I've used Bill Haines with Guild Mortgage for some tough deals and been very pleased with the results. I've attached a link to his webpage. Please let him know I referred you to him. Best of luck.... more
I think the best thing to do is get a second and third opinion from different Lenders, not a Real Estate Broker(s). Try giving Richard Hobson from Landover Mortgage a call or shoot him an email. Richard is a no nonsense type of guy and will give it to you straight. email@example.com or 206-834-5389. If your not looking for property in WA state it may be simpler to consult experts in your area.... more
There are so many obstacles to this loan that it is impossible. If you want to discuss actual possibilities, feel free to contact me directly.
Good luck to you in any case
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction... more
Great Question! I am answering this with the assumption that you have seen your credit. Here is where I would start...
Dispute Errors. If you find something that doesn't make sense or is wrong, contact the agency reporting it to dispute it (i.e. Equifax / Experian / Transunion).
Pay Down Revolving Lines to 30%. What this means is that if you have a credit line of 1000 the best balance to have on that credit line is 300. Credit Cards, Store Cards, and Credit Lines are the ones that will affect you here. Take your Limit and multiply by .30 and that is the balance that you want to have on that particular item.
Make sure your credit is active. If you have cards open, use them. Pay them off. Active shows that you can have a loan/line and make a payment.
Ask for credit line increases. This will help with the second item of paying down debt as it helps make your ratios to debt and income lower which is better for you!
If you need any help I have some resources that would go deeper with you here!
Ron Thomas gave you some very good advice below. I know you feel like you are in a miserable situation, but it's important to weigh the facts of the situation.
There are many things to consider that can't be covered on an Internet forum like this. Best advice is to speak with a Real Estate attorney (preferably one experienced working with active duty clients).
Depending on your situation and your goals, there may be better options for you than a short sale.
Make your decision based upon your head and not your heart and you'll find the best solution for your family!... more
Most Lenders today require a minimum credit score of 640. If you want to know definitively if you are qualified I recommend meeting with a local Mortgage Banker who has long experience with VA loans. The Mortgage Banker will prequalify you on all facets of a successful loan application: Income, Assets, and Credit and guide you accordingly.
As a rule of thumb, however, a credit score below 640 will make buying a home very difficult. A FICO score below 640 is considered sub-prime. In the past there were mortgage companies that specialized in sub-prime mortgages. Because of the challenges in the credit market over the last year or so, however, sub-prime loans have become difficult if not impossible to obtain.
A FICO score between 600 and 640 is considered fair to good credit. But keep in mind, this range of credit scores does not guarantee you will qualify for a mortgage, and if you do qualify, it wonâ€™t get you the lowest interest rate possible. Still, to buy a home aim for a score of at least 640, recognizing that other factors weigh in the decision and that some banks may require a higher score.
What credit score do you need to get a low rate mortgage?
It use to be that a score of about 720 would yield the lowest mortgage rates available. Today, the best rates kick in with a FICO score of 760. And interest rates go up significantly as your credit score drops. To give you an idea, the following table shows current rates by credit score and calculates a monthly principal and interest payment based on a $300,000 loan:... more
Chuck, lenders will look at the middle credit score of all borrowers and use the lowest middle score. The lowest middle score that many lenders have their underwriting guidelines is 620. So it's possible that a borrower can have 580, 640 and 620 for their credit scores (borrowers typically have 3 credit scores) and still qualify since 620 is "the middle".
Underwriters are also going to look at your last 1-2 years of credit history to make sure there are limited late payments.
Also be aware that the credit scores that you have access to online are different than those that a mortgage originator will pull.
If you find your credit scores are lower than what will meet guidelines, it might just take a few adjustments to help get your scores in a better position. The higher your mid-credit score is, the better your mortgage rate may be.
If I can be of assistance, please let me know.... more