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Hersel Lawson: Think You Can’t Buy, Build Or Refinance A House With Your Credit? Think Again!

written by: Zanne Lamb-Hunt

Hersel Lawson, Loan Officer for Corridor Mortgage, was born and raised in Roanoke. As a young adult, he moved to Virginia Beach for a job and stayed there for a couple of years. It was an exciting contrast.

As a kid, he had never experienced going on a family vacation. “The first time I saw the ocean was when I went to Virginia Beach,” he shared. He really enjoyed it but memories of Roanoke and the mountains beckoned him home again.

What does Hersel like to do for fun these days? “Everything!” Scuba diving and fishing are just two of his many passions. He also enjoys doing auto restoration. “I’ve got a little MGB that I’ve been working on for the last few years. And, a ’55 T-Bird that’s going to be next in line!”

Hersel’s passion for restoration doesn’t stop at cars. He also enjoys working on houses — gutting, knocking out walls and remodeling. “It’s a way to take my mind away from the pressures of the mortgage industry which can, in today’s time, be very stressful.”

At the same time, he’s enjoying helping clients into their homes. “My primary goal is to put people in houses. We do first mortgages, purchases and refi’s. The mortgage industry has a lot of different aspects.”

He continues, “There’s FHA lending, conventional lending and VA lending. There are new programs out for first-time buyers. There are rural development loans.”

Hersel works his mortgage magic and matches programs to his clients and “helps them to get into a home as easily as possible.” He offers a few great tips for helping to move that process along.

*Keep Accurate Records*

This includes tax returns, pay stubs and bank statements. “These are all critical to a loan. Keep up with your budget and your paperwork.”

You need to know where your check statements are. You need to know what you’ve got in your accounts. You need to know how many hours are in your average work week. Are you salaried or paid by an hourly rate? “You’d be amazed at how many people don’t even know how much they make per hour,” shared Hersel.

For clients who work on commissions, “you have to be on commission for two years to qualify for a mortgage. There are exceptions. It can be as quick as 12 months.”

*Protect Your Credit*

Being 10 days late can produce negative consequences on your credit report, “depending on that creditor and how they choose to list your ‘lates’. It’s imperative that you protect your credit.”

“Don’t over-extend yourself. Set your budget. Live within your budget.”

*Establish Your Credit*

“Lenders are looking for 12 months of history – minimum!” That’s 12 months of GOOD history!”

Again, there are exceptions. Hersel advises “Don’t NOT talk to me! Call me! And, when you do call me, lay it on the line. Be honest with me. Tell me the dirt! I can’t help you clean it up, if I don’t know it’s there.”

Have Patience, A Game Plan And Trust In Your Loan Officer

Don’t be scared off by the thought of FICO scores and stop thinking that you’ll never get a loan. “Call your lender. Let him look at your credit. Let him tell you what you need to do.”

Patience can pay off. “Some clients, I’ve worked with for two years before I’ve gotten them a loan. It’s a time commitment and it’s up to the individual. They have to do the work. I can’t pay the bills for them.”

“Sometimes, they work real hard and get it done in two or three months. I give them a game plan. This is what you can do and if you can spare this much money, we can get you in a position to buy a house in 90 days or six months.”

“You don’t need to pay a credit service to learn how to manage your credit. You just need someone who will be honest with you and someone who will walk you through the process.”

Thinking of purchasing or refinancing? Want to be pre-approved? Want to know how much you can really afford? Is refinancing the way to take a heavy burden off your back?

As Hersel says, “Don’t NOT talk to me! Call me!” There’s no cost and no obligation. And, there’s a good chance you’ll learn something that you don’t already know.

Call or Text Hersel to put his loan expertise to work for you now: (540) 761-6271

– Article Written with content provided by Episode #003 – interview with Hal Cone.

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