Monique Hall, Both Buyer and Seller in Milwaukee County, WI

I am desperately in need of a lenient lender to underwrite 90k loan. FHA will not look at me because of my unique situation. have a home & score

Asked by Monique Hall, Milwaukee County, WI Mon Sep 27, 2010

576 I have worked in the same field for the last 7 years. My husband and I net approx. 6k monthly. We have had late pays on medical bills, and student loans. However, our current FHA has not been late in the last 8 mos. and our vehicles have not been late. I have a bankruptcy discharged in 2004. So this is bringing my score down, but is nothing current. I was wondering if independent lenders have to adhere to the same strict guidelines as FHA. Does anyone know a lender who could help.

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Linda S. Cef…, Agent, Franklin, WI
Mon Sep 27, 2010
Monica, you are so close on the score. You state that you have a home, but your title is buyer and seller. Are you looking to buy or refinance?

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Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Tue Sep 28, 2010
Hi, Monique

Based on your statement, outside of medical, you can't have any lates or collections after a BK. Especially if they are within the last 24 months. This guideline is across the board with all lenders and every program, including FHA,VA, and Fannie Mae.
0 votes
Mon Sep 27, 2010
It depends on your score and your exact credit history. FHA gudelines are pretty much the same throughout. they are some lender that will go under 620 but with them you can't have any lates or collections.
I think your best bet is to contact a loal mortgage broker who has access to different lenders. They would be able to tell you with more certainty whether you have a chance.

Elena Ollick
Amerivest Realty
Faith Home Loans
Latest Post: Naples Luxury Home on Fire
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Lori Hobin, Agent, Jupiter, FL
Mon Sep 27, 2010
In our area Fannie Mae is selling some bank owned property via ( I think that's the website, just google Homepath). This is financing for bank owned property only. I hope they have this in your area, it will help you get in the door. Good luck,
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