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Nic Netherton

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Lender

Mortgage Loan Officer (13 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

  • (7615 Contributions,
  • 49 Best Answers,
  • 1271 Helpful)

Contributions are sorted newest to oldest.

Can I rent current VA mortgage while buying a new VA mortgage?

Answer

Katie,  Your issue will likely not arise for not having enough entitlement from the VA but from trying to move out of a house you just recently purchased with a VA loan as a primary residence. You may be able to get permission from the current servicer (who you make your payments to every month) if you call them and give them an explanation as to your circumstances but there's no guarantee they will grant you permission.  After you've lived there for a year you can move out at will without asking for permission.  That way you can move down to FLA and rent to home in TN for a while until you are able to sell it.If you voluntarily give it back it will likely be viewed as a foreclosure and the odds of getting another loan wouldn't be good at all.

  (0)
USDA processing time for Virginia

Answer

It varies widely depending on which local USDA office your lender sends their files to, here in Colorado our regional offices are turning around files in two to three days from the time we submit a full file to them.Ask your lender to make a quick call to the regional office and they can get you an answer fairly quickly.

  (0)
can I find a USDA mortgage in Ohio with a low 600 score?

Answer

With a 633 FICO most VA lenders will be able to assist you, if there is a way to bump that score over 640 you will generally get a little better pricing when it comes to the interest rate.Most good lenders can help you analyze your credit report and give you some direction on how to pay down certain accounts to bump the score, gaining 7 extra points is generally pretty easy to gain with some small manipulations to revolving accounts.

  (0)
can I find a USDA mortgage in Ohio with a low 600 score?

Answer

With a 633 FICO most VA lenders will be able to assist you, if there is a way to bump that score over 640 you will generally get a little better pricing when it comes to the interest rate.Most good lenders can help you analyze your credit report and give you some direction on how to pay down certain accounts to bump the score, gaining 7 extra points is generally pretty easy to gain with some small manipulations to revolving accounts.

  (1)
FHA and Amex

Answer

Geoff- The OP is referencing the green/black AMEX card which is considered a 'charge' card not a 'credit card'.  These cards require the full balance to be paid every month/billing cycle.Akshay- Yes this is a FHA guideline, do you by chance have a different CC that you can possibly do a balance transfer to?  Would likely increase the monthly payment on that one in the short term but surely not by $2700

  (1)