We are a Guaranteed Direct Lender for the USDA RDL Program. I just got an approval for a USDA loan where his credit score was 568 and in less than 30 days his score went up to 641. It is VERY important you work with an experienced Loan Officer with a track record of successes. Please don't put yourself in the hands of a rookie. We are licensed in Texas and I actually just relocated to the Lone Star State. Let us know if you need assistance.
Never seen a person in Texas getting garnished except for Child Support and maybe govt debt.
Did this car deal happen in another State?
What is his scores?
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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It sounds like you are trying to get your credit back on traack. It may take another year to get charg-off reconsidered, and there is one program that does not make their decision not to loan on a low credit score.
I would like to talk to you and see exactly where you are and get it evaluated, and deermine when you mgiht get gualified to purchase. In my 30 year plus career, I have helped many Buyers thagt thought they could not buy.
Start with your overall budget and make sure that if you were to buy a house right now at that price that you could afford the payments. Then add about 20% to your figures to be sure.
Next you need to check out the two main options for construction loans:
bridge followed by normal financing
The bridge or construction loan is made for well-qualified borrowers to supply funds in stages for lot, foundation, materials, or other progress payments up to the point the house is ready to occupy. This process typically runs 6 months or longer. The rates on these loans is not pretty, but the loan is only for interim financing. On completion a second loan is closed which pays off the contruction loan and is at the typical market rates and terms.
Some lenders offer a loan with a single closing, rather than the two applications, two sets of paperwork and two closings in the traditional construction loan scenario. The terms for the bridge portion of the loan are still higher than the occupancy portion, but closing costs are lower and the loan, more importantly, is set in concrete so to speak. Even though closing out the construction phase may be months away, you'll know the terms upfront.
If you don't know whom to ask, contact me for more details.... more
Contact the company that is currently servicing your loan. Tell them what you want to do and see what their cost will be. Next, find a local mortgage broker and see what you will be charged. Shop like you would for a new car. There more than likely will be closing costs associated with your plan.... more
The first step is to contact your lender and inform them of your intentions. You will not be able to demolish the home without their knowledge and written permission. If they are a mainstream lender, they would probably be more than willing to structure a loan that meets with your remodeling goals. In any case, you do not want to do anything before contacting them.... more