Lenders will look at all of your scores but they typically refer to your middle score, so 613. These scores are acceptable for VA or FHA so you should be good to go. Keep in mind that your ability to obtain a loan relies on other factors as well. These factors include income, expenses, down payment, assets, liabilities, debt, employment, down payment, as well as credit. Either way, these are both great loan options. Except I'm sure you know that for FHA you will need 3.5% down along with closing costs. VA has a great advantage of no down payment, but not every home passes the VA inspection so FHA would be a great loan for a back up. I recommend that you speak with a lender to discuss your finances and loan options. I would be glad to speak with you to help you out and get you started on a loan. Well I hope this helps! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 firstname.lastname@example.org... more
As an REO listing agent myself I find it is usually anywhere from 1-2 months after redemption for the property to go on the market. Can be sooner but not so much lately. Banks have not been in a real hurry lately. And the REO department is completely separate from the short sale department so don't expect the right hand to know what the left is doing.
One thing to watch for is when redemption is up is if the property is posted by the new agent. That would give you the opportunity to contact him/her and let your intentions be known. Might get you to the front of the line.
So I would be keeping an eye on the property as well as the MLS.