What kind credit score do I need?  To obtain a conventional mortgage, a score of 520 or above is acceptable provided that all collection accounts have been paid and open accounts are paid on time.

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What type of program is available to go toward down payment?  In many cases, a mortgage can be obtained with no money down.  In the case where a down payment is required, you may be eligible to enter into a rent with option to buy agreement where part of the rent will fund the full down payment.

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What documentation is required to process the mortgage (no doc, low doc or traditional)?  We require your name, social security number, current address, previous address and birth date to evaluate your credit situation.  To determine how much home you can afford, we require 12-months of bank statements, past 2-years of W-2 forms (or 2-years of check stubs).  Other documentation may include collection account proof of payment, proof of open account payments, etc.

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Are the mortgage opportunities favorable for self-employed people?  Yes, if credit score is 520 or above, collection debts are satisfied and open accounts are current, then obtaining a mortgage is doable.

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Are the mortgage opportunities favorable for cash paid employees?  Cash paid employees need some documentation like a bank statement to verify their cash inflows and expense outflows.

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What is the asking price range of the homes? Our homes range in price from $50,000 to $200,000.

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Do you assist to improve the prospective customer’s credit score? Good Faith Homes is committed to assist those who seek to qualify for a mortgage to improve their credit score.  Our company offer assistance at no charge to enable the prospective buyer to qualify for a mortgage.  Depending on the credit score feedback, the prospective buyer enters into one of three programs:

1. Qualified for a mortgage and we match the buyer up with one of our many homes;
2. Able to qualify for a mortgage provided some credit issues are cleaned up, additional income is obtained or other matters are satisfied.  In the meantime, the prospect client may be eligible to enter into an agreement to rent with the option to buy the home;
3. Requires referral to credit and debt management counseling.  This is process may take anywhere from 12 to 36 months.