Virginia lender who can close with bad credit but low ltv high income?

While going through a divorce neither wanted to pay the mortgage so it went late (not in foreclosure). She was awarded the house and now she is catching up. She needs to refi to get husband off. Would be about 50-60 LTV and sub 35 DTI. Emigrant does these but they don't cover Virginia. Any of you have a resource?
  • October 08 2013 - US
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Answers (4)

We've got a solution... We call it our second chance loan. All she would need is a 660 mid FICO and we should be good to go. Let me know how I can help. Good luck!
  • February 04
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Any idea what the scores may be?
Unfortunately, many lenders these days are very score driven.

We have a number of lenders in VA who will lend down to a 580 credit score with a 12 month clear mortgage payment history.

If they are not there yet, have them shoot for this.  Be sure that they can document their 12 months of payment history with 12 cancelled checks or 12 months of bank statements showing the payments being made as agreed.

In addition, the program requires at least 2 months of mortgage payments as reserves after closing in their deposit accounts.
  • October 08 2013
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I don't know. I did not run credit or ask too many follow up questions because it sounded like a dead deal for me. Happy to refer to someone who has a portfolio product.
  • October 08 2013
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How many 30 day late payments in the last 12 months?
  • October 08 2013
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