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Mortgage & Real Estate Information Resource Center
Why we help?
LoanConsultants at was born out of the necessity that everyone deserves to purchase and own a home. We take a vested interest in each one of our clients and won't stop until we get you the approval you deserve. When you come to Loan Consultants you are a member of the family and you will be treated with the respect and hands-on approach you deserve.
Why Choose Us?
If you want the most professional and educated group in the business you will choose Loan Consultants at. With decades of experience in the mortgage industry, we can get you a loan when everyone else has told you "no." We have excellent programs that we use with the goal of getting you into the house of your dreams.
What credit score do I need to apply for a loan?
With some fantastic programs we have, you can get approved with as low as a 580 FICO score or you can get an FHA loan with a 500-579 FICO score with 10% down payment. Rest assured we don't have any lender overlays so once you are approved, you are ready to go as our approval is as good as gold!
FHA Loans vs. Conventional Loans: What is best for me?
You may be wondering which loan product is best for you, an FHA loan or a conventional loan. Both loans offer advantages to the borrower but you need to be informed on what these are and what product will fit your situation.
The misconception to start with is the fact that FHA loans are for anyone, not just "first-time homebuyers." You can get an FHA loan as many times as you'd like while purchasing a home, the only restriction is the loan cannot be used for second homes or investment properties. These loans need to be for the primary residence of the borrower. Another misconception is that there is a lot more paperwork than a convention loan. These days it is hardly noticeable to see any additional time given to paperwork or time to process. In our streamlined and electronic society you won't even notice that your processing time is any longer than a conventional loan. An advantage that FHA loans have is the relaxed credit standards and lower down payment requirement. With a 580 FICO score you can obtain a loan with only 3.5% and with a 500-579 FICO score you can obtain a loan with 10% down. FHA also has higher allowances for debt-to-income ratios which opens the doors to more potential buyers that would get turned away otherwise.
There are also advantages to having a conventional mortgage and the main reason is if you can afford to put down 20% or at least a considerable amount of money you will significantly reduce or eliminate private mortgage insurance or PMI. With 20% down you will eliminate PMI all together and the closer you put down to 20% the lower the PMI will be. This differs from FHA because FHA is a fixed % that will never get removed from the loan until you refinance into a conventional. PMI also drops off your loan automatically once the loan is paid off to 78% loan-to-value (LTV). Conventional loans can also be used to secure a second home or an investment property. Conventional loans can also have a higher interest rate but a lower monthly payment once all the fees and insurance is added into your payment. The interest rate is just a part of your payment and not the entire picture.
Ultimately the decision is up to you but rest assured when you come to LoanConsultants, we will know your entire situation and make sure you are put into the best loan for you. Whether it is FHA or conventional, we can make these loans happen!.
Where can I check my credit score?
You can request a free copy of your credit report once per year from each of three major credit reporting agencies: TransUnion, Experian, and Equifax.
Please visit AnnualCreditReport.com to obtain these reports so you are always informed. You’re also entitled to see your credit report within 60 days of being denied credit. Let's do it and get back to us!