Helping secure financing for homebuyers with credit challenges
It was a sunny June day when Vincent McClellan stopped by a Lennar community to browse the new homes on a whim—after all, when it came to qualifying for a loan, the veteran had been told “no” many times in the past, due to some unfortunate personal circumstances.
But this time was different. While McClellan wasn’t able to purchase at the moment, he was told that within Eagle Home Mortgage there was a department called Homebuyer Solutions dedicated to helping home buyers like himself, and that they could assist in making that dream home a reality.
“Mr. McClellan and I started working together at the beginning of June,” explains his credit specialist, Sakata Raglin. “He followed his very detailed action plan laid out for him to improve his credit scores and credit profile to the tee. By the first week of August, Mr. McClellan was told that he was able to graduate our program, and just 30 days later, he was officially a first-time homeowner!” she says.
A No-Cost Solution for Prospective Homeowners
Homebuyer Solutions’ credit specialists help prospective buyers who are having trouble securing a mortgage get on a path to purchase their dream home. They work to get buyers ready to qualify for federally-insured mortgages such as Freddie Mac, Fannie Mae, Federal Housing Administration (FHA), and Veterans Affairs (VA) loans.
This complimentary service is at no cost to Eagle Mortgage customers, and 90 percent of their customers come to them through the process of wanting to purchase a Lennar home.
“We put together a path for the borrower,” explains Julie Ruona, credit specialist manager. “We call it an action plan. We use a simulated system that tells us where a buyer’s credit can improve, and we have so many tricks of the trade to help them move the needle in the right direction.”
Paving a Path to a Mortgage Loan
The process starts with buyers going through a pre-qualification application, and Homebuyer Solutions works with the loan officer closely as they guide buyers through the process.
With that information, the team begins to work with the buyer to improve their eligibility. For buyers, there are known factors that create a credit score. The actual calculations for each person are very individual, and Homebuyer Solutions is able to analyze each situation and personalize it, by looking at factors such as credit history, how long it is; how old the credit score is; what kind of debts are carried; and more.
“We don’t just move money around. We want to show the borrower how to clean up a credit problem completely so it doesn’t come back,” says Josie Johanson, also a credit specialist manager with Homebuyer Solutions.
The team not only works to help would-be homeowners improve their credit but to budget and plan for getting into—and staying in—their new home. That may include budgeting funds for paying off creditors or coming up with a down payment.
“This is a no-judgment zone,” says Johansen. “We want borrowers to leave not only securing financing for their dream home but better educated and with a stronger sense of financial self.”
Click here to find out more about Homebuyer Solutions and get started on your pre-qualification application.