I posted a question yesterday about needed to find a lender that can help me with my situation. the answers I

Asked by Michelle, Colorado Springs, CO Wed Mar 25, 2009

received were very helpful but I need to find someone that can really help me. my husband and I have done some credit repair but it doesnt seem to be helping our score. we have no money down and dont want to put any money down. we really want to us va. I have done more research and va doesnt require a min credit score, lenders do. I need to find a lender that doesnt care about credit scores. please please tell me that there is someone out there that can help me.

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6
Corey Grushin, Agent, East Brunswick, NJ
Wed Mar 25, 2009
BEST ANSWER
Michelle I don't have a solution for you but what I tell you may help you find a lender.
With the whole banking mess that has crashed the economy and the banks needing bailout money and thus getting it , a side issue has arisen. The banks that are getting monetary help have been asked to open their books and show they operate. The Goverment has been trying to stimulate the economy by freeing up the banks balance sheets and buying mortgage backed securities, thus lowering rates. The banks/investors don't want to be scrutinized thus they have made it harder to obtain a loan.

The banks and/or investors have raised the minimum credit score to 620. These are for loans from the major players, they want to be able to securitize them (sell to FNMA or Wall Street).

For you: You need to find a local bank or credit union that does FHA/VA financing who will portfolio the loan (keep on their books). They shouldn't have a minimun Fico Score requirement, just that you are credit worthy and have enough recurring income. Remember FHA/VA is not putting the money up fo the home, the bank is. All FHA/VA is doing is guarantiing a portion of the loan in case you default. Good luck
0 votes
Mike Washing…, Agent, Colorado Springs, CO
Wed Mar 25, 2009
Hi Michelle;

For me to see if we can help I need you to give me a call at 719-265-9203. We could possibly do a CHFA loan which require a minimum credit score of 580. Since you have been repairing your credit my lender could possibly see if we can get this 580 requirement by managing your credit profile. Please give me a call as soon as possible. We could adjust your current score with the credit you have repaired and may get to the 580 CHFA requirement.
1 vote
Sassy Skelton, , Colorado Springs, CO
Tue Sep 29, 2009
Michelle,

Call Sandra Lehmann at 1-800-777-1603. She can help you on 2 fronts. First, she can help you with your credit score. Second she can help you with your mortgage questions as well. She is local here in Falcon/Meridian Ranch. The phone call can't do anything but take a few minutes of your time and could change a lot for you. Please feel free to contact me directly for more info at sassy@stagedrightcolorado.com (more info than i can say here). If you do call Sandra and she can help you, please say hello for me!
0 votes
Eddie Hurt, Agent, Colorado Springs, CO
Thu Mar 26, 2009
Michelle;
The person I would refer you to is a gentleman named Bobby White with Countrywide. I persoanlly prefer to work directly with lenders, not brokers because it eliminates the middle-man which allows me to get staright & absolute answers. Bobby is as honest & ethical as they come, give him a call at (719) 570-8913. Bobby will be able to tell you if you can qualify for a no or low downpayment product as well as advise you to the risks of such.

Good luck.
Web Reference:  http://www.EddieHurt.com
0 votes
Brian L. A.…, Agent, Colorado Springs, CO
Wed Mar 25, 2009
Hi Michelle

You want to call:
Rondi Burgess
719-360-1010

She's a local Mortgage Broker and the top short sale negotiator in Colorado, so she understands and can provide advice on what things will best help you improve your FICO. She has helped a number of my clients wwork their way to loan qualification in the past.

Best Regards
Brian L. A. Wess
CRS, GRI, ABR, ASR, CSR, e-PRO
Realtor®, Broker Associate
Residential & Investment Specialist
Pat Newell & Associates, Inc - Metro Brokers
Colorado Springs, CO
Direct: 719-528-6672
Web: BrianWess.com
COLORADO REAL ESTATE...DONE RIGHT!â„¢
0 votes
Barb Schiapp…, Agent, Colorado Springs, CO
Wed Mar 25, 2009
Hello again Michelle,
Please give me a call and we'll talk.
Thanks, Barb 930-1323
0 votes
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