Keller Williams Realty Augusta Partners
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.
NMLS # 6395
Financing Kentucky One Home at a Time
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 borrowerâ€™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
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) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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!!