LOAN
The Difference is Simplicity:
Equity Based, Not Credit Based Our investors at Bhp-finance company will determine the equity in your owner occupied home and give you an answer usually that day within 24 hours. You can try to close your existing loans or consolidate them, as this can help improve your debt-to-income ratio. This is a ratio of total EMI outgo in a month to income in the month. The chances of approval are higher when applicants do not have an existing loan or have a debt-to-income ratio of less than 40% for home loans. Borrowers also have the option of adding a co-applicant to their loan request. For instance, if an applicant has a working spouse, (S)he can be added as a co-applicant to improve loan eligibility. A housing loan eligibility calculator can be used to know the loan eligibility of both the applicants.
3. Work on the Credit Score
A credit score below 650 is generally not adequate for home loan approval. However, it can be improved in many different ways. Paying EMIs of existing loans and clearing credit card bills on time are two of the best ways to improve credit score. Also, avoid applying for home loans with multiple lenders as this may impact your credit score negatively.
4. Go for a Higher Down-Payment
Even while taking a home loan, the borrower still needs to pay 10%-25% of the value of the property as the down-payment. If possible, borrowers can try to pay a higher down-payment amount for increasing their home loan eligibility.
5. Opt for a Longer Tenure
Sometimes the eligibility criteria are not met if the requested tenure of the loan is less. This may impact the debt-to-income ratio, which may lead to rejection of the borrower's application. Choosing a longer tenure might increase your eligibility.
No Bank Hassles
Recent Foreclosures and
Bankruptcies OK
All Credit Types Accepted
Close in 5-12 days!
Cash-Out For Home
Improvement, Back Property
Taxes, Debt Consolidation
Light Documentation Required
Refinance and Purchase!
1. Improve Debt-to-Income Ratio