Home Buying in Los Angeles>Question Details

Gary Dubois, Home Buyer in Gardena, CA

I'm looking for a Lender who participates in funding loans through the Good Neighbor Next Door Program.

Asked by Gary Dubois, Gardena, CA Tue Jul 23, 2013

Received a two week extension to close escrow after being awarded the winning bid for a $95,000 condo in Inglewood and receiving credit denial by Wells Fargo Bank.

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I work with a wholesale lender that offers loans for Good Neighbor Next Door properties, and can work with low credit scores. I assume you're using FHA financing? Are you trying to take advantage of the $100 down program only available to Good Neighbor Next Door buyers?

Stephanie Irto
Broker, Realtor
Equity Builders Home Financing and Real Estate
http://www.EquityBuildersRealEstate.com
Phone: 714.603.9383
eFax: 310.564.0333
DRE# 01821152
NMLS#866086
1 vote Thank Flag Link Wed Jul 24, 2013
What's the reason for denial?

Alberto Pacheco
818 481 9211
albertopacheco@kw.com
keller williams north valley
0 votes Thank Flag Link Wed Jul 24, 2013
This is response given to the person assisting with the loan. She'd submitted to her underwriter's supervision for a second opinion.

"Good morning! The credit is not acceptable at this time. Beverly is correct on this one, alternative credit is not an option that would resolve their history of derog credit. Alternative credit is used when they have no credit, but is not allowed to offset “bad” credit. The borrowers are re-establishing credit but it is too soon, as the accounts do not have a long enough history of paid as agreed documented yet. They need to stay on that path until they have a longer history re-established. It would also be a good idea for him to pay or settle on his open collection accounts and build up reserves"
The underwriter didn't consider my ownership of eight separate timeshares with regular quarterly, bi annual, and annual payments which are current and on time. The three derogs have all been paid in full.
Flag Wed Jul 24, 2013
Gary,
I work closely with a licensed real estate broker and loan officer, who also is part of LAPD. His name is Brook Johnson (CA BRE 01421164, NMLS 879752), and you can contact him at homesforcops@gmail.com. He should be able to assist you with the Good Neighbor Next Door program. Just tell him I sent you over, and explain your situation. He will take care of you!

Let me know if you have any other questions, or need further assistance.

Best,
Alan Kurpiewski, REALTOR
CA BRE 01912043
(619) 35-HOUSE
(619) 354-6873
Homes4Schools@gmail.com
http://www.Homes4Schools.com
0 votes Thank Flag Link Tue Jul 23, 2013
Why were you denied by Wells Fargo? I can help you with GNND but need to know the reason for the denial.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Tue Jul 23, 2013
This is response given to the person assisting with the loan. She'd submitted to her underwriter's supervision for a second opinion.
"Good morning! The credit is not acceptable at this time. Beverly is correct on this one, alternative credit is not an option that would resolve their history of derog credit. Alternative credit is used when they have no credit, but is not allowed to offset “bad” credit. The borrowers are re-establishing credit but it is too soon, as the accounts do not have a long enough history of paid as agreed documented yet. They need to stay on that path until they have a longer history re-established. It would also be a good idea for him to pay or settle on his open collection accounts and build up reserves"

I earn around $73,000 annually with a credit score of 643. The loan amount was $55,000 with HUD backing the $47,500 second. Payments were around $425 monthly with an additional $250 being applied directly to principal. The purchase price is $95,000.
Flag Tue Jul 23, 2013
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