You need to know that the law was changed and ALL lenders are required by law to use the 1%. Sorry but lenders need to follow the law. I do agree with you that using the 1% increases the debt to income ratios and unfortunately since the law changed last October, this affects thousands of college students who will find it difficult to afford a home.
My Advice: I'm urging everyone affected by this to write to your representatives in Congress and reverse the law. Maybe if Congress gets enough protests, they can change it.... more
My Loan Is Your Loan work with borrowers down to a 550 credit score for VA, FHA, and USDA loans. They have a direct lender who was able to get my loan closed fast. I would check them out. I worked with Brian Young at 2147973479 I would call him super easy and nice he helped before we completed an application.
It will depend on if you have received SSI or SSDI for at least two years. When I got a loan they also had me get a letter from SSA stating that it was a permanent monthly payment. Contact any local lender and they should be able to walk you through what you will need.... more
GEORGIA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
Purchase a GEORGIA home 12 months after a chapter 13 Bankruptcy
Purchase a GEORGIA 24 months after a chapter 7 Bankruptcy.
FHA will allow a FHA mortgage 3 years after a Foreclosure.
Minimum FICO credit score of 580 required for 96.5% financing.
Bad credit GEORGIA FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
No Credit Score GEORGIA mortgage loans & No Trade Line Florida FHA home loans.
You should get your FICO Credit Score and analyze the factors that is dragging your score down. Once you have found that out, you can take the help of a lender who would help you solve the issues with your low credit score.... more
I always suggest you shop around but when it comes time to apply you should only apply with one lender for various reasons including but not limited to the following:
-You will go crazy trying to deal with 2 lenders at the same time it will be double the paperwork but 3 times the craziness.
-Some loan types for example FHA require an FHA case number for certain tasks to be performed by the lender so you would not be able to work with two lenders at the same time regardless.
-You could end up paying for two appraisals.
-In many cases lenders will confirm if you have any open loan applications with another lender, broker, bank to avoid fraud so at some point you would have to cancel or withdraw your loan with one of the lenders any way so it would be a waste of your time and money not to mention one of the loan officers would be working for FREE.
Shop around then once you have a contract on a home choose the person that gave you better service, information and of course good rates & fee's but be careful the lowest rate is NOT always the best loan, I know that sounds weird but there is much more to consider than just the rate.
I currently only offer loans in Florida but if you need help in Texas I can definitely recommend you someone.