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January 17, 2015 • 2:51 pm 0 Often when veterans seek out the benefits of a home loan from the U.S. Department of Veterans Affairs, they are not alone. They may want to bring on a co-borrower to help finance their home purchases and pay for the mortgage. In these cases, veterans should carefully look at the eligibility requirements for co-borrowers and whether they should partner with someone else to secure their houses.

Who qualifies as a co-borrower for a VA loan?
According to realtor.com, there are two types of people who are typically considered co-borrowers for a VA loan:

Before veterans decide whether they will bring on another person to apply for the loan, they should consider their and their prospective co-borrowers’ current finances to determine whether they are compatible. Lenders may be hesitant to lend money if the co-borrower does not have the means to pay for a loan in case the prime borrower is unable to or if he or she does not meet the definition of the usual co-borrower. The VA noted that a co-borrower will be required to continue paying off a loan if a veteran dies before the loan is completely paid off.

Here are ways to improve chances of approval with a co-borrower on a VA loan:

Check creditworthiness
Although potential home buyers may have known their co-borrowers for years, it’s important that they check their co-borrowers’ credit scores to see where they stand financially. Veterans can ask the co-borrowers what their scores are and whether they have any negative marks that could weigh on lenders’ minds during the approval process.

Determine income
When applying for a loan, the lender will have to verify income for the borrowers. Veterans should ask the co-borrower what his or her income is and for him or her to provide documents proving this before having everything ready to hand over to lenders.

As veterans go deeper into the loan application process, they can contact Alex Romo @ Federal Savings Bank, a veteran owned bank, to learn more about what they need for approval.

Call me today! I will close your VA Loan in 30 days! 


Filed under: Housing Market, Mortgage Advice, Alex Romo, credit, Department of Veterans Affairs, eligibility requirements, Home Buying, Home Loans, Home Mortgage, Home Purchase, loan application, loan applications, The Romo Report, VA, VA Loans, Veterans



With my exclusive program, I can help improve your credit so you can purchase that dream home!

Since I have launched this program 2 yrs ago, we witnessed extraordinary results instantly!
 








Filed under: Housing Market, Mortgage Advice, Alex Romo, Alexander Romo, credit repair, CREDIT REPAIR PROGRAM, FHA Loan, fha mortgage, Home loan, Home Purchase, Pre-Approval, Senior Vice President, The Federal Savings Bank, The Romo Report, VA Loans



Before starting your home purchase – getting fully pre-approved for a home mortgage is key!

Not being sure about your credit can be nerve-wracking.  Having less than perfect credit can have serious mortgage limitations.


Click here for quick intro to my exclusive program –                                            MY CREDIT REPAIR PROGRAM


 


Filed under: Mortgage Advice, Alex Romo, Alexander Romo, credit repair, CREDIT REPAIR PROGRAM, dream home, FHA Loans, Home loan, Home Mortgage, Home Purchase, The Romo Report



Buying a home should be fun and exciting! The last thing you want to go through is a bidding war with other potential buyers or simply getting your offer rejected by the seller!

Call me today for details! I will turn you into a Cash Buyer in a week! Get A FULL LOAN COMMITMENT! 


Filed under: Housing Market, Mortgage Advice, Alex Romo, Alexander Romo, bidding war, Home Loans, Home Purchase, Loan Commitment, Loans, Pre-Approval
 When it comes to obtaining a home loan, Big Banks do a great job wasting consumers’ time and money.

Wells Fargo, Chase and Bank Of America are the leaders of the pack! Chase takes the throne with rejecting 1 in every 3 loan applicants! read more

Home buyers who get rejected for a mortgage at one large bank could get approved at its competitor—assuming they know NOT to give up the search. “It absolutely makes a difference where you go,” says Stu Feldstein, president at SMR Research, a mortgage-research firm.

About 25% of my own business in 2012 came from “rejected” clients of these banks. All were discouraged/disappointed and most of all confused.  How could a bank who easily takes their checking/savings, just deny them from purchasing their dream home?? It baffles me.

I was able to close every single one of these clients in less than 30 days.

Share this article with anyone you know who is thinking of purchasing a home.





Filed under: Housing Market, Alex Romo, Alexander Romo, bank, Bank Of America, Big Banks, Chase, home buyer, Home loan, Home Purchase, Mortgage rates, SMR Research, Stu Feldstein, The Federal Savings Bank

October 30, 2013 • 12:11 pm 0 With the Holidays coming up, stores are rolling out the “savings” with “discounts” and “zero % credit cards”.

Reports show the Holiday discounts are coming sooner this year.

Right after Halloween!

Buyers, do not open new credit or increase your current debt until AFTER the closing. This can definitely put a wrench in purchasing a home and can easily disqualify you.

Banks are required to do a soft pull on credit the day before closing to make sure NOTHING has changed.

REALTORS***This is the best time to reach out to your clients who are either under contract or thinking of purchasing in the near future.

Although I say this to all my clients, there is always one client who cannot resist opening that Bestbuy credit card to purchase a new flat screen.

Call me with any questions!

Alex Romo -Home Loan Expert




Filed under: Mortgage Advice, Alex Romo, Alex Romo Report, Alexander Romo, credit cards, Holiday spending, Home Mortgage, Home Purchase, The Federal Savings Bank, the Holiday discounts

September 26, 2013 • 4:10 pm 0

GET FULLY APPROVED TODAY!!! I will make you into A CA$H BUYER in this tough market! 


Filed under: Housing Market, Mortgage Advice, Alexander Romo, Approval, fha, fha mortgage, Home Purchase, homebuying, homeownership, Housing Market, Mortgage, mortgage commitment, Mortgage rates, Pre-approved, Real Estate, residential mortgage, The Federal Savings Bank

July 23, 2013 • 1:21 pm 0

Immigration Reform Could Add 3 Million Homeowners

A new study has found that passage of immigration reform would allow approximately 3 million new homeowners to be added to the housing market. According to the National Association of Hispanics Real Estate Professionals, it is expected that around 6 million undocumented immigrants will attempt citizenship, and of that 6 million, half are expected to become homeowners. Juan Martinez, NAHREP president said, “foreign-born householders have a high value and strong desire for homeownership.” More here 


Filed under: Housing Market, Alex Romo, Alex Romo Report, Alexander Romo, fha mortgage, FHA Refinance, FHA Streamline refinance, Home Purchase, homeownership, Housing Market, immigrants, Juan Martinez, Latinos, Mortgages, NAHREP

April 1, 2013 • 12:53 pm 0

Should You Purchase A Home???

There are many factors taken into account when thinking of purchasing that dream home.

According to studies, home purchases have increased substantially in the last 12 months.

In many areas, it is now cheaper to own a home than it is to rent.  read more

Rates are at an all time low but we know this will not last.  I already have witnessed an increase in rates and tightening in credit qualifications

the last couple months.  So, if you’re even thinking of buying in the near future, call me today!

Receive up to a $1,000 Closing Credit by applying today – CLICK HERE 


Filed under: Housing Market, Alex Romo, Alexander Romo, closing cost credit, credit, dream home, economy, Home, Home Purchase, homebuying, homeownership, Rates, Real Estate, The Federal Savings
