I am still trying to get my loan officer Lisa on here, but give her a call 612-990-2271 or just contact me directly and we can talk more about advice!
Basically, I have yet to find a lender who will do FHA under 640. Besides that; people with low scores tend to not have the basic 3 credit requirements. THE GOOD NEWS is that it really does not take as long as you think to get up to 640. My LO Lisa is working with someone that has ZERO CREDIT and her company will finance them in 6 months (most lenders tell you a year).
She uses a software called rapid-rescore, which analyzes your credit report and will tell you exactly what to do to raise the scores. What I like the most is it also will tell you how many points you can expect to go up. Lisa has credit repair people for much worse situations.
It may not be what your ex wants to hear, but if they want to buy this needs to get done. The sooner you contact Lisa the faster we can get him qualified. I love working Zip 55119 so I think it will work out great!
Just tell Lisa Chris Block sent you:)
Realtor North/NE Suburbs
This means the formula the lender uses to see how much you have going out for debt and then how much you have coming in as income . They have a specific percentage that you have to have in order to be able to get a loan! Hope that helps!... more