Financing in Charleston>Question Details

Lee Johnson, Home Owner in Charleston, WV

I am trying to get either a home equity loan or refinance loan. I worked my entire life up until September 2011. I worked in the health care field..

Asked by Lee Johnson, Charleston, WV Sat Apr 21, 2012

Due to Multiple Sclerosis I am unable to work and was approved for disablity thru the SSI. However, the amount paid to me is deducted from the disabilty policy my work provided to me. Annually, I make $92,000. That amount is guaranteed up until the age of 65. Yet, lenders avoid me at all costs. My credit score ranges from 650 - 670. Certainly not the best in the world but not really that bad. Is there anyone who will loan money to a disabled person

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Good morning Lee, credit scores for mortgages come mainly from the 3 bureaus, and each one uses a bit different method to obtain their respective scores for you. As a result, most lenders will use the middle of three scores, or the lowest of two.
In terms of the appraisal, appraisals are based on comparable sales. In this market, distressed sales are comparables, and can impact your home value. They are also a snapshot in time. If in the last 90 days you had many distressed sales similar to your home, you could get a much lower value than if the last 90 days or so featured mostly regular (non-distressed) home sales.

Jim
0 votes Thank Flag Link Mon Apr 23, 2012
I appreciate the two responses I received. Jim I will give you a call tomorrow. One thing does puzzle me. Different sites give different credit scores. Do you know a site that will give accurate credit scores. I did apply for a loan and my home appraised about $100,000 less then it should have. I'm not certain why this occured. I got a independent appraisal from a person who did not know me but knew the area I live. His appraisal was $100,000 more then the appraisal the loan company received. I knew the appraisal was way off. The man who did the appraisal for the loan company does not live in this area. I have no idea why he would appraise my home so low. It's in excellent condition....I've replaced everything....there is no way to improve the home. I have offers from people all the time wanting to buy my home because I have a large flat lot. I live in the south hills area of Charleston. For anyone who knows Charleston, WV....there are few flat lots in South Hills.
0 votes Thank Flag Link Sun Apr 22, 2012
Sorry to hear about your MS. Obviously, your income has to be counted as long as we can prove it will continue for 3 years or more longer. Your credit score does not sound like a deal killer either. However, there are more factors than just income and credit. Is the home appraising for enough?
Something is off, not sure your disability income or credit score are the reasons for you feeling the lenders are "avoiding me at all costs".
I would be happy to review your situation with a no obligation, no cost analysis. PS, my brother lived in Charleston for 3 years. Best wishes, Jim, 703 615 4675
0 votes Thank Flag Link Sun Apr 22, 2012
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