Home Buying in McAllen>Question Details

Tatiana Garc…, Home Buyer in

Rejected a loan because of my score and last month late payment. Where can I go to get a loan at 78572?

Asked by Tatiana Garcia, "M" Streets, Dallas, TX Mon May 20, 2013

I requested a loan to a bank. My score is 650-660. My total debt in credits is 1400 usd. Last month I paid late 2 credit cards and I am asking for a loan and because of this they rejected my application. Where can I go to get approved a loan? Who are the best lenders on Mission, TX & McAllen area?

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7
My bank has the ability to go down to a 580 Credit score. Give me a call 214-432-9047. I can almost guarantee financing with those scores and a good letter of explanation about why the recent late payment.
0 votes Thank Flag Link Mon Nov 4, 2013
call me for more info on lenders... 239-2554
0 votes Thank Flag Link Tue May 21, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. So they set certain criteria, and one of theirs might have been no more than 1 "over 30 days late) in the last 12 months? We can't know your total situation here. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
0 votes Thank Flag Link Mon May 20, 2013
Tatiana,

On our FHA Product we go down to 620 in house, but the Underwriter can manually underwrite the file if necessary for credit scores less 620 but above 600. What is the most important factor is, why were you late know you were going to purchase a home? How is it possible you missed two payments or were there special circumstance involved? I have a solution for you, but I need to discuss the options. Let me know if I can help.


Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Mon May 20, 2013
Thank you for your comments Mr Cepeda.

Mrs Coker, I dont know what you mean.My total debt is low, this month I just finished paying my 2009 truck with excellents comments from agency. I was 4 days late on my payments due to the fact I was out of the country for a family emergency for a couple of weeks. So you are telling me that even when I have less than 3% of debt on my cards vs my card limit, I can not be subject of a loan for a home?
0 votes Thank Flag Link Mon May 20, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. So they set certain criteria, and one of theirs might have been no more than 1 "over 30 days late) in the last 12 months? We can't know your total situation here. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?
Flag Mon May 20, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?
Flag Mon May 20, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?
Flag Mon May 20, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?
Flag Mon May 20, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?
Flag Mon May 20, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?
Flag Mon May 20, 2013
Unfortunately, lenders have lost much of the leeway they used to have in making exceptions to the scoring models. They are constantly forced to buy back loans by agencies who use "Monday morning quarterbacking" to criticize their decisions. Underwriters lose their jobs. If you have a significant down payment, that might help. Of course, you should get another opinion. Were you using a big bank or a local mortgage company?
Flag Mon May 20, 2013
Tatiana, relax, the opportunity to buy your dream home will just start. I work with very reputable companies and they offered mortgage loan for my clients with scores as low as 580, so one month late payment, I doubt will affect you.

Please let me know how I can help you

Cesar Cepeda Realtor
AAA Real Estate & Investments
direct 956.821.3765
cepedacesar1@gmail.com
0 votes Thank Flag Link Mon May 20, 2013
Many of the lenders I use have a 640 minimum credit score. However, I do know some lenders will go lower than that. When an underwriter and lender go to bat for a lower credit score, they like to have some compensating factors in the file to overcome what might be old bad credit. My main question to you is about how you would explain recent bad credit when you are getting ready to purchase a home, and ask for the biggest loan in your life? Credit card payments typically aren't anywhere near as large as a house payment. See what I mean?

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
0 votes Thank Flag Link Mon May 20, 2013
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