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placito
11 Posts |
 Posted - 07/14/2009 : 10:20:32 PM
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I had made a prior post on here about securing a lender. My agent gave me her brokers name and we thought everything was good until a new credit report was pulled over a month after the initial one was. Us: low 20's DTI, $200k plus verfied income, paid off all our bills except current house and 2 cars. We have an offer on our house and a contract on the new one that we had set for 7/24 (pending extension). It is a VA loan for $385k. I was told that by paying off all of my bills and a mistaken late payment in april is what caused us to lose our loan. I went from a 600 plus score to 574 due to the bills being paid off. Wife has low 600s. We make great money and have almost no bills and don't want to lose our dream house! Is there anyone out there that can help (tried TBW and flagstar-no joy). Lend America said maybe, but I'm willing to give my money to whomever can say yes! Call me or e-mail me. Thanks in advance!
Placito Miceli
Pjm (at) themicelis.com
985-718-7083 CST |
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placito
11 Posts |
Posted - 07/15/2009 : 06:04:44 AM
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| Forgot to add that we are in Louisiana. |
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oscar
1189 Posts |
Posted - 07/15/2009 : 09:43:16 AM
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My two cents:
I'm not in Louisiana, and I know you want to go VA (no down payment, no monthly M.I.). I understand that.
However, if you guys make $200,000 per year, you just may have a down payment. As such, have you tried a broker in Louisiana who can take you FHA and go with "AFR" (American Financial Resources) AND do the loan ONLY in your wife's name (with her income and her credit score, assuming she has enough income to DTI AND a score above 580 AND the home is in an area that FHA will allow you to purchase with THEIR maximum county limit that the subject property is in?). Again, may have to put $40,000+ down, and I know that you didn't want to do that, but you may have that in a 401(K) or in savings. A $200,000 "client" is more likely to have these types of resources than a $25,000 borrower.
IF you guys don't have the down payment and she doesn't qualify by herself, then I don't see a way around the credit score with VA lenders that require a 620 or even 600.
God BLESS America!
Oscar. |
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placito
11 Posts |
Posted - 07/15/2009 : 5:51:59 PM
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| Oscar, thanks for the reply. We are working with a few people that found us from this site. Although I've seen some infighting on here, what I've noticed is that alot of people are stepping up to help and that shows how effective this site is - and not just for an LO or broker. Even if this doesn't work and we need to wait 6 months, this site has taught me alot. Thanks brokeroutpost! |
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prosperity4kesha
163 Posts |
Posted - 07/15/2009 : 7:53:59 PM
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You can give me a call at 901.831.5308. I have a 2 lenders that goes down to 550.
~Kesha |
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