Getting A Mortgage After Foreclosure Atlanta
The Westmoore Group's investment approach is predicated upon the following three subjects:
-- Principal Minded Investing
-- Borrower Affordability
-- Conservative Loan Construction
Principal Minded Investing
The Westmoore Group loans as a principal. As such, the business means to keep a meaningful equity state in all loans originated. All investments made by the company will probably be approved by its internal investment committee although the Westmoore Group may rely on intermediaries and brokers for its pipeline and all workers of the Westmoore Group will probably be compensated based on the performance of every transaction, not on quantity. Furthermore, no investments will undoubtedly be approved based on set guidelines or fitting a carton. Every investment will need independent consideration, analysis that is extensive and strict underwriting from Westmoore Group professionals.
Although aggressive and predatory lending were largely accountable for creating the housing bubble, the U.S. consumer's penchant for "dreaming big" exacerbated the difficulty of easy money provided by Wall Street and the Government Sponsored Entities. The Westmoore Group will not supply any borrower with a loan that cannot afford it and will take a rigorous approach towards approving all borrower applications. Borrowers will commonly need to attest a Debt-to-Income ratio ("DTI") less than or equal to 35% based on a 30-year amortization schedule. As demonstrated in the chart below even though the firm will not require a minimum FICO score, the 35% DTI standards is more stringent than most national loan programs.
Moreover, all claimed income on the possible borrowers' application should be verifiable and documented and a borrower should have a clean balance sheet that's not burdened by excess consumer debt. Last and most important, a borrower must adopt the concept of buying a home within her or his means.
Conservative Loan Structure
Risk is mitigated by the Westmoore Group by structuring 10-15 year amortization schedules into loans resulting in accelerated de- leveraging. This benefits the business, while helping the borrower by contributing additional equity every month to pay down the loan, save for his or her future.