Hi Kyle - we work with VA loans and scores down to 580. As long as your profile runs through the automated system we're good to go. We can also utilize non-traditional credit such as utilities or rent, in order to develop a 12 month credit history. We go down to a 580 score, although with a higher score you'll increase your chances of getting an automated underwriting approval. I'd be happy to help you out.... more
Cash= 3.5% down seller can credit up to 6% for closing cost.
Credit= Min 580 credit score no late pays in the last 12 months.
Capacity= Max dti 56% with AUS Approval.
Collateral= For the most part the home must be move in ready.
We can help! We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process. http://www.florida-mortgage-lenders.com/... more
How does being a waitress preclude you from having verifiable income? You can and should declare all income including your tips on your tax forms. You can even go back and file amended forms for prior years if you made a "mistake" in the past.... more
You might have a bigger problem than your credit score based on what you've said here.
I think you might want to get with a tax professional before you buy this property. I don't know what you're paying for this property, but if it's over $10,000 there's a great chance IRS will be notified about it. The IRS does check your tax return filings against various documents from other parties to make sure your financial activities are in line with your reported income.
Nothing asks for an audit quite like outlaying a big wad of cash when you've been (admittedly here) under-reporting your income.... more
Depending on what type of purchase contract was used, the buyer may not have an obligation to do inspections during the inspection period and can still back out by notifying the seller that they find the property to be unsatisfactory.
The popular FAR/BAR As Is Purchase agreement used in Florida by agents has specific language giving buyers the right at buyer's sole discretion to cancel by notifying seller prior to the end of the inspection period.
It depends on what language was used in your contract. For legal advice on interpretation of your contract, please seek out a real estate attorney.... more
I'm really not aware of whether you can do a short refi. Contact a good mortgage broker or lender to get that information. I can personally recommend Dave Ansel with VanDyk Mortgage, DAnsel550@vandykmortgage.com. Best of luck!... more
Stop sweating, you are fine. Underwriting takes forever sometimes. Mine personally took a week. However even with a mortgage commitment in hand, that still does not mean you are free and clear. They can deny you at any time. No loan is fully approved until it is closed on.
It's a stressful manner. However, with that said, I feel you will be OK. Just wait it out, and ALWAYS ALWAYS ALWAYS supply them with documents they need on time, as to not delay your closing.
If you used a big bank like Chase- your waiting period may even be longer.... more
I am sorry to hear that you spoke with one of the loan officers with Carrington Mortgage and did not get a good feeling from your conversation.
Like Shane said, there is more than one representative of Carrington Mortgage, in fact there are many branches of Carrington Mortgage in the Central Florida are and they are NOT all equal.
I represent Carrington Mortgage as Sales Manager in the Tampa Bay area and I would be happy to sit down with you share my references with you so you may touch base with them and they will attest to my ability to come through when needed.
At the end of the day, it's not 100% the company that you as a realtor work with, it's the relationship you have and the trust you have in the individual you work with at that company. If you form a relationship with a good loan officer, you can be confident that they will find a way to get your buyers loans done regardless of the company they are with...or they will ultimately find another company to work for that will get it done.... more
With all due respect Annette, you are right that that not all lenders are created equal, but at the same time, the referral partners I work with focus on selling while allowing me to handle the finance side of things and not worrying who has what program. At the end of the day, I am very strong in most facets of financing and after a decade in this industry, I know guidelines and how to calculate income properly whether the buyer be w-2'd or self-employed and no one should work with anyone regardless of their programs if they don't know how to calculate income of a self employed individual. With our broad array of products like government programs down to 580 credit scores and jumbo programs up to 2 mil we are able to facilitate most loans. Now with that said, if there is a loan that I am not strong in or I know the client would be better off somewhere else, I have an extensive network with other local lenders that refer me business for loans they can't do and I send them loans that my client would be better off with. For instance, non-warrantable condos or new doctor loans. I know there are programs out there that are better than the terms I can offer on these two situations and I am happy to send the client elsewhere to make sure they get the best of terms and keep my partners happy.
The bankinggrades.com link...that grades banks on their ability to lend to small business'. That has nothing to do with residential lending unfortunately.... more