I just have to jump in here again, as there are a number of inaccuracies below. Yes, it is possible to obtain VA financing with that score, first and foremost. VA guidelines weigh heavily on residual income, along with a number of other traditional financing items to consider. With that score, your assets, and even though the VA is 100% financing, there may be a down payment involved as well. Its LAPP underwriter discretion a lot of times at this point. So please do yourself a favor, if you are indeed looking to apply for a VA home loan, then simply look to a mortgage banker/professional to obtain your actual information in order to make a decision or at the very least get you on the proper path in order to apply successfully for VA financing. You are more than welcomed to go to www.wichitahomeloans.com to apply online, if you prefer.... more
Usually your best bet is to find a hard money lender or folks like my husband and I who work with other investors in the local area flipping homes or have rentals. Yes, it has been difficult getting loans these past few years. What part of town are you looking into living and what are your home specs that you would like to have? How many bedrooms,bath, a garage, etc. Are you willing to have some patience if we find a foreclosure that may need some work and that is painted and updated to your specs? If we can't help you, I know we can find another real estate investor who is willing to work with you. You can contact us at 316-519-3101 and ask for Crissy or Johnny.... more
Tony, "bad credit" is a matter of interpretation. There are certainly some specific milestones as far as credit is concerned these days that would have to be remedied, but certainly do not let that deter you. Contact a licensed mortgage professional, such as myself, to guide you in what would need to be done if anything to have a solid loan application. There is a great information to start with at www.wichitahomeloans.com, and you can even apply online in a matter of a few minutes!
Hope this helps, and gives you a better comfort level in applying for a home loan, as you have every right to do so.... more
Cheryl, HomePath has been available for sometime, but the banks offering this program have been based outside of Kansas. Possibly the only commonly recognizable name of all the lenders that offer the program, would be MetLife as mentioned in the earlier post.. If you are still in the market, Wells Fargo will be a full service bank, and will carry the program beginning on May 17th. We are all exciting to be one of the first to bring this local! HomePath also has a website for property searches http://www.homepath.com/... more