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580 Credit Scores!!!
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Contact us to analyze your options.
Don't worry and submit your information
We will help you.
Upto 90% financing for
Purchases of up to $830,000.
USDA Loans for moderate income Families
0% down payment - 100% financing
Do you know anyone who lost an earnest money deposit after his/her loan was denied? Unfortunately this is more common than one would wish.
An Earnest Money Deposit is a good faith deposit which should never be confused with a down payment. When buyers execute a purchase contract, the contract states how much money the buyer is putting up solely to secure the contract. An earnest money deposit basically says to the seller you are serious about buying his/her house and thus willing to put your money where your mouth is.
The contract may also specify you have a limited number of days to secure financing and failure to do so by the deadline if your loan is denied earnest money deposit may be lost.
This is why it is highly recommended no matter how confident you think your loan will be approved, that you maximize protection of your earnest money by starting your loan application and submission to underwriting well before you start looking for homes.
It would not be the first time a borrower holding liquid assets for the same amount or even higher than purchase price to his/her surprise mortgage loan is denied.
A mortgage loan approval process takes into consideration a large number of variables borrowers could not possibly imagine or know before applying for a loan.
Credit alone presents many challenges such as the number and age of trade lines eligible per guidelines, alerts and validation which may require to pull again credit affecting scores, conflicting derogatory trades, collections or public record information borrower was unaware of, accounts in dispute and so on.
Employment is another area of concern. Are we in need to qualify with just base income or need also any overtime, bonus or commission income? Then do other income components have the minimum required trend?
What about our assets? Are our accounts free from large deposits which will reduce our qualifying cash to close and thus affect our approval? Do we have NSF charges we were not aware of affecting our approval?
Is our loan requiring to include all debts from our husband/wife even though he/she will not be in the loan?
In short, a numberless of questions which if not addressed well ahead of time could lead our “perfect loan” thought to be approved in a heartbeat straight into a denial; And of course probably losing our earnest money deposit.
At Clear Lending we believe a humble approach is the smartest way to secure your earnest money deposit emailing us or making an appointment to bring income/assets documents ahead of time before looking for homes so all areas of concern are cleared.
Don't wait any longer and find out how much you can get Pre-Approved for.
Whether you are considering purchasing or refinancing an existing FHA mortgage loan, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online and we will contact you right away to review best options for you.
This advertisement is not an offer for an extension of credit. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.
It was an absolute pleasure working with Clear Lending Home Mortgage! Joan and his team truly worked hard on helping me receive my dream home. As a first time home buyer I was unaware of the process and very unsure of what all it took to complete the process. After receiving constant let down and missed opportunities. I was on the verge of giving up until I spoke to Joan. He and his staff worked hard for me in closing on my first home in under 30 days, with an amazingly low interest rate. There was never a time I questioned Joan or his staff. I went into closing confident with no suprises.They were with me the entire process. Words cannot express how grateful I am of Clear Lending Home Mortgage. The level of professionalism and dedication to work hard for the home buyer is exceptional. I would recommend this company to anyone looking to purchase a home, they won't disappoint! Thank you Joan for everything, you made a dream come true!
Initially, I left a bad review for this mortgage company. However, I can honestly say I’m absolutely amazed at the customer service at this company. Shortly after leaving some negative feedback the company owner personally contacted me to correct the mistake and address my concerns. I guess I had spoken with a relatively new person (completely understandable) who wasn’t 100% sure about the way things worked. The company owner politely informed me of this and worked very hard to go out of his way to come up with a solution for me. My review has been updated accordingly. I am VERY impressed with this company and looking forward to potentially working with them. Would recommend!
OMG there are no words to express my gratitude for what you have done for me and my family. I wasnt sure you were even going to be able to help me but I gave a shot and I am sooooo grateful I found you. Anyone in need of a dedicated loan officer and team this is the place. Thank you guys so much. I will always be in debt to you. PD: Joan, Mark says the BBQ is coming soon!!! LOL
