WHO IS THE BEST LENDER?

  Non Conforming, Sub-prime or Conforming  

The main thrust of Mortgage Makers Lending Corp. is to “ASSIST ALL HOME BUYERS”, regardless of their individual needs and circumstances, so they can purchase a home of their choice by obtaining the best mortgage loan possible for them.

Non-conforming Loans and Sub-Prime.

What if a borrower does not have 10% to 20% down and/or has low credit scores or has some late payments – charged off debts – accounts turned for collection – unpaid medical bills -- no open credit – a bankruptcy or other problems, and still wants to own a home of their own. Yes, it is possible.

 We have searched the nation and have researched hundreds of lenders and have found over 70 of the very best non-conforming lenders and a few conforming lenders.

Non-conforming and sub-prime lenders have many, many different guidelines in which they will do loans with credit scores as low as 500, and all of these lenders have programs where they will do financing for 100% of the purchase price. We match the borrower’s special circumstances of - credit – income – debt -   with the proper lenders so, if necessary, we can arrange creative financing with a lender in order to get 100% financing and also get all or most of the closing cost covered. This loan placement is often very challenging and requires total determination by our loan officers and the borrower.  Many times we have to re-submit a borrower’s loan to more than one lender.  The non-conforming or sub-prime loan is the main emphasis of our mortgage business.  We will even help our borrowers get new credit and employ methods to help increase their credit scores so they qualify and get financing to own their own home and stop throwing their money away on rent.

If we cannot get 100% loan approval, then we employ many methods of creative financing as we directly represent over seventy (70) lenders/investors who each have 10 to 20 different loan programs designed for all different types of borrowers and different situations. We never decline anyone who is willing to work with us -- we can get home buyers into a positive profile where they can be approved for a mortgage loan. Credit, income, amount of the loan and the down payment are the main concerns of this mortgage company, as Mortgage Makers Lending Corp. takes all loan applicants and works to:

1.      Assist all applicants and direct their actions to apply for and obtain new credit and/or to clean up their existing credit problems so that their credit scores will allow them to be approved for a home loan.

2.      We have a Credit Score Improvement (CSI) Department that works exclusively with loan applicants to raise their credit scores to a point where they will be approved with proper and sufficient financing.

3.      Assist all applicants who do not have sufficient money for down payment and/or closing cost. It is our task to work with them so we can figure out how to make their loan approval happen so they can purchase a home. Usually our applicants need a 100% loan plus assistance with the closing costs.

Conforming loans:

Most loans to buy a home are “Conforming Loans” known as “A” paper loans. Banks and other conforming mortgage lenders that may be branches or spin-offs of banks are approved and mandated by state and federal rules and regulations, and must conform to the government guidelines. They are normally restricted in the type of loans they can offer to the consumer such as; Fannie Mae (FNMA) , - Freddie Mac (FHLMC), FHA, VA and a few off-shoot versions of these loans.

These type loans have many restrictions and guidelines, like the following parameters:

A.     The loan applicants are required to have excellent credit with applicants’ credit scores above 620.

B.     No payments over 30 days late in the last year, no bankruptcy in 3 to 7 years, no judgments, no repossessions, no charge offs, no collections. In general, never any slow payments or unpaid bills.

C.      The debt ratio -  for only the home payment to income must be below 28% and the debt of all monthly debt payments to income must be below 38%.

D.     Self-employment applicants must show sufficient income on their tax returns.

E.      In general the borrower’s down payment and assets, verified income and debt information, and credit scores are reviewed and all the borrower’s information is input into a computer program in which a desktop underwriter approves the loan. Because of the large down payment and the high credit scores and PMI which covers the 20% equity requirement in the property, the loan (if approved) can be closed quickly.

F.      Conforming lenders’ fees are sometimes low, as their loan underwriting may be done online or in their office and sometimes the closings are also in their office. Sometimes the bank or conforming mortgage lender will set the conditions of the loan so that they keep the loan as an in-house loan and you will pay them directly.

G.  Guidelines usually require 5% to 20% down plus paying the loan closing costs out of their savings.

These loans usually require a down payment of 20%, but if the borrower cannot come up with that amount, then the lender is required to force the borrower to purchase Private Mortgage Insurance (PMI) which insures that there will be at least 20% equity in the property in the event the lender were to get the property back for any reason.

On a loan of $100,000 and a 30-year mortgage (360 months), this Private Mortgage Insurance payment required each month will typically be:

On a 80.1 to 85% loan (0.350) which is  $29.17 per month 

On a 85.1 to 90% loan (0.520) which is  $43.33 per month

On a 90.1 to 95% loan (0.780) which is  $65.00 per month

On a 95.1 to 97% loan (1.050) which is  $87.50 per month

This amount is added to the borrower’s monthly payment and this amount is NOT deductible from the principal and/or interest!

Mortgage Makers can also do these same loans and our rates are usually lower but our closing costs are slightly higher because we broker our loans through wholesale lenders who charge a fee, there is a processing service charge fee for pre underwriting and we charge a fee for our effort and time involved in finding the best loan for our borrowers.

Why Mortgage Makers Lending Corp. should be

your first choice in lending options.

Mortgage Makers Lending Corp. offers financing throughout the entire states of Oklahoma, Texas, Missouri, Arkansas and Colorado and has more than ten loan officers. We do not just represent one lender or one bank – nor are we a branch office of some company out of California or New York City. We directly represent over seventy (70) lenders and investors who each have 10 to 20 different loan programs designed for all different situations. Have you heard of the “no money down” seminars?  That is what we do for our borrowers. This is what Mortgage Makers is all about, we specialize in 100% financing regardless of the applicant's situation. We make the purchase contract work so you can buy the house of your choice.

a.         100% loan with good credit, with no PMI, with rates nearly as good as most conforming lenders.

b.         100% loans with judgments, repossessions, charge offs, collections and no need to pay them off.

c.         100% loans one day after bankruptcy is discharged.

d.         100% loans to self employed who cannot show sufficient income.

e.         100% loans to applicants on SSI, disability, just divorced, combined income of friends or of relatives (child and parent).

f.          100% loans to one spouse when the other spouse’s credit score is too low. 

Why is MORTGAGE MAKERS LENDING CORP. different from all banks, and different from most other mortgage brokers?

Most banks and mortgage brokers only do conforming loans for applicants who have excellent credit and high credit scores and/or high dollar home purchases, as these mortgage brokers do not want to work with applicants who have credit problems, income issues if salaried or self employed, not enough down payment, and all the other issues that cause loan approval problems with the lenders. Most mortgage brokers usually work with a couple of conforming lenders and maybe a few (1 to 4) non-conforming lenders and really don’t have the qualified lenders to get problem loans closed.

Most people would buy a house if they had money saved for a down payment and closing cost and had good credit. But what about all those applicants whose income is limited, have little or no savings but with good credit, or their credit is troubled, or they do not even have any current credit? Let us get your loan approved, then we can give you a letter of approval so the seller will know you can get financing and will accept your purchase contract.

This is where Mortgage Makers Lending Corp. is vastly different, as we work to ASSIST ALL HOME BUYERS so they can buy a house. This could be a long-time commitment with the applicant, as we nay need to work to establish new credit or to clean up their credit (we have a separate department just for improving credit), solve debt ratio problems, get loans for the self employed who cannot prove their income, and thereby presenting our borrower’s special loan package to as many lenders as necessary to get the loan funded. These are just a few of the problems we must solve along the way to closing and funding the loan. We rely on Real Estate Professionals or For Sale By Owners to help our applicants find a home.

How does Mortgage Makers Lending Corp. help the Real Estate Broker/Associate or anyone wanting to sell a home?

That’s where MMLC goes to work to help sellers sell their house to a buyer. We specialize in 100% loan approvals and arrange through the Sales Contract to help the buyer with the closing cost. We work with many real estate agents to get their “special” buyer's financing approved. Yes, we take a little longer than banks and the rates are sometimes slightly higher if we are using a non-conforming or sub-prime lender (remember - non conforming lenders DO NOT charge PMI) and because the risk of foreclosure is greater with home buyers who do not show they have sufficient earning power or the discipline to control their credit and/or spending habits and are not able to acquire savings to put down when buying a home. We have Conforming lenders and over seventy (70) Non-Conforming lenders all who have different ways of making financing work. This is our job to find the right lender that will finance our buyer. We start by knowing hundreds of the programs of each and every lender and finally by sending our applicant to be reviewed by as many as 20 lenders while we are looking for the best rate and the largest Loan To Value (LTV) which usually needs to be 100%. Once we find lenders who feel they can do the loan and the buyers have a signed purchase contract and we have an acceptable appraisal on the property being purchased, then we prepare and package the loan to send to the lender.

This is where the work on our part really begins, as the lender’s underwriters scrutinize the applicant, the applicant’s credit and income, the property appraisal and the property title. The lender’s underwriter gives us their loan conditions, which sometimes cannot be met or proven; if not, the lender may reduce the LTV, therefore the loan may not work, but we go to work again! We might even have to re-work the loan and try to meet the conditions. If we can’t, we don’t just decline the borrower, we take the information we have developed on them and send their loan to another lender. This takes a lot of time and the buyer, the seller and seller’s real estate agent sometimes become impatient, but there is nothing that can be done but keep working to satisfy the lender’s conditions. Almost always we will be able to get the loan approved and closed if all parties work together; however there are times when the applicants further mess-up their credit or something else happens to compromise their credit score or the amount of money the lender is willing to loan is reduced, while we are still working to fund the loan – and then here we go again to another lender or creative financing or send the applicant to our Credit Score Improvement (CSI) Department while the Loan Officer can work to correct the mess-up, and then to another lender. YES, we will get the loan funded if the applicant stays with us and works with us to get their loan approved and the house purchase funded.

But the main point to all buyers, sellers and real estate agents is that through our concentrated effort we will get almost any buyer approved who truly is willing to do what is required to get their home - and yes, the seller has sold and the buyers has bought their home and the loan WILL BE funded.

Mortgage Makers Lending Corp.works with numerous real estate professionals who rely on us totally to get their buyers approved, as they know we will never give up and we will work with the applicant and all our lenders until we get their buyers approved. LET US HELP YOU CLOSE THE PURCHASE AND SALE!!

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