I'm at 10 months and today they asked me for proof of employment saying that last week's paystub is not proof of employment that the gatekeeper (whoever the hell he or she is) needs a letter. That tells you everything you need to know about US Bank
I was just on Trulia and thinking of your search Suzal....I hope this link works, coming directly from the MLS.
Please keep in mind these actually front golf courses in the area, but there are many more that are very near golf courses. We just do not have that search parameter via our MLS. That comes from market knowledge of the area.
I could send many others, all I need is an actual email address rather than posting to Trulia.
I do not bite, promise! :-)
The length of the short sale process varies by lender. With recent government changes regarding mortgage, foreclosures & short sale options, the banks should now be responding to a short sale offer within 4 to 6 weeks, or at least give the owner & realtor an update within that timeline. Many banks are now approving specific Realtors to handle their short sales. BofA, Chase and others have their preferred Realtors listed on their websites. You can however, use any Realtor of your choice to list your home. It is best to use an experienced short sale Realtor that knows the process and knows how to work with the loss mitigator assigned to the loan. It will speed the process & keep things moving in a timely manner. In answer to the question regarding a short sale offered in June 2011 and then comes up offered for a higher price in January 2012, yes that is possible. There are many things that may have happened during that timeline. A loan modification may have been tried with the home owners first. Lender may not have been willing to take the lesser price. Many Lenders are now preapproving short sale prices after they have ordered a few broker price opinions from several different Realtors, which makes the short sale process easier when a buyer & their Realtor know up front the price the lender is willing to accept. Before these resent lender changes, list price was just a shot in the dark. Feel free to contact me for any additional information regarding short sales & foreclosures in Sedona & the Verde Valley!... more
There are some lenders still financing down to a 600 score, although you'll have more options if you can get your middle score up to a 620 or 640 level.
If the delinquent debt was your husband's sole responsibility per the divorce decree, then an underwriter wouldn't give it as much weight but anything negative on your credit will play into the decision on whether your loan can be approved or not. Further, if the not-so-good credit was from other 12 months ago, that is usually enough time for you to be approved for an FHA, VA, or USDA financing.
Where did you get your scores from though? Are you sure your score is a 600?
Mortgage lenders use FICO scores - as a consumer, other than from a mortgage loan officer, you can only get your FICO score from Equifax & TransUnion from http://www.myfico.com as Experian no longer allows consumers to get their actual FICO score. If you are at a website where you can get all 3 scores, you can be pretty certain that they are not FICO scores but a newer scoring system called Vantage credit scores. Vantage credit scores use a lot of the same information to calculate your score, but it gives different "weight" to different parts of your credit profile, so the credit scores are not the same as your FICO scores. I am not sure why Experian no longer allows consumers to get their FICO score from them, I could only speculate that because consumers are not their clients, creditors are, so that may have played into their decision to prevent consumers from getting it. Whatever the reason, at least you can still get your Equifax & TransUnion FICO scores from that website.
Also, the Cottonwood area is eligible for USDA financing, which is 100% financing/no down payment. The catch is your income has to be within eligibility limits ($60k is) and you need to buy in a rural area (which Cottonwood is, you'd have to go to Prescott or Flagstaff to be in an ineligible area. The interest rates are near 4%, the monthly "mortgage insurance" is cheaper than FHA's, and if the home appraises for higher than the purchase price you can use that different to finance closing costs too - so the program is great for people who don't have a lot of funds to put down. You can read some more about USDA Rural Housing financing at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
If you'd like a hand figuring out how to qualify and what you can qualify for I'd be happy to help.... more