Sheryl Arndt, Broker – Loan Officer
Also, can you qualify just on your income? Your score is fine to get a loan, it's your wife score that may be problematic.
There are many loan options available depending on many different factors. At first glance you credit score doesn't scream "well qualified buyer" but depending on money down, loan type, and possibly was to clear up your credit quickly it could be possible. Contact a local lender to dig a little deeper and see what possibilities are out there.
Seek out a lender (you can go to where you bank and talk to them) or the lender that a lot of my clients use is Ed at Haven West Mortgage 909-223-8201. Talk to him, bring all of the documentation that is required and even if you are not able to purchase now, you can make a plan to be able to purchase in the future.
Once you qualify give me a call and we will go out find your new home and I will help you through the process.
Diana Margala 909-5600145
Right now, buying may not be your best bet. There are so many great rental homes out there that you can get into for much lower than a mortgage payment and not have to deal with the hassle and stress of trying to qualify for a loan and getting turned down time after time! You also will not have to deal with property taxes, homeowner's insurance, repairs, declining values...the list goes on and on.
Our company, Renttoday.us also has awesome rental programs that can help you improve your credit and save for a down payment. If you go to our website, at http://www.renttoday.us you will see many great rental homes in the San Bernardino area that are offering 2 year lease terms. This means you won't have to worry about a rent increase for 24 months! AND, if you make your payment on time each month at the end of your term you will recieve 5% cash back or 10% towards a purchase of any home you like! That's a great deal. We also work with a partnering company that offers free credit counseling and repair to our tenants who occupy thses special homes.
If you are interested in seeing what great home rentals are available, go to our website at http://www.renttoday.us or call 888.927.7266 and all the information is completely free.
Mia Melle, Broker
• Purchase transaction limited to 90% LTV/CLTV
• Buyers must complete homebuyer education and provide the signed certificate for each
• Requires completed Verification Of Employment by employer
• Maximum ratios for a manual underwrite are 31/43 and the file must reflect two
• Verification of rent by providing 12 months cancelled checks or a VOR from a property
management company. If the borrower lived with a family member, borrower to provide a signed
• A letter of explanation for all inquiries and all derogatory credit regardless of the date. The
explanation must make sense and be consistent with other credit information in the file.
• Borrower’s credit history cannot include a late payment within the past 12 months on any
• Collections in excess of $1000.00 must be paid.
• Collections/Charge-Offs less than 24 months old and greater than $5000.00 will be reviewed
on a case-by-case basis and requirement for payoff is at underwriter’s discretion
• Non-occupying co-borrowers are not allowed
• Gift funds are not allowed
Please note that these are only some of the qualifications and does not suggest that meeting these will automatically qualify you.
If this sounds like you and you are patient and willing to go through a process including first attempting to improve your credit, feel free to contact me and I'd be happy to review your options.
Lenders use the middle score of the weaker borrower. If your fiancés middle score is 562 it will be tough to qualify. Your options would be to buy it in your name and income only or wait and work on improving both of your scores. Working on your scores will have long term benefit.