loanranger

10 Contributions 26 People Helped Top Contributor

Member Since: May 2009

About Me: My name is George Raymondo, a proud former member of the Armed Forces and Branch Manager for American Financial Network, Inc. We are a Direct Lender headquartered out of CA and we lend in 46 States plus DC. We offer a wide array of loan programs. I am credit expert and I specialize in all types of government loan products i.e. FHA, 203K and 203H Purchase/Rehab or Refinance, DPA (Down Payment Assistance Program), VA, USDA Rural Development Loan. In addition I offer a wide array of Conventional, Jumbo and Super Jumbos or Portfolio Products. As an additional area of expertise, I am a credit specialist as well being an expert at helping homeowners purchase after a Short Sale, Foreclosure, or Discharged Bankruptcy or an open Chapter 13 .

Whether you're buying or refinancing a Single Family Residence, Multiple Units, Manufactured Homes, Modular, a Condo, or Townhouse, I can help. I have years of experience in evaluating credit and if necessary I help bring your credit scores up. I have assisted countless numbers of homeowners who thought they would never be able to finance a home. With 30 years of home loan experience, I pride myself on being an honest, straight-to-the point, straight shooter knowledgeable mortgage professional. I am personally licensed in 25 States to include AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI with additional state licenses in pending status. If you require assistance outside of my service areas, I can refer you to one of my Team Members who is licensed in your state.

Thank you,

George Raymondo
Branch Manager
American Financial Network, Inc.

My Website: https://www.afncorp.com/georgeraymondo

Most Helpful Contribution

What does my credit score need to be to purchase a home?

May 21, 2018
Minimum Credit Score Requirements
Helpful to 15 out of 16 people

Hello,

All lenders are different and have their own threshold for risk. Here is a general rule of thumb for my company as a Direct Mortgage Banker:

1.) FHA - 550 across the board on most products (excluding down payment assistance programs which usually require a 620) for minimum down payment of 3.5%. Down to 500 with 10% down.

2.) VA - 550 accross the board on all VA loan except DPA's. Down 500 middle credit score case by case.

3.) USDA - 580 for a manually underwritten loan.

4.) Conventional - 620-640 depending on the AUS (automated underwriting system) Findings

5.) Portfolio / NonQM - Most programs require at least a 500 middle credit score. These types of loans have higher rates and fees, but easier qualfying after a major credit event i.e. bankrutcpy, short sale, foreclosure, etc.

Activity (10 Total Contributions)

What does my credit score need to be to purchase a home?

May 21, 2018
Minimum Credit Score Requirements
Helpful to 15 out of 16 people

Hello,

All lenders are different and have their own threshold for risk. Here is a general rule of thumb for my company as a Direct Mortgage Banker:

1.) FHA - 550 across the board on most products (excluding down payment assistance programs which usually require a 620) for minimum down payment of 3.5%. Down to 500 with 10% down.

2.) VA - 550 accross the board on all VA loan except DPA's. Down 500 middle credit score case by case.

3.) USDA - 580 for a manually underwritten loan.

4.) Conventional - 620-640 depending on the AUS (automated underwriting system) Findings

5.) Portfolio / NonQM - Most programs require at least a 500 middle credit score. These types of loans have higher rates and fees, but easier qualfying after a major credit event i.e. bankrutcpy, short sale, foreclosure, etc.

how do I establish credit or credit cards after a bankruptcy

Jul 03, 2018
Helpful to 9 out of 9 people

SImple. Start with applying with Capital One, they offer several credit cards including a secured card. Let them know that if denied for an unsecured card that you want to be rolled into their secured card. You can also apply with BofA or Wells Fargo Bank, each of these offer secured cards.

mortgage after bankruptcy

Jul 03, 2018
Helpful to 1 out of 1 people

Depending on the type of BK, either Chapter 7 or 13, yes you may be able  to qualify for a mortgage. Here are the waiting periods.

Chapter 7

1.) NonQM or Portfolio- 1 day after discharge

2.) FHA and VA - 2 years after discharge

3.) USDA  Rural Development Loan - 3 years after discharge

4.) Conventional - 4 years after discharge

Chapter 13

1.) FHA, VA, USDA - 12 months into CH13 with no payments and with Court permission. No waiting period after discharge

2) Conventional - 2 year waiting period after discharge

3.  NonQM- Portfolio - 48 months into a CH13  or no waiting period after discharge.

There are exceptions due to extenuating circsumtances.

How soon after bankruptcy Chapter 7, can I obtain a mortgage?

May 21, 2018
Wiating period after Chapter 7
Helpful to 1 out of 1 people

After a BK Chapter 7 depending on the loan program, the waiting can very. Here is a quick rundown.

1.)    NonQM/Portfolio – 1 day after BK, Short Sale, Foreclosure. Higher rates and fees and down payment and interest is credit score driven.

2.)    VA – 2 years unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 1 year.

3.)    FHA – 2 years unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 1 year.

4.)    USDA Rural Development Loan – 3 years, unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 1 year.

5.)    Conventional – 4 years, unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 2 years.

Let me know if you have any further questions, I’d be happy to discuss your scenario with you. Thank you for your inquiry.

credit score needed to buy a home

Jul 03, 2018

lender's minimum credit score requirements vary from lender to lender. Generally for government insured loans like FHA, VA, USDA 580 is required for minimum down. Down to 500 case by case for FHA and VA.

what will be my interest rate

Jul 03, 2018

Rate will be determined by the type of loan, down payment, and credit score.

If I filed chapter 7 shouldn't the debts that got paid fall off my credit report?

Jul 03, 2018

The individual tradelines may remain on your credit up to 7 years but the Public Records will show your filing and discharge dates for 10 years.

What are the differences between Chapter 7/13 bankruptcy

Jul 03, 2018

A BK Chapter 7 is where the debtor petitions the court for total debt relief while a Chapter 13 petitions the court to reorganize your debts into a repayment plan. The court will decide what the payment amount is and as long as you make your payments on time, all is good.

Another big difference between the two types of BK's, believe it or not, is that people can actually be considered for a home loan while in  a Chapter 13 provided you have made 12 months of on time payments and request the permission from the court/trustee. Whereas in a Chapter 7, there is a waiting period after the discharge for most loan programs.

Why would searching for better rate on mortgage refinance affect score negatively

May 21, 2018
Hard Inquiries

When applying for a home loan, as long as your inquiries are in the last 30 days you should not have an impact. But keep your inquiries to a minimum as they will affect your score the following month and will stay on your credit for 2 years now.

Can I refinace with a fair score, 674?

May 21, 2018

With a 620 or above you should be able to qualify for a Conventional Loan. We can go down to 500 case by case for any FHA or VA and as low as 580 for USDA.