EDGE Home Finance | The Cobas Group

Yes! As a mortgage broker working for Edge Home Finance we get access to all the lenders approved to do business with Edge Home Finance for residential, commercial and business loans. If you don’t see a product your looking for, please use our contact form to see if it’s something we can get access to.

The process and timeline will very from lender to lender and the complexity of the situation. A simple refinance could be cleared to close in a matter of days, where a self-employed borrower with multiple rental properties could take 30-60 days or longer.

For residential properties Edge Home Finance NMLS #891464 is licensed in: Almost all 50 states with the exception of NE, IA, AR, WV, NY, VT, RI, AK, & DC, but is actively working on getting licensed in the remaining states as well. In addition, we may have access to loan products in states excluded above for residential investment properties held in corporate entity’s name. We’re generally able to offer Commercial and business loans in all 50 states, but it will depend on the situation. Please use our contact form or reach out to Jerard Cobas directly at (704) 669-8036 to inquire further.

There are a few quick and easy actions you can take to increase your credit score. Some actions can be seen almost immediately, while others may take months to see the benefit. You can read about helpful tips here.

The reality is that there’s not a one-size-fit’s-all loan. There reason there’s so many different mortgage products available is that there’s so many unique situations that customer’s have, each product can be beneficial in different ways.

Technically, yes! There are no income loan options and asset depletion mortgage options that don’t require current income or can be set up in a way to use borrower’s assets to qualify. Some of these options require a larger down payment and may have higher interest rates.

A prequalification can give a buyer a rough idea of what they may qualify for, but there’s little value to it, as it’s usually based on estimated information. A preapproval is typically required when making an offer to purchase a home, and is provided after reviewing a customer’s credit report and gathering income documents to make a more detailed assessment of a borrower(s) ability to repay a loan. You should always get a preapproval before making an offer to purchase.

Depending on the loan type, location, credit, income there are mortgages that don’t require any down payment. Conventional mortgages require a 1%-5% down payment. Some loans utilize down payment assistance as a grant or 2nd lien to cover a portion, or all, of the down payment, but may have offsetting factors such as higher rates or a lower total purchasing power.

The minimum credit score to get an owner occupied mortgage is typically 500. Loans where credit scores are below 580 tend to require a larger down payment of 10%. Investor loans may have no credit score minimum, but each scenario is determined on a case-by-case basis.

Depending on the loan type you may be required to have an escrow account for your taxes, hazard insurance, flood insurance and mortgage insurance if required. There may be loan options you’re eligible for that will allow you to waive the need for an escrow account. Waiving an escrow account may be free or it may come at a small cost.

Depending on the product and situation, you may be able to lock a rate for up to 365 days.

Yes! There are many mortgage products available specifically for those who are self-employed that don’t just use traditional income qualifying guidelines.

Ideally a business should be active for 2 years before applying for a mortgage to have the most options available. We realize that may not always be the situation you’re in. A 12 month history of the business being operational may be an option. In addition, a no income loan could be an option if the business is less than a year old.

A conventional loan for someone who’s self-employed will generally average Adjusted Gross Income (AGI) over the last two years, if increasing, while adding back and adjusting for some items. This can significantly limit purchasing power compared to what my be possible utilizing a bank statement loan or other mortgage options geared towards self employed borrowers.

Edge Home Finance is continuing to grow and expand it’s footprint across the nation! Please use our contact form or reach out to Jerard Cobas directly at (704) 669-8036 to learn more.