How to Get a Mortgage With a 580 Credit Score | Lori Sassano

by Levar Carter

Unlocking the Dream of Homeownership: Expert Mortgage Tips with Lori Sassano

Buying a home is one of the most significant financial decisions you’ll ever make. Whether you’re a first-time homebuyer, an investor, or looking to refinance, understanding the mortgage process is crucial. On this episode of The Dream Is Real Podcast, we sat down with mortgage expert Lori Sassano from Fairway Independent Mortgage to discuss essential insights into home loans, credit scores, and financing options.

Step 1: Finding the Right Mortgage Professional

Not all mortgage lenders are created equal. Lori emphasizes the importance of working with someone you trust—someone who takes the time to understand your financial situation and goals. Ideally, a referral from a real estate agent or a trusted family member is a great way to start your search.

Step 2: Understanding Your Credit Score

Your credit score plays a major role in determining your mortgage interest rate and loan eligibility. Lori breaks down key tips for improving your credit:

Keep credit card balances below 30% of your credit limit.
Make on-time payments to maintain a strong credit history.
Avoid closing old credit accounts, as the length of credit history impacts your score.
Monitor your credit report regularly for any inaccuracies.

Step 3: Choosing the Right Loan Type

There are multiple mortgage programs available, and choosing the right one depends on your financial situation:

Conventional Loans: Require higher credit scores and may be best for borrowers with stable income and savings.
FHA Loans: Government-backed loans that allow lower credit scores and down payments as low as 3.5%.
VA Loans: Available to veterans and active-duty military members, offering 100% financing with no down payment.
Renovation Loans: If you’re buying a fixer-upper, a renovation loan finances both the purchase price and necessary improvements.

Step 4: Self-Employed? You Still Have Options!

Many self-employed individuals assume they won’t qualify for a mortgage because they don’t have W-2 income. However, there are bank statement programs and 1099-based mortgages designed specifically for independent contractors and business owners. These programs consider your overall cash flow instead of traditional income documentation.

Step 5: Investment Property & Second Home Financing

If you’re looking to buy a rental property or a second home, Lori highlights the variety of loan options available. Some loans are specifically designed for investment properties and consider the rental income potential rather than just personal income.

Step 6: Grants & Assistance Programs for First-Time Buyers

Many buyers don’t realize that there are down payment assistance programs available based on income level and location. Even if you’ve owned a home in the past, you may still qualify as a “first-time buyer” if you haven’t owned a property in the last three years.

Step 7: The Importance of Getting Pre-Approved

One of the biggest mistakes buyers make is shopping for a home before securing mortgage pre-approval. Getting pre-approved gives you a competitive edge, allowing you to move quickly when you find the perfect property.

Final Thoughts: Connect with the Right Experts

Lori Sassano and the team at Fairway Independent Mortgage are committed to helping clients achieve homeownership through personalized guidance and a variety of loan programs. If you’re thinking about buying a home, now is the time to connect with the right professionals.

📞 Call/Text Lori Sassano: (631) 942-9864
📍 Office: (516) 544-0949
🌐 Website: Fairway Mortgage (Search: Lori Sassano)

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