Conventional and sub prime lenders rely on a credit grade system or “FICO” score. The FICO system is a complex matrix measuring over 30 different variables in an individual’s credit profile. The FICO system converts the profile into a numeric score, which is added to an individual’s credit report. That score is a reflection of the computer assigned credit risk for that individual. The intent is to reduce the amount of subjectivity underwriters (credit decision makers) inject into the risk analysis process.
Borrowers with a score below 720 usually find themselves locked out of the best loan rates and terms offered. Typically, borrowers with a score below 500 are locked out of the Conventional and sub prime market altogether.
Unlike conventional and sub prime lenders, Hard Money Lenders rely on the equity position in the property to guide their credit decisions.
We are seeking established investors. For more info, click here.
INTEREST RATES CAN
CHANGE WITHOUT NOTICE. ASK US FOR CURRENT RATE INFORMATION. BORROWERS
AND PROPERTIES MUST QUALIFY. CONDITIONS AND RESTRICTIONS MAY APPLY.
Loan programs, amounts, rates and terms are subject to change without
notice. Loan approval is not guaranteed and all loan applications
are subject to verification of acceptable credit, income, employment,
lien position and value of collateral in the sole discretion of
Hanover Mortgage Company. Flood and/or property hazard insurance
may be required. Additional fees, conditions, restrictions and
limitations may apply. Not all programs are available in all areas.
The interest rate for adjustable rate mortgage loans is subject
to increase. Please contact Hanover Mortgage Company to determine
your eligibility for a specific loan product. Hanover Mortgage
is a Mortgage Broker. Mortgage Broker fees will apply unless stated
otherwise. California Department of Real Estate, real estate broker
license number 01410448. Disclosure: Money invested through a mortgage
broker is not guaranteed to earn any interest or return and is
not insured. State law dictates that we acknowledge that interest
on trust deeds is not guaranteed. No investment is completely risk
free and past performance is not a guarantee of future results.
Before investing, investors must be provided applicable disclosure
documents. "Hanover
Mortgage does not offer financing for those transactions defined
as ‘Covered Loans’ or ‘High Cost loans’ in any state or federal law." Privacy Policy • Safeguards
Policy • Equal Housing Opportunity • Copyright 1998 - 2005
Hanover Mortgage Company. All Rights Reserved.
