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This section will give you a good Idea of the mortgage process and the time frame involved.  The knowledge will help you feel more comfortable as you understand and go through the steps.

Buying a home is an exciting yet stressful time, especially if you're a first time home buyer. Many buyers don't realize that there's a lot of prep work to do before you even start looking at homes. For example, did you know that real estate agents and sellers consider a pre-approved buyer's offer more attractive than the same offer from a buyer who has not been pre-approved? A pre-approval is a formalized process where a lender reviews the buyer’s credit, income, and assets to determine whether that buyer will qualify for a loan and the maximum loan amount and maximum purchase price for which the buyer qualifies. It’s similar to a loan approval but faster and not as intensive.

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LOAN ​PROCESS

​​Requirements & Qualification

  • Credit History - Typically we can go as low as 530 on the credit scores to qualify you for a mortgage however there is more to the credit history than just the scores. The underwriters review an overall credit history on the basis of your scores, how you have been managing your accounts i.e. your payment patter, any derogatory's like unpaid collections, charge off accounts, bankruptcy, foreclosures, etc. Your credit history review done by our team will allow us to select an appropriate loan program for you, we offer a wide range of loan programs that includes Conventional, FHA, VA & USDA. 


  • Down Payment - The minimum down payment would depend on the loan program you qualify for based on the initial information you have provided and a preliminary review of your credit history. Typically for an FHA loan the minimum down payment is 3.50% of your Purchase price on the other hand if you are a Veteran and qualified for a VA loan then we can get you a mortgage with a 0% Down payment. 


  • Income - The minimum income required depends on your fixed obligations like auto loans, unsecured loans, credit card payments, student loans, etc. The underwriters review your gross monthly income vs your fixed obligations as disclosed by you on the application and reviewed on your credit report. Typically the term used is "Debt to Income Ratio" and each loan program has its own threshold or tolerance for the Debt to Income ratio e.g. on a Conventional loan, the maximum DTI allowed is 45%-50%.


  • Property Type - The property types we can help finance include a Single Family Residence, Duplex (2 Units), Multi-Family Residence (3-4 Units), Condominium & Manufactured Homes permanently attached to the land. These are the basic property types as allowed on the programs and each loan program includes specific guidelines regarding the property condition, location, etc therefore a further review of the property appraisal report is required by the underwriter. 


To know more about these requirements based on the specific programs, click on the respective loan program tab as mentioned below!

Thank you so much for your help in refinancing my mortgage loans.  You were wonderful in being patient with me and going into detail to explain anything I had any questions about.  I will be sure and recommend you for future friends. 


- Desiree Young, TX

CLIENT RESPONSES

Seguro Financial Services has the copyright for Seguro Loans and seguroloans.com including all information on this website. The product and information advertised on this website does not constitute to be a loan approval or a loan guarantee. The loan approval is subject to a thorough review of your profile and documents by the underwriting team.

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