Who Qualifies?

Jon Shibley, President & CEO, Lenox Financial

Credit Requirements

Whether you are buying a house or refinancing or whether you have a loan with a closing cost or no closing cost - everybody has to qualify. Certain credit requirements are always going to be in place. Certain income requirements are always going to be in place. Certain asset requirements are going to be in place. Certain loan-to-value ratios are going to be in place. These requirements are a direct reflection of the value of your property or your down payment.

Not Everyone Qualifies

Sometimes people call us and say that we are falsely advertising, declaring ‘I couldn’t get a no closing cost mortgage.’ Well, you know what? Someone that doesn’t have a driver’s license doesn’t expect to drive either. Common sense applies that you have to qualify for a no closing cost mortgage. You have to make a certain amount of money. You have to have a certain amount of credit. You have to have a certain level of assets in order to get these deals done. These facts are simply the bottom line. You can’t expect to get a mortgage if you don’t qualify or if you are not a candidate. You can’t have a bankruptcy and tax liens all over the place and one hundred other people that you haven’t paid and expect to get a mortgage with no closing cost or a mortgage at all. So quite simply, everybody does not qualify for every mortgage, and a lot of people don’t qualify for any type of mortgage.