Quoting a rate is not that easy. Before anyone can do so: What are your FICO scores? (Not those you get off the internet, but from a tri-merge mortgage credit report) What is the value of the property and how much do you wish to borrow (rates vary based on amount lent--under $100,000 or over $300,000--and the loan-to-value, as will the origination fees) When you mention "term", are you asking us if a 30-, 25, 20- or 15-year--what do you want?
I would suggest you find a loan originator you trust and talk to that person about the details of your transaction. It is not a one-size-fits-all situation. If you are going to shop, shop for professionalism, not price.
You don't need a 640 for FHA financing. Some lenders have that as a minimum, but FHA is 580 with the minimum down payment of 3.5%. You can pay down balances and that should help your scores, but we can process your loan for an approval with the 639 score and then work on your scores to get you over 640. You just get a little better rate if you're over 640.
Call me and I'd be happy to help.
Brian Cardenas, Sr. Mortgage Consultant
AmeriFirst Financial, Inc.
Mobile 480.233.7897... more
Bottom line is you have a very incompetent loan officer. If your loan is declined then unless you have signed something waiving the financing contingency then you can get a refund of your earnest deposit. You should contact a good mortgage broker to see if you can still get approved before you forfeit your expenses you've incurred for the inspection and appraisal. There are other lenders that will likely be able to have more flexibility than Wells Fargo with their acceptable debt to income ratios. I'd love to help you if you'd like. I have 19 years experience, so I can assure you you'll get the right answer the first time.
Sr. Mortgage Loan Originator
1st Rate Home Mortgage, Inc.
Mobile: 480.233.7897... more
We work with many Canadian investors and second-home buyers. With the strictness of our lending institutions, I work recommend talking with a mortgage person you are familiar with in Canada first.... more
A gift from your parents is ok for your down payment on either a FHA or a conventional loan, so that is not a problem. I would recommend a conventional so that you can avoid mortgage insurance. Even with 20% down, you would still have MI on a FHA loan.
Based on everything else you've said, any lender would love the opportunity to assist you with alone (including me!).
Feel free to call me to discuss the process or to answer questions.
Todd Bookspan, MBA
Certified Mortgage Planner
You do not have to put your wife on the loan with you as long as you can qualify for the loan on your own. I would look at both options or VA and FHA as there are some pros and cons for each that you need to review.... more
There are minimum credit scores that FHA has established and minimum credit scores that individual lenders have established that may be higher than FHA's minimums. FHA has a 530 minimum score and many lenders have 620-640 minimums. For scores below 620 you're likely to have higher interest rates. Your down payment minimum with FHA is 3.5%, but could be higher with lower scores. Most sellers (banks included) will make contributions to your closing costs so that you can often close with just the 3.5% down payment. Having a good agent and mortgage broker are keys to making that happen. Let me know if I can help any further.... more
Yes there are lenders that go down to a 600 score (even lower) for VA financing, but equally as important as the credit score is what is on credit that is leading to the 600 score (vs. a much higher score). When you meet with a loan officer (face to face, over the phone, etc.) be prepared with details on:
1. Your credit scores - you can get Equifax & TransUnion from http://www.myFICO.com
2. What is on your credit - you can get these for free from https://www.annualcreditreport.com/cra/index.jsp
3. What your monthly income is - copy of a paystub is good to have on hand as well as 2 years of tax returns
4. What your checking/savings/retirement asset situation is - while VA does not require a down payment or reserves, having either can help offset negative credit when going before an underwriter
5. What your monthly debt obligations are - you can get these off of the credit report
6. What sales price range you are looking in - work with a real estate agent or get preliminary readings by using Trulia.com or Realtor.com... more
The easy answer is apply for a mortgage in AZ. If you have good credit in Canada, it can be found. If this is going to be a personal residence you'll get better rates and terms. If you are going to buy it as a rental or other investment property, disclose that. The loan programs and terms will be different, but still affordable.
Good luck with your purchase.... more
Do you currently have someone that you refer individuals to who cannot get approved for a home loan due to credit issues? If not, maybe I can help. Send me an email at email@example.com to see how we can assist eachother!... more
the HARP loan from the Government is not just for Owner Occupied Propereties! As of today with excellent credit you would be able to refianance up to 100% of the appraised value. Please contact me through my website if you would like additional information. Best wishes, Ron Beebe... more