Can’t Qualify for a Mortgage?
It’s not just you! Over the past two years, banks have increasingly tightened their lending criteria for potential homeowners. Banks change their lending criteria to match the economy. When times are good, it is easier to get a loan. When times get tough, it is harder to get a loan. When times are extremely tough, new loans are few and far between. The economic challenges brought about by Covid have made banks continue to tighten credit. For every 100 families who qualified for a mortgage in January 2020, only around 65 qualify today. Often credit scores in excess of 730 are required, with down payments above 20% of purchase price. Many hard-working, deserving families are being left behind.
Self-Employed and ITIN Borrowers
Beyond the 35% of families who have been ostracized by banks during this economic downturn, there are other groups banks often refuse to work with: self-employed people, business owners, and ITIN holders. At Mortgage Plan B, we work with families that have a track record of paying rent on time, stable income, and a large down payment. We help hardworking individuals and families realize their dreams of homeownership.
If you have been left behind by the banks and meet Mortgage Plan B’s criteria, we would love to work with you.