Here’s a shocking fact: It’s estimated that some 53 million Americans, or a fourth of the entire US adult population, don’t have FICO scores and about 90 percent of all lending decisions – credit cards, new car loans, home loans and others – are based on that score.
Your FICO score is them number that sits on a credit report. In many ways it determines what you can and can’t do as an adult. There has been a lot of talk in recent years about a wealth gap in our country and honestly, as long as there are that many people who have no FICO scores – or who have low FICO scores – closing that wealth gap will be virtually impossible. I say that because home ownership is the single biggest step people can take toward improving their financial status.
But if you’ve been turned down for a conventional real estate loan somewhere else, I suspect you already understand this. You probably realize that you can’t get ahead by taking a large part of your income and sending it off to your landlord every month.
The silver lining
The good news is that once you establish yourself as a homeowner and demonstrate your ability to meet your obligations, your situation can turn around very quickly. Suddenly you’ll find lenders knocking at your door wanting to loan you money to finance your future plans.
This is where we can help out.
At Evoque Lending, we understand that many individuals who are having a problem with their FICO scores, are fully able to financially handle the purchase of a home. Often they have a low credit score because of old history or a problem that someone else essentially dumped on them.
Simply put, we don’t look at credit scores. We look at your ability to pay your monthly bills and the value of the home you would like to purchase. Evoque Lending has been writing First Trust Deeds on California real estate for more than 15 years. We are experts in Orange County real estate, Los Angeles real estate and San Francisco Bay Area real estate.
Speed counts in real estate
In addition to that, through our years of experience we have come to understand the trauma prospective homeowners go through when they are turned down by a bank or other conventional lender. Often, the process has been going on for weeks or even months when suddenly they get the bad news.
Real estate deals in California usually move along quickly. When you’re getting delayed by your lender, it can cause the entire deal to fall through. That’s why we have designed a system where we do virtually everything in-house. This way we can usually give you an answer within 24 hours. And if there is real pressure to close the sale, we can fund loans in seven to 10 days.
On top of that, I think you’ll find that we’re great people to work with. We know that we’re here to provide a service to you, and if we do our job well, you’ll probably recommend us to your friends and family members.
With all of this said, it’s still up to you to take the first step. We just need to get an idea of your situation, so why not call me today or drop me an email?
Let’s get started.