Hey guys this post is discouraging the p..s out of me. I am not a home owner and hope to be soon. I don't know the ins and outs of this stuff but looking at the credit scores. They seem high to me. can some one shed light on these questions for me. 1) is ther a way to get a second lender or have the owner hold the note on the property? Or does their credit standing keep them from that 2) why is the rate so high? is it because the charge off is so new? 3) I am looking at probably having one paid charge off from 11/2002 on my reports when I start loan shopping. will this keep me from getting fiancing at an acceptable rate? will i be able to us my Va loan with a score above 660? 675? 700?
voodoochild, It's best you consult someone who is knowledgeable RE: VA loans. From my understanding, VA and FHA are not score driven. If you have one charge-off and it is paid, and everything else is good, they might just accept a statement explaining what happened and let it be done. If you have other problems, I'm not sure how it will be handled. However, there are people (mortgage brokers) who will look at your current reports and give you suggestions as to what to do so they will be ready when you are.
Tac You have just provided a solution to your dilemna. There are buyer assistance programs that you should qualify for that will allow you to go FHA. Email me off-board and I will be glad to explain it further to you. Don't be suckered into taking something when there is the right thing available. fla-tan
if the sellers cant pay the 3% down payment how about if they pay the chargeoffs. and call the chargeoff money a down payment...same money different name......? coral
The home we are buying for $92,000 just got appraised for $97,000 so we already have $5000.00 in equity already. tac14033 ==================== The equity should take care of the down payment. LB 59
https://www.d1online.com/d1/dec1_Products.jsp enter your state and you can see their guidelines and credit matrix information. you can use the info as a ballpark measure against other banks
My wife just got approved to buy our first home She got approved for $110,000 at 100% financing. The home we are buying for $92,000 Tac ================== Approved for 110000 home 92000 ---------------------------------- Difference 18000 ~~~~~~~~~~~~~~~~~~~~~~~~~ Looks like the 18000 takes care of down payment and closing cost. LB 59
5% down for a home that is $92,000 = $4600.00 An $87400 loan on this home is not 5% down it's really 10% down.
