Jeanette, Both Buyer and Seller in Saint Louis County, MO

I have a adjustable rate loan, never late. Got a loan remodify for 18 months. Found a bargain foreclosure, cant get approval due to lower credit score

Asked by Jeanette, Saint Louis County, MO Tue Apr 13, 2010

was told the modification has lowered my score adveresly. All of my payments are on time nothing is 30 or more days late. My fiancee is a Veteran a wants to use his VA to purchase the house, but we keep getting turned down. Our combined monthly in come is well over $7000 per month . Is there someone who can help us get approve. I've put off the selling of my home until we can get financing approved somewhere. Please help.

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Your fiancee should speak with a mortgage professional to determine what he may qualify for in his own name. feel free to have him call Harry Newell at 1-888-VA-SPECIALIST.
0 votes Thank Flag Link Tue Apr 20, 2010
Yes, the house is in my name only. Per my divorce agreement I had to refinance the house in my name. Even though we never missed any payments, I could only qualify for a adjustable rate that was fixed for the first 3 years. I tried to refinance to a fixed rate before the the adjustable kicked in, and unfortunately thats when the housing crisis hit. My credit score was 649 , but the market value dropped due to foreclosures and homeowners selling out to escape foreclosure. Still when it adjusted I still made my payments until I contacted my lender to see if they would refinance and they gave me the option to remodify instead. As for my Fiancee he was told that he doesn't have enough established credit even with his car payment , and long standing account with his furniture company his credit score had to be at least 620 and his was 585 which is the middle score they like to go by. Thanks
0 votes Thank Flag Link Wed Apr 14, 2010
Hello Jeanette!

Is the current house with the modification under only your name? If so, have you tried to see if your fiancee can get approved on his own? He would have to do it on his own anyway if he wants to use his full VA benefit because until you are married you won't be able to use the full VA benefit.

Have you talked to any lenders in your area? I have a guy local in PA but works for Bank of America and can do loans in most every state. Try Anthony Casey at Bank of America at 484-883-1619 or anthony.casey@bankofamerica.com. If nothing else he can give you great knowledge as well as a game plan.
Hope this helps!
Sincerely,

Michael P. Gennett, REALTOR®, SRES®
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0 votes Thank Flag Link Tue Apr 13, 2010
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