In December we experienced the first hike in interest rates since 2008, and while this week the Federal Reserve delayed one of the two hikes promised for 2017, you may think that home buying or refinancing is even further from reach. Think again. Or rather, think of it this way. You have already weathered the recession. For better or for worse, you’re here. A spike in interest rates is not going to make a difference in your life. You can sit back and watch the country find it’s new normal while alternative lenders like American Funding Loans are focused on borrowers like yourself who do not qualify for the historically low interest rates of the last decade to begin with.
Have youyou ever asked yourself if you can qualify for a mortgage? If you can buy a home with bad credit? If you can get a home loan after a bankruptcy? Gone are the subprime days of “no documentation” loans, and for good reason, but think of it this way, too. You are not alone. Industry experts estimate that 9 million Americans share your shoes. You have not come out of the recession unscathed — your credit score probably has the scares to prove it — but you are working and show income. Showing income means that you have the Ability To Repay, or ATR. Yes, ATR, an acronym just for you and the other 8,999,999 Americans in your shoes. Focusing on ATR means that alternative lenders are forward facing with your future in mind. It means lenders are also looking deeper, at positive trends in your credit scores not your scores alone. ATR is simple: it means that you can demonstrate at least two years of steady household income.
This approach also means that your lender has a different level of commitment and customer service than you might be used to. Looking beyond your FICO score requires understanding your story. Mortgage Loan Consultants at America Funding Loans are experienced in turning your story into viable borrower profile. As Mortgage Advisor, Nick DeSousa, says “part of serving our preferred borrow is getting their story. There is a story behind everyone’s FICO score and turning that story into a letter of explanation shows underwriters the borrower’s ability to repay in good faith.”
In addition to proving ATR, America Funding Loans requires a 20% down payment. Gather your resources, secure gifts from friends and family to co-invest in your dream. It’s time to rethink your possibilities – higher interest rates won’t dash your dreams.
Get organized. Get confident. Get qualified. Apply here.
America Funding Loans is committed to being the nation’s premier mortgage company offering alternative loan products to the millions of Americans who were adversely affected by the housing downturn.