Bill B

Hi Wendy,
Call me tomorrow morning 916/871-2250 after 9:30 am and let's talk about your overall situation.

Based on what you wrote (your question and replies), your challenge in qualifying for your home loan seems to be obtaining a Fannie Mae approval. There are lenders that will work with folks with your credit scores, yet they use the Fannie Mae automated underwriting system as their template.

You may have other challenges we don't know about yet, but if we are able to obtain this level of approval, you're well on your way!

Good Luck!

Bill B.
The Mortgage Mentors (c)
Great Advice! Great Alternatives! Great Attitudes! - Wed Aug 6 2008, 23:06

Hi Angie,
This afternoon (Wed, 8/6) we saw banks reprice for the better, yet it wasn't enough to move the 30 year fixed rate below 6.375% (at par). We have a few important economic factors reporting tomorrow that may continue the move downward. We'll see what happens after the markets open for business.

If you want a full analysis of your options, give me a call tomorrow morning at 916/871-2250.

Good luck!

Bill B
The Mortgage Mentors (c)
Great Advice! Great Alternatives! Great Attitudes! (sm) - Wed Aug 6 2008, 22:52

Hi Lee,
I'm in the Sacramento area and can assist you in the financing and pre-qualiying for a new loan. We are a branch of First Priority Financial and are approved by over 230 lenders for you to choose from. We are also HUD approved to do FHA loans.

Once you know you are pre-approved (not just by us, but also by a bank), you can work with one of the agents listed below to find your new home.

If you like, give me a call tomorrow morning at 916/871-2250 and we can begin the pre-approval process!

Thanks and good luck!

Bill B - Wed Aug 6 2008, 22:39

Hi Wendy,
There are a few lenders that will allow a 540 "mid credit score" to be used in qualifying, however it will require an Approval from the Fannie Mae automated underwriting system for the lender to want to move forward. If you receive the positive finding then you qualify based on credit, income and assets.

Next consideration to determine your approval is the type of property you want to purchase. If it's a single-family residence it would be much easier to finance than if the property is a condo or manufactured home. There are a few restrictions with condos and a few more with manufactured properties.

If you like, give me a call tomorrow after 9:30 at 916/871-2250 and we can further discuss your situation.

Thanks and Good Luck!

Bill B
The Mortgage Mentors (c)
Great Advice. Great Alternatives. Great Attitudes (sm) - Wed Aug 6 2008, 22:32

Hi Lucy,
I'll answer your question with another question. If after winning the bid you talked with a new loan officer or lender who showed you how a loan with only 3% down would be a "better" loan for you, would the asset manager or RE Agent who holds the REO say no? Close the deal and they will most likely never ask why.

It's all about what is on your purchase contract. If you decide to use the 3% down loan, and cannot complete the transaction in a timely manner there may be losses you experience.

If you are using the REO's lender then it may be more difficult to get around this as they may already have you "pre-qualified" on the 20% down standard.

So, read your contract and see if you are stuck using the seller's lender. If not, at least talk with a lender about your loan options and do what is best for you!

If you want to talk, please call me tomorrow after 9:30am. 916/985-3403.

Good luck,
Bill B
The Mortgage Mentors (c)
Great Advice. Great Alternatives. Great Attitudes. (c) - Mon Aug 4 2008, 22:58