Lowest Possible Mortgage Rates- Sidman Financial Group


	Here at Sidman Financial, we understand that, a clients credit reports may be the victim of a history of foreclosure, bankruptcy and late payments, but it is still possible to get a loan for a home purchase, refinance, or even cash out of your current home. It doesn't matter whether you have charge-offs, collections, or tax liens on your credit report, as long as you meet the specific guidelines for loan approval. A-minus credit: Acceptable blemishes within the last two years: Charge-offs, or collection accounts, of minor amounts (e.g. less than $500 in all) are acceptable. Medical bills, including hospitalization and clinic visits, are usually disregarded by the lender. As for payment habits, the borrower can have no more than two 30 days late payments, or one 60 days late payment on revolving or installment credit. B credit: Acceptable blemishes within the last 18 months: Up to four 30 days late , or up to two 60 late days payments are allowed on revolving and installment debt. If the crediting is

	an isolated incident, a 90 days late payment is allowed within the last 12 months. Charge-offs, or collection accounts, which are isolated, insignificant, and less than $1,000 in all, are acceptable. However, outstanding collection accounts less than four years old must be paid. Bankruptcy or foreclosure that had been discharged or settled previous to the 18 month time frame is allowed. C credit: Acceptable blemishes within the last 12 months: No more than six 30 days late payments, three 60 days late payments, or two 90 days late payments are allowed on revolving or installment credit. Open collections accounts and charge-offs may not exceed $4,000 and must be paid in full. Bankruptcy or foreclosure that had been discharged or settled prior to the last 12 months is acceptable. D credit: A sporadic disregard for timely payment or credit standing categories the borrower in this class. Open collections accounts, charge-offs, and judgments must be paid through loan proceeds. The borrower who had filed bankruptcy and had been discharged prior to the last six months is acceptable, as much as the ex-homeowner who had his previous home foreclosed and settled prior to the last six months. However, mortgage payments cannot be longer than 90 days past due.