"borrower has 1 credit card rated 9 months and another only rated 5 months but has 3 credit scores over 640."
Should not be an issue, FHA has no minimum credit line requirement. I have lenders with no overlays.
"Or a borrower that has a couple credit cards from 5 years ago that have been closed for 4 years and no new credit but a FICO over 580."
Zero active trade lines would be a problem. At least 1 would be necessary. If they had no credit score it would be easier than having the 580.
"Borrowers that can't prove rental history that have no alternative credit."
Rental history is not generally required. Why do they need alternative credit? Is this the same borrower with the 580 and no trade lines or a different borrower?
Please clarify.... more
Try Robert Kurugian at Academy Mortgage, I think they recently brought back some manufactured home loan packages. I'm not sure about the non owner occupied part, but can't hurt to ask... 661-717-3394
I need more information to answer your question. Rather than post the address of the property on the internet for all to see, give me a call and we can discuss. Dee Oliver - Miramar Internationl - 661-747-7763.... more
The only lender that I can think of would be a hard money lender, but even then, you need not show the lender your W2, only the fact that you can come up with the funds or a proof of funds for the down payment. The majority of lenders (FHA or conventional)want to see and verify your tax returns, because if you are making 200k and are showing only making 20k, then how are you to pay for a new loan? It is a doubled edged sword. Consider talking to a professional and write off less for the next two years or go with the bigger down payment.
Jacob Marquez... more
Give me a call and I will put you in touch with a lender who can walk you thru the process. Also, do you want to close escrow in November or start looking in November? Do you want to take advantage of short sale homes? If you do, they can take 4 to 6 months, maybe more depending on whether there is a first and 2nd trust deed loan on the property. There are quite a few things we need to discuss. Feel free to call me at any time. DEE OLIVER REALTOR - MIRAMAR 661-747-7763.... more
Hi Gayle, You really need to talk to either a loan officer at your bank or a mortgage broker. There are a lot of different things that impact what type of loan is the best for you. I am a real estate agent and while you may want to use your VA again that may not be the wisest choice. Our market is very competitive right now and a VA loan has a lot more requirements for whatever home you are purchasing. A lot of sellers do not want to do the extra things that might be required of that type of loan. Your best bet is get pre-qualified and then start looking for your home. If you are not currently working with an agent, I would be happy to help you. Please feel free to give me a call ....661-431-4194 and my name is Jan... more
My business partner can help you with Wells Fargo. Her name is Christa Martinez 661-444-6422. Just tell her that Darrell Muhammad referred you.
A lender can answer that for you. Please call me if you'd like a couple of lender referrals? A good lender can give you a very quick answer.
Tesa Noonan 661-717-3394
Coldwell Banker Best Realty... more
Simple as long as you have really close friends/family. As far as a mortgage, at least a couple years and re-established credit unless you have 30%+ down and willing to pay 3-5pts and a rate of roughly 12-15%. It would be hard/private money...equity-based lending. I suspect w/ a BK filing, you don't have much of a down pymt. Ballsy, I'd say to get smacked down and to jump right back into the wonder game of leverage. Good luck.... more
Hi Kelskey. The best way to use Trulia is to click above on Find a Pro, fill in your city and toggle down to Mortgage Brokers. You'll get a list like this one:
You can call or write these brokers and see which one will help you.
Scott Miller, Realty Associates, Boca Raton, FL... more
How bad is the Million Dollar question?
Do you know your FICO score?
Get a pre-approval and shop in confidence.
Please feel free to contact me with any questions that you may have, I can also pre-approve you.
Depends on the bank and it depends on how much upside down you are monthly. If you want to do a loan modification, I would see if the second will do one also. Sometimes they will. Go to Consumer Credit Counseling. The consultation is free and this is what they do. These are HUD approved counselors who guide you on what your options are for your situation. The phone number is 661.324.9628.... more
FHA short payoffs only go up to 97.75% of the appraised value. Being that your mortgage is on time, you can qualify but the closing costs and cash difference between your appraisal and new loan amount would be due at closing based on your scenario. Do you know if your lender will reconsider to the max amount that FHA will allow? They can also create a small 2nd mortgage to cover the difference and use that loan with our new FHA loan to pay off the $260k.... more
Contact anthony Casey at Bank of America. He's been doing this for 15 years and really, really knows his stuff!
Anthony Casey, Banks of America
ALSO, check out the website at:
Hope this helps!
Michael P. Gennett, REALTOR®, SRES®
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