• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

3 ways that will prevent you from getting a mortgage

February 12, 2020 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
3 ways you cannot get a mortgage

If you want a mortgage, you need to play by the lender’s rules. There’s an old saying called the Golden Rule he who has the money makes the rules. When it comes to getting mortgage loan financing you need to be prepared to show supporting income documentation and have your ducks lined up. Here is what you should know…

You don’t have a two-year work history

Maybe you just came to the United States and you’ve only been here for less than a year. You need to be able to show that you’ve been filing US  tax returns and working in the United States for 24 months. All mortgage loans require a two-year work history.  This is something to keep in the back of your mind when Documenting work history with a mortgage company.

You’re not filing tax returns

Be responsible. If you’re legally required to file tax returns. Do so, especially if you’re self-employed. If you’re self-employed, you need to file tax returns.  End of story. If you’re not you’re going to have a tough time getting a loan and the only loan that is available is a bank statement product  which oftentimes requires 20% down with minimum credit score of 720. So be sure to do your research. If that situation pertains to you. The best rule of thumb is to file your tax returns pay the taxes and show the income.

The credit is really bad

Bad credit is not necessarily an automatic deal-killer, but it is if you don’t have at least a 3.5% down payment, and a stable job history not always, but in many occurrences when there is a bad credit type situation, it’s not just bad credit, there are other things involved beyond the bad credit which can make things very shaky in the eyes of the lender. In other words, if your credit is not good to say under 620, not good, make sure your income is strong and your debts low in relation to a proposed mortgage payment.

If you’re looking for a mortgage or need some guidance, you should speak with a lender that understands unique scenarios and it’s willing to be creative so long as the creativity is in alignment with today’s mortgage lending guidelines.

Looking for a mortgage? Get a no-cost quote now.

 

Related Mortgage Advice from Scott Sheldon

  • one smart move for getting a mortgage
    One really smart move to best prepare for getting a mortgage

    Securing mortgage loan financing requires a laundry list of paperwork. Here's a really simple tip…

  • doctor's loan
    Are you a physician? Getting a mortgage just got easier...

    One of more unique ways borrowers in the health care industry can get a mortgage…

  • Comparing Mortgage Rates In Sonoma County

    What to look for in comparing mortgage rates in Sonoma County. The Federal Reserve came…

  • why your mortgage goals why not happen
    Getting a mortgage is still not an easy process

    Well it might appear as though getting a mortgage is easier than it was a…

Filed Under: Credit Score Info, Economic News, First Time Home Buyers, Uncategorized Tagged With: buying a house, CA home buying, Santa Rosa mortgages, shopping mortgage rates, sonoma county home buying, Sonoma County home loans, SONOMA COUNTY LOANS, Sonoma County Mortgage Rates, sonoma county refinancing

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window