Lenders Lying about Loan Approval with horrific credit

    Most real estate lenders will tell you when your FICO score is in the 500’s, you are one step out of jail.Be careful when dealing with TV home lenders

    Not to fret, this can be fixed.

    Also know there is no way around having a score which is lower than the minimum approval level, being approved.

    For example, let’s say you need a minimum of a 620 FICO score to get a home loan.

    If your FICO score is 619 – you cannot get a home loan.

    These parameters are set by the home mortgage industry, in stone, and they are not flexible.

    The catalyst for this loans and lender post has to do with a new client of our who reached out saying she was going to be getting a loan through one of those TV lenders.

    The same TV mortgage lenders you see during FOX, CNN and MSNBC news broadcasts.

    She called one and they said they would be able to get her a loan.

    I asked to see if they sent her an approval letter and she told me that the TV lender said he couldn’t without a purchase agreement.

    I had to inform her that we would not able to get an executed purchase agreement without a pre approval letter being submitted with it to the home seller.

    In fact, if we don’t have a complete buyer’s package together, when submitting an offer to a home seller, it could cause our buyer to miss out!

    The TV lender was doing it backwards. If this were a buyers market, maybe this could work. However, due to it being a hot Sellers real estate market in Santa Clarita Valley, it would be like trying to row up Niagara falls.

    She was holding about 60 trees worth of paperwork that this TV lender sent her. However, she had never given up her social security number or any other information to this person in order to be approved.

    With her FICO’s in the 500’s – she could not meet the minimum rung to approve for a mortgage loan.

    I connected her with our proven and approved local Santa Clarita Mortgage Broker. After they pull her credit and find out what is causing the low score, they will have credit repair resources for her to use.

    The one thing that I despise is people being over promised. Don’t get a person’s hopes up for no reason. There is only one way to approach buying real estate, with an expert at your side.

    Reach out to me, Connor T. MacIvor, I’ll be here for you 100%. Thanks for reading and sharing with those who could use our help with real estate representation and consultation services.

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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