My husband and I have a major barrier that keeps us from applying for a home loan

Asked by Tonya Rodriguez, Augusta, GA Thu Aug 22, 2013

What is the best way to get qualified for a home loan? I have a low credit score at the moment but have never owned a home. My husband has a set back that he has taken care of, but still puts us in a bad place for a favorable loan. We have good income and also we are a retired military family. Where do we start? We have a goal to buy a home within 1 year, but if we can buy sooner at a Favored rate we would buy sooner.

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7
Gilbert Iaro…, Agent, Augusta, GA
Wed Aug 27, 2014
How has the house hunting been going? If you are still looking let me know. It takes a lot of time to build your credit, but with time it can happen. I have seen several people build their credit back after a divorce or medical issues.
0 votes
Joycelewis412, Home Buyer, Sacramento, CA
Sun Sep 1, 2013
CFS Mortgage offers flexible home loan programs. Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes
, ,
Fri Aug 23, 2013
For an FHA mortgage, most lenders require a 640+ credit score for the last 3-4 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift. FHA loans will allow a seller contribution toward closing costs/pre-paids of up to 6% of the sales price.
0 votes
, ,
Fri Aug 23, 2013
Hi Tonya,
The answer to your question lies in what exactly is the "barrier", how "low" is your credit score, and what exactly is your husband's "set back"? Submitting a Pre-Qualificaiton request is the only possible way to start to find out your potential options.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Brian Brown, , Marietta, GA
Thu Aug 22, 2013
you start by talking with a mortgage person licensed in GA - that's me - need to understand full situation to offer best advice - call me if you want to chat for a minute - 678-644-9912
0 votes
James Deskins, Agent, Worthington, OH
Thu Aug 22, 2013
Talk to a local lender, especially one who is familiar with VA loans and who has worked with buyers who need a little help.
0 votes
Ann Ryan, Agent, Doral, FL
Thu Aug 22, 2013
I'd suggest you start by getting some credit counseling. Try the national foundation for credit counseling.
Web Reference:  http://www.nfcc.org/
0 votes
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