Financing in 02760>Question Details

Rebekah, Home Buyer in 93536

Good cred until job loss 2011. Home lost, credit cards late, now paid off. See addit comments - won't let me post all of it.

Asked by Rebekah, 93536 Thu Nov 22, 2012

Husband can retire with a pension ($4500 p/mo). $20,000 cash on $119,000 home for downpayment. VA avail. Cred score 545. Is a loan possible?

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Sounds like you need to speak with a mortgage broker that can help you with the VA loan. The only number that may hurt you is the credit score as 545 is a tough number to get funded on. Best of luck.
1 vote Thank Flag Link Sun Jun 9, 2013
I would contact a local lending professional to help with this answer.
There is not enough detail in your question.

I know this guy can be helpful: rtranchell@totalmortgage.com
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell


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1 vote Thank Flag Link Sat Jun 8, 2013
More information is needed. Such as what do you mean by your home was lost? Do you mean it was foreclosed on? If so, when was it foreclosed on? VA requires 2 years from a foreclosure unless it was due to extenuating circumstances, then just 1 year is needed. Job loss can sometimes be considered an extenuating circumstance, but most of the time lenders are reluctant to consider it as they are looking for situations such as medical. Other loan programs require a longer period of time from the foreclosure. VA also requires 12 months of clean credit, so depending on when the last late payment on the credit cards was you may still have some time to go. I know of a couple lenders going down to a 545 FICO score on VA financing but they only lend on the west coast, majority of lenders are looking for a 620 score for mortgage financing.

Shane Milne | Lending in all 50 states | NMLS #81195
1 vote Thank Flag Link Thu Nov 22, 2012
He may have more to put down when he "cashes out" at work with his overtime and sick time. He thinks maybe another $20,000 total, which would give us $40,000 to put down on the property we found for $119,000.
Flag Thu Nov 22, 2012
Yes, it was a foreclosure and it was this past June, 2012. We tried to get the bank to take it sooner but they wouldn't. I worked for the courthouse and found alot of illegal activity, which I reported - and was put under severe scrutiny and went out on stress leave. Then they "let me go" so I lost my job. A year later I am still trying to find work. The credit cards were paid off in March 2012, so I guess I have until next March? Our daughter just said she would cosign on a loan for us, her scores are 680, 688 and 694 depending on the company you go with. I also rechecked my score, it is 574 instead of 547. My husband has no credit other than the mortgage and student loans, he refuses to get credit cards so his score is 545. Would a cosigner make any difference? We want to relocate from CA to KY as the cost of living is less and his pension can go father. He has medical issues and needs to retire soon anyway, we were hoping for 2-3 months but aren't sure what to aim for at this point.
Flag Thu Nov 22, 2012
It wouldn't let me explain fully above, only allowed so many letters and then cut it off. I do appreciate the replies. We don't have a choice in moving, we HAVE to move as my daughter was diagnosed with MS and we live in a desert. The heat is slowly killing her.

We've been told by realtors where we want to move that we can't get a loan for 3 years. It has been one full year since the foreclosure. So I"m not sure if there are higher rate loans or programs or something out there. But the realtors won't even talk to us and their loan people won't return calls or emails. Maybe it is more work for them on their end? Not sure.

We need to move soon as the temps here today were 110 and my daughter is having trouble breathing now. We know where we need to move to help her feel better, just not sure how to buy a place and renting costs more per month than buying something would with a mortgage attached.

Thanks - I appreciate the replies.
0 votes Thank Flag Link Sat Jun 8, 2013
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