Northstone Mortgage Blog

Problem: Your borrower has been having problems getting approved for a home loan. He does not have enough credit for a traditional credit report to generate a credit score with any of the three approved credit reporting companies. He has also been having problems qualifying with just the income from his job. His mother is living with his family and she insists on paying him room and board, he wants to know if there is a loan that will allow him to use the money his mother pays him to qualify for his new home?

Solution: The MyCommunityMortgage® loan program targets low to moderate income borrowers ($92,880/yr King/Sno/Pierce Counties) that need certain underwriting flexibilities such as Nontraditional credit reports, Boarder Income and higher LTV's to qualify for a home loan. It is a perfect fit for first-time homebuyers and allows the use of subsidized second mortgages with no additional price hit!