Who is Make Home Buying Simple?
Are you a Credit Repair Company?
NO. We are not a credit repair company. Make Home Buying Simple focuses specifically on
What does it cost?
There is no cost for an initial consultation. and to create your Game Plan, if needed. Once you meet the
What is your Guarantee*?
We do not take everyone on as a client. So, when we do, we Guarantee* that as long as you follow our Steps and provide all the information and documentation required for an approval, we will get you a Lender Approval Letter for your re-fi or home loan. Because we are not the lender, we cannot and do not guarantee the type, terms, conditions or amount of the loan. We only GUARANTEE* that we will get you a Lender Approval Letter or we will refund the entire $399 you paid us for our service.
What credit score do I need to qualify for a loan?
This is constantly fluctuating and primarily depends on what level of risk the lender is willing to take at any given time in approving a home loan. Typically, the more money a lender has to lend, the slightly higher the risk they’re willing to take. The less they have to lend, the less they’re willing to take. For example, there have been lenders who would lend on a middle score as low as 520. However, in today’s market a 620 is usually the minimum with a 640 or higher score preferred. It’s also more important than ever before how the negative and derogatory items on your credit report factor into being approved or turned down. It’s not just the score anymore. The more and more recent your negative and derogatory items are on your credit reports, the harder it is to get approved even if you have a 640+ credit score. The other factor that is considered is the type of loan (VA, FHA, USDA, conventional, etc.) each of which has specific formulas to saying yes or no to you being approved. The great news is that at Make Home Buying Simple we understand that and stay on top of what’s happening so we can best help position your credit to get approved.
I have a credit reporting service like Credit Karma or from my credit card company. Can you use that?
To determine if you meet the credit approval criteria, we must have a recent report from all 3 credit bureaus (Equifax, Experian, TransUnion) along with FICO scores. If you have that from a recent home loan credit report or through some other source like a credit monitoring service, we can review that credit report with you. If you don’t have that, then we will need to pull your credit with a soft inquiry so we don’t hurt your credit to give you the most accurate review possible. To do that you will need a credit or debit card in your name that can hold a $1 charge. Remember, our goal is to view your credit the same as a lender would so we can complete Step 1 to you getting your Lender Approval Letter.
What negatives can keep me from qualifying?
A foreclosure, short sale or bankruptcy from recently to the last 7 years, tax liens, liens, judgments, child support or alimony in arrears, recent late pays, charge-offs or defaults on any government loans like student loans on your credit report can prevent you from qualifying for a home loan. If any of these negatives or other derogatory information is on your credit report or you may know it may exist when we review it with you, we will discuss what options you have so you can meet credit and finance criteria to get approved for your loan.
What are the interest rates?
The interest rates are based on the current home loan rates which can change daily until you have your Lender Approval Letter with a locked in rate. It is also possible to buy down your interest rate in some situations. Basically, you pay a certain amount for each 1/8 of a point your rate is lowered. When you speak with the mortgage department you can discuss this option to see if it’s available and the cost.
How much money do I need to meet financial criteria to get approved for my loan?
In the perfect scenario, most loans require you have the inspection and appraisal cost (about $800), the binder (usually $1,000) which will be applied to the loan, the down payment (usually from 0% - 10%), the closing costs (about 1%-3%) and 1 – 2 months of mortgage payments which include your monthly loan payment, the insurance premium and the property taxes.
That’s the perfect scenario. However, most borrowers don’t meet the perfect scenario and lenders realize that. The key is making sure that when it comes time to close there is no shortfall of the amount required at closing so the loan doesn’t close. There are multiple possible ways this could be handled like the type of loan and/or the structure of the purchase where some of these costs may be covered. For example, on a VA loan, $0 is needed from the borrower for the down payment or, if the seller or builder is paying the closing costs $0 is needed for closing costs from the borrower. Because we know each loan has its own unique scenario, we make sure we help you through the Financial Criteria Step so you get your Lender Approval Letter and can go shopping for your new home.
What is Debt-to-Income Ratio (DTI)?
It’s the percentage of your monthly debt payments listed on your credit report like installment (auto and student loans) debt and credit card balances divided by your monthly income. For example, if all the payments on your credit report add up to $500 and your monthly income is $2,500 your DTI is 20%.
What is Debt-to-Credit Ratio (DTCR)?
It’s the percentage of the amount owed on your revolving credit divided by the total lines of credit. For example, if you have 3 revolving lines of credit like credit cards and each card has a $1,000 line of credit then your total revolving line of credit is $3,000. If you owed $100 on each line of revolving credit then the total owed is $300. $300 divided by $3,000 means your Debt-to Credit Ratio is 10%. Since DTCR counts towards 35% of your FICO score, whenever it is under 30% it improves your score the most.
What documents do I need?
You will need to document your income source(s),provide tax returns (if applicable) your identity, your savings, retirement and other accounts that show you can meet the financial criteria for getting your loan, bankruptcy, child support, divorce and/or alimony paperwork if applicable, a credit authorization and a DD214 for VA. Other documents may be required and, if so, we or the lender will let you know.
Can I cancel and get a refund?
From the time you enroll in our program you have 3 days to cancel and receive a full refund. If you do not cancel in the first 3 days of enrolling then no refund will be issued unless we fail to get you a Lender Approval Letter under the terms of our Guarantee*.
Do you share my information with anyone?
Only as needed to fulfill our services with you or as you give us permission to share it. For example, we do share your information with lenders and brokers to get your Lender Approval Letter as well as our billing service provider. We also share it with our tax, credit restoration and insurance departments as well as our business lending department if needed or requested but only with your permission first.