Social Finance, known as SoFi, is at the forefront of a new way to make home loans. The lender likes to use the adjective "radical" a lot to describe its processes. For anyone who is not a straight W2 earner, that is a really, really good thing.
The company claims it "evaluates applicants based on a holistic view of their financial well-being rather than a three-digit score." What that means to home buyers is that yourFICO score is irrelevant here. Instead, the mortgage lender looks first and foremost at your cash in hand. It wants to see you have at least $1,500 left over each month after you pay all your debts, including your mortgage. Your cash flow is more important to SoFi than your credit score.
The best part: no mortgage insurance, even if you put less than 20 percent down. And there are no application, origination or other lender fees.
SoFi requires less paperwork, which translates into less stress for you.
The lender looks at your finances for the last two years, so if you won MegaBucks last month, you won't qualify. But then, you can probably pay cash for the home you want.
Here's a great reward for this horrible election season. If you voted,
"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area."