Getting a home loan is, in essence, like a puzzle. All of the pieces have to fit together. The main pieces include income, credit, debt ratio, and down payment. Because the home loan process is typically all English, the puzzle may be tougher for Spanish speaking borrowers to put together. Betty Tharpe, a fluent Spanish speaking lender in Chesapeake VA, can help with her customer service, planning, desire, and her understanding of the Hispanic client.
Why Choose Betty Tharpe – Spanish Speaking Lender?
- I understand “our culture”
- The language barrier
- Benefits and challenges of being self-employed
- Customer service
- Guidance and strategies to achieve client goals
“ I will never lose the perspective to look at things through the eyes of the consumer and deliver the customer service that is so important.” Betty
Understanding the Home Loan Puzzle
In the past, loans might have been easier without all the pieces of the puzzle fulfilled, and yet, that wasn’t really a responsible way of lending and not only hurt the economy, many families were affected. Guidelines are in place to protect the consumer and make lending responsible. Having all the pieces of the puzzle in place will allow us to help you secure your home loan. We will find the best loan product to fit your needs.
Income: Helps determine how much house you can afford. There are so many income sources and all sources must be documented. Income paid as cash or not reported by the employer may not be used to calculate such earnings.
- Tax returns – Provide a breakdown of most income types. Although tax returns are not needed on some income types and approvals.
- W2’s – Documents the employer plus how much income was made in each year
- Self-employed – Business owners who traditionally have hurdles in qualifying, but we have great options to help self-employed borrowers buy a home. Tax returns among other documentation are typically required to qualify business owners. Although, we have an alternative product which calculates income with bank statements.
Credit score: A borrower’s credit shows the payment history and helps lenders predict the chances of paying on-time in the future. Everyone has a number and it is important to have as high of a number as possible when it comes to scoring.
- Generally looking for a 620+ score, but there are possible exceptions
- It is important to check your credit at least once per year. Learn how to check your credit here.
- No credit? If you have no credit history or scores, it is possible to get good credit within 12 months or so.
- Low credit scores? There may a quick solution for increasing the credit score or it could take putting a plan into place
Debt to Income Ratio (DTI): A borrower’s monthly debt payments as a percentage of the gross monthly income. So, a lower percentage is better. Loan programs vary in the maximum DTI allowed. Often a higher debt ratio may be approved with compensating factors such as a high credit score or high assets.
Down Payment: The amount of money a borrower brings to the transaction. The amount of down payment varies on the loan program and the borrower’s qualification.
- VA loans finance 100% of the purchase price on most purchases for qualified Veterans
- USDA Guaranteed loans finance 100% of the purchase price on properties located within a USDA eligible area
- FHA loans allow for as low as 3.5% of the price in down payment, plus the funds may be a documented gift from family or employer
- Down payment assistance programs help borrowers obtain part or all of the down payment needed to purchase a home
- Conventional loans allow for as low as 3% down payment. These loans may also be used for purchasing a second home or rental property with larger down payments.
- Renovation loans provide financing for purchasing and renovating a home at the same time. These loans allow for as little as 3.5% – 5% down payment.
It is very helpful for borrowers to have a social security number as well. If you have a green card and looking to buy, check out this helpful article as well. Are you searching for a Spanish speaking lender that understands your background, needs, and language? Learn about our lending hero, Betty Tharpe.
Betty Tharpe in Moving to America
Betty, like many others in America, has a great story. A story that shows dedication, relationships, and a desire to make a difference. It is best to hear it straight from Betty.
“I arrived in this country at 19, a young navy wife, and barely speaking any English. Coming from a large family in Spain, it is important to find relationships here. So, I value and fully understand how friends, co-workers, and even clients often become my family. Therefore, trusting relationships is key in providing support with each other.
When I arrived in Hampton Roads, it was hard to find any trace of a Latino community, services needed, and definitely a Spanish speaking lender. My English improved and then basically learned the American way and made a living here, understanding how different things are from other countries. In addition to living in Hampton Roads and Spain, I have also lived in Japan and Hawaii!
Prior to becoming a mortgage loan originator, I had always been a business owner and self starter. I understand the benefits of hard work, importance of keeping records, and creating a balance achieving financial goals along with enjoying family and friends. Furthermore, customer care has always been my pride and joy which will never change.”
How I Joined OVM Financial
“By starting a new life in the states, learning and understanding key factors was important. These factors included keeping my debt in check, making purchases such as vehicles in my name, and establishing the right kind of credit so that I was considered a great credit risk.
I first came to OVM Financial as a client, asked a lot of questions and made sure that I understood every process of the loan. Now as a loan officer, I want to be there for my clients by answering those questions and often even anticipating the questions to provide answers. It is with great pride that I help guide my clients through the home buying process and achieve goals by creating strategies and understanding. I will never lose the perspective to look at things through the eyes of the consumer and deliver the customer service that is so important.”
Contact Betty Tharpe with OVM Financial, your Spanish speaking lender!