Hello David, As a veteran, I understand the hardships of having to PCS and worrying about your property. I Specialize working with Military, I can Help you list your Home and Find someone to help you find a new one, on the new base location.
Give a call or email me at email@example.com... more
Lenders scrutinize borrower credit to determine whether they present an acceptable level of risk. The Federal Housing Administration insures mortgage lenders against default, allowing them to finance borrowers with credit challenges. Although lenders may differ in what they consider poor credit; generally, scores in the 500s put borrowers in the high-risk category, according to CreditScore.com. A borrower with a 577 score may qualify for an FHA loan, but faces fewer options and less favorable loan terms.
The FHA sets minimum standards for borrower credit, which lenders must follow. As of 2010, borrowers with a minimum score of 580 qualify for the FHA's maximum financing, which requires a 3.5 percent down payment. In the case of a refinance, the borrower must have at least 3.5 percent equity in his home to qualify. Borrowers with scores between 500 and 578 may qualify for and FHA-insured loan with at least 10 percent down or 10 percent equity.
Reference Link:http://valoanguidelines.org/... more
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The best advice comes from the loan officer. In some cases you have to sift through the process of getting documentation and getting it logged on the system....this sometimes can take months. Your Wells Fargo person is the best for answers... more
I would talk to a real estate agent that specializes in new home builders. There a a lot of hidden costs when you go with a new home builder, and it helps to have an advocate on your side. That way you are more informed on what route would be best for you.... more
Hi Im Shanell Watson, an Real Estate Broker with Realty Executives. I work with a lender who can get a VA loan approved with a 580 score. Please feel free to call me directly on my cell at 254-247-8227.
Yes there are a few minor difference when qualifying using your 401K withdrawal. I would be delighted to go over these details with you in person. We are the Nation only veteran-owned, federally chartered bank with a focus on educating customers about the mortgage process and providing opportunity for home-ownership nationwide. We're a direct mortgage lender/ Servicer not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting, funding your loan and finally servicing your loan.
I recognize that you are very busy, so I am only asking you to spend 6 minutes with me to discuss your needs so we can determine if we can be of service to you. After answering just a few simple non-credit related questions (I do not need to pull your credit report in advance) I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
Please give me a call to make your dreams a REALITY.
The Federal Savings Bank