Home Buying in Martinez>Question Details

Cody, Home Buyer in Augusta, GA

Trying to buy a home.. but im worried

Asked by Cody, Augusta, GA Thu Feb 7, 2013

Ok, me and my wife have spent the last couple of year repairing our credit. we have been renting a house in the mean time, but now we are going for it. but im worried if we will get the loan or not. We are going through wells fargo. my "middle score" is 611, andmy wifes a 625. most of the bad debt we have is OLD medical collections. and 1 bad credit card from 2008. (my ex let it go bad while i was in iraq), we are trying to use the VA loan through wells fargo, and we are going to "underwritting". our tottal income is about 76,000/yr. all of our recent credit from thepast two years is in good standing. there is alot more to it, but it wont let me put it all on here, can anyone tell me what our chances are in getting this home loan of 154,900??? ill give what ever info you need to be able to tell me what you think. thanks.

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I wouldn't worry too much, Cody. Your loan officer should be able to guide you as to what to expect. If you have issues and you are working with an agent, ask them what it will take to qualify. If you aren't working with an agent, I will be more than happy to sit down with you to discuss your options.

Sherri Melton
Keller Williams Realty Augusta Partners
0 votes Thank Flag Link Wed Feb 20, 2013
The person for you to be asking is your loan officer at Wells. They should not be sending it to underwriting unless they received an Approve/Eligible from their AUS.

I was a beta tester for their proprietary AUS and it is a very good system. Some of the buttons in their system were added using my suggestions. Their overlays are imbedded in the system so you have a double shot at being approved. And the underwriter should follow the Findings. Just ask your loan officer to show you them to you, there is nothing secret about it.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Thu Feb 7, 2013
Hi Cody,
What does your Loan Officer say? A lot will depend on how good of a Pre-Qualifcation that they completed on you based on the Underwriting guidelines of the program.

The typical industry minimum credit score for VA is 620-640. I was not aware Wells Fargo was allowing VA loans under 620-640+.

For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Thu Feb 7, 2013
I think you have a good chance of being approved with Wells Fargo, but if you have a problem I suggest you try a local lender/small bank before you give up. If you are working with an agent they should be able to recommend one and if you are not, I am a buyers agent in Columbia County and will be happy to assist you in finding a home and a local lender. I have had many buyers who were not able to get a loan through a "larger" bank such as Wells Fargo, but who were approved through smaller lenders. Many smaller banks and lenders have less stringent rules and private investors that they can work with to help buyers like yourself who have been working hard to do the right thing and just need a break. If you need any further advice or recommendations, please feel free to contact me and I will help you right away. Good luck!!
0 votes Thank Flag Link Thu Feb 7, 2013
What does the person at Wells Fargo that you are working with think? Lending can be so tricky and your middle score does sound a little low. However, many times your credit score remains low for a little while even after you clear things up but there may be a way to raise your credit score. Your lender usually has a contact to help you with that or their credit reporting agency will have a score repair plan to get it raised enough. Wells Fargo is a good company and has good loans, just make sure you are working with someone you trust and knows what they are doing!
0 votes Thank Flag Link Thu Feb 7, 2013
They are very good! Wells Fargo is a very good lender. And I am in no way affilated with Wells but have used literally hundreds of lenders and they are one of the best. VA is very good about credit. They want vets to get their loans. I would bet you have it!!
0 votes Thank Flag Link Thu Feb 7, 2013
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