We are pleased to announce that we have lowered our minimum credit score standard on all FHA loan products. There are countless reasons why an FHA loan might be right for you, but here at Bank of England Mortgage, we believe that these four features are what really sets FHA loans apart.
Most simply stated, a conventional loan means a homebuyer’s mortgage is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Buyers can use a conventional mortgage to purchase a one- to four-unit home, a condominium, modular or manufactured home as a primary, secondary or investment property.
Many self-employed individuals have a difficult time qualifying for mortgage financing. Most banks require self-employed borrower to provide two years of recent tax returns and will look at the net income (after deductions and write-offs) reported on the returns. We will allow for the use of bank statement deposits to qualify, without the need to review tax returns.
When purchasing a home in the United States, foreign nationals may have trouble obtaining mortgage financing. Many big banks will not finance non-US citizens, while others have cumbersome restrictions such as asset seasoning on U.S. soil or requiring a depository relationship. We offer a streamlined approach to financing foreign buyers, without requirements for a Social Security number, visa, or U.S. credit.
Not all potential buyers have enough saved for a 20% down payment; not to mention closing costs and reserve requirements. Other buyers may have the cash but would rather preserve liquidity. We offer low down payment solutions to credit-worthy individuals.
Real estate investors can often have a difficult time qualifying for conventional financing. The sale of property is not treated as income, and tax returns can typically contain numerous write-offs. Investors will frequently turn to expensive, short-term private money loans, or pay cash.
Some borrowers may have significant liquid assets, but do not show enough income on their tax returns to qualify for conventional financing. Although these buyers may have the ability to purchase all cash, they may want to obtain a mortgage and preserve liquidity. In these circumstances, we use a common-sense approach.
Established in 1898, we’ve been helping the needs of home buyers for over 120 years. Bank of England Mortgage specializes in creative financing solutions, many of which are unique to the national market.Our specialty programs cater to self-employed borrowers, foreign buyers, and borrowers whose taxable income may not permit qualification with other banks. We take a common-sense approach to underwriting and frequently grant exceptions. Bank of England Mortgage offers the strengths of a strong capital base, a solid and committed business plan, experienced management, and the assurance of a successful track record.