Yes, he will need to wait 6 months, because it would be condisered a cash out mortgage. This requires a 12 month chain of title. Basically, the lender will check the ownership of the property for the last 12 months to see that he has been on title for at least 6 months. I would be happy to help him secure a mortgage. Joanna Weiss 773-327-3580... more
On any loan with 2 borrowers the lender will use the lower of the two borrowers credit scores. 530 is too low. What is bringing his score down? Many times there are things that can be done to quickly raise a credit score. It is possible to do the VA loan if we can his score up to 600. Alternatively, can you qualify on your own?... more
Of Course I may be biased, but I think a broker is your best choice. A bank has very rigid guidelines, and unless you fit into the whole perfectly, you will eihter not get approved or have a higher rate. While I am a broker, my company banks some of its loans. We use Chase Wholesale to do this, I can typically offer better rates than a Chase Branch could.
Nonetheless, you should do your homework. Contact a broker and banker and compare their products and prices. Make sure to ask for a copy of the Good Faith Extimate for reference.... more