First Express Mortgage: FAQ's

FAQs

Q- What do I need to do to buy a home?
A- If you need a loan to buy a home you must contact a lender, provide personal information. The lender can then pull your credit and qualify you for that purchase based upon your credit score, income, and debt load.

Q- Can I get a loan if I have had a bankruptcy?
A- Yes. Based upon the type of bankruptcy you filed. Chapter 7 requires your bankruptcy to be discharged. A Chapter 13 can be paid out through a refinance after the first year. Your down payment is determined in part by the number of months out of bankruptcy.

Q- Can I get a loan if I don’t file taxes?
A- Yes. Alternative documentation can be used (i.e. bank statement, deposit), or you may qualify for a “stated” loan product.

Q- Will a co-borrower help me get a loan for a house?
A- Co-borrowers are required to share ownership and live in the property. However, the lowest credit score will be used to qualify for the loan.

Q- Can I get a loan if I am receiving SSI?
A- Yes. You must apply for a loan and qualify just as you would with other forms of income.

Q- Can I get a loan if I am on workman’s compensation?
A- Yes. If you have been receiving workman’s comp income for 3 years or more and it will continue for 3 years.

Q- Can I mortgage more than one property under 1 loan?
A- Yes. Blanket loans are used when more than one piece of property is involved in a refinance.

Q- Can I get financing for commercial property through First Express Mortgage?
A- Yes. We have several programs available for the small commercial investor.

Q- Can I make a personal loan through First Express Mortgage?
A- No. All our loans are based upon real estate property.

Q- Can I get a house with no money?
A- Yes. We offer 100% financing of the sales price.

Q- I just changed jobs. Will that effect my qualifying for a loan?
A- If you are in the same line of work, probably not. If you completely change your line of work, it probably will.

Q- Will my student loans effect my ability to get home?
A- Deferment periods can not be less than 3 years, or student loan payments will be added to debt load for qualification.

Q- I’ve been in school for 1 year, and only on my job for 1 year, can I buy a home?
A- Yes. If you are working in the field you went to school for, the total time involved is applicable to your loan qualification. (You will be credited for your time.)

Q- Can I borrow my down payment?
A- No. We do not make down payment loans.

Q- Can I get a loan if I have an IRS lien?
A- Yes, if the IRS judgment is paid in its entirety either prior to or at closing of your loan.

Q- If I have a low credit score, can I take action to improve it?
A- Yes, depending on the credit problems at issue.

Q- Can I get a loan if I have NO score?
A- Yes. If you are purchasing, you may be required to make a down payment, and if you are refinancing your loan approval will be based upon alternative credit.