This is Episode One of The One Minute Mortgage Solution. So, here’s what we had. We had a client with a 590 credit score, only $2,000 to work with, wanting to buy a $315,000 home. So how did we get it done? Here’s what we did.
We took $1,500 of that $2,000, paid down three cards. Okay, three credit cards. The score went from 590 to 660. We then went with a down payment assistance program, a grant that was providing 7% of what they financed. We used that money to go towards the down payment and the closing costs. The seller was willing to kick in a little bit. We used that money to buy down the mortgage insurance.
So we got that client into a home, $315,000 down, for 500 bucks, lower monthly payment because we bought down mortgage insurance.