, it is considered a withdrawal from your plan and subjected to the same taxes and penalties. And while 401(K) accounts can usually be rolled over into a new employer’s 401K without penalties, loans from a 401K cannot be rolled over. In addition, because the funds withdrawn from your account are no longer earning compound interest, your account will be smaller when you retire. And you’ll be replacing pretax money with after-tax money. Some lenders will count the money you borrowed from your 401(K) as an additional debt that will go along with your car payments, student loans and credit cards. While it may seem unfair since you are borrowing your own money, most lenders view it as a payment obligation that affects your debt-to-income ratio in qualifying for a home loan. It may be a factor in whether you decide to make a hardship withdrawal from your 401(K) and pay tax penalties or borrow against it.

Rather than actually borrowing money against your retirement account, you can also use the account as an asset. Having high balance assets makes it easier for a lender to see your credit worthiness in lieu the required down payment. If down payment is a problem and you don’t want to borrow against your 401(k) then consider 100% financing which requires little or no money down.

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