So you see how helpful it can be to know about the different programs, even if only in passing! If you skip ahead, you’ll learn more about the different available loan programs.
YOUR RED FLAG ALERTER
There are a lot of red flags that can potentially come up during the lending process, and a good lender will notice them — and alert you. They stay on top of their files and review items as they come in and not as they are needed. That way, they are going to see items that may be an issue (a red flag) with underwriting. If these issues are not identified early on and your lender keeps telling you everything is right on track without specifics, your loan could be held up in the underwriting phase. That puts you behind schedule, pushes back your closing date, and generally makes everyone involved unhappy. It would be impossible to list every potential red flag your agent or your loan officer might come across with any given loan. However, it’s important that you know the most important red flags, which the list below assembles. Keep in mind, that any one of these red flags doesn’t necessarily mean you cannot be approved for a loan. But each red flag will make things more complex and challenging, and multiple red flags could make things impossible. If you encounter a red flag, you must find a way to resolve the issue, so you get approved for the loan.
Bad Credit
When someone has a poor credit score, it is going to be hard to get the loan to go through. There are loan programs available that can help someone with shaky credit, but it adds an extra
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