Real Estate Roadblocks – I Don’t Fit Inside the Box


Filed under: Borrower Tips


Today I am talking about the idea of “fitting” into the lending box. I have the unique skill set of evaluating a person’s situation, then finding the right loan to make it happen. It happens every day that I talk to clients who think that they weren’t ready to buy a house, only to discover that there are often financing options available for them.

Myths: Why You Don’t Fit in the Lending Box

Here are many of the reasons why people think that they won’t qualify for the lending that they need:

  1. Credit: While your credit score and history are very important, it doesn’t mean that a bad credit score will make you ineligible for a home loan. Things that can impact your credit is a short history or the “big three” (bankruptcy, short sale, or foreclosure). People sit on the sidelines for years assuming that they can’t buy a home. It’s not a life sentence! Talk to me to find the financing solutions that will work for your situation.
  2. Income or Employment Changes: Another common reason why people think they need to wait to buy a home is because of income or changes in employment. Switching jobs isn’t a deal-killer on your loan. Other income concerns include commission-based work, self-employment, bonuses, part-time employment, and tip income. These things are all valid forms of income that can be calculated into the equation when determining your eligibility for a mortgage.
  3. Students Fresh Out of College: Do you assume that you can’t get a loan because you are just finishing up college? Your school attendance can be part of your employment history, helping build the 2 years of history that is needed for your loan.

I wanted to throw this out there because I hate seeing people throw away rent money when they don’t realize that they could qualify for a loan. If you aren’t sure whether you can buy right now, it doesn’t hurt to ask. We can get the facts on the table and figure out the best solution to help you move into the space of being a homeowner.


Franklin Loan Center | NMLS 237653
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 4131316
http://www.nmlsconsumeraccess.org/entitydetails.aspx/COMPANY/237653
For questions or concerns please email info@franklinlc.com