Profile picture for David Widlund

David Widlund

Lender

Sr. Mortgage Banker (14 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
Homepath loans

Advice

  • (279 Contributions,
  • 9 Best Answers,
  • 66 Helpful)

Contributions are sorted newest to oldest.

what is the lowest credit score lenders are willing to work with?

Answer

Score isn't the only factor for approval. But usually there is a reason for a low score. That's normally attributable to not paying bills or not paying them on time. So even if you manipulated a score to the mid 600s, but still have a history of bad payment, you could be declined. But you could have a lower score with good payment history and be approved. A good way to look at it is this: if you were looking at someone's report, and it had similar payment history to yours, would you loan them $150,000, $200,000, $250,000? The score isn't a magic switch where you hit the score, and the bank opens its wallet. Talk with a few lenders, show your financial secrets. Let them examine your borrowing and repayment history. If many different lenders are telling you your chances are bad, then think about learning how to be a good borrower. Even if you pay for a service that gets your score where you want it, your habits haven't changed. If you have difficulty paying your bills often, maybe you shouldn't try to buy a house. Because if these habits continue, and they will, you'll lose the house and all that you've put in to it. Losing your home to foreclosure is one of the worst experiences you can have. Instead of trying to find a way around being declined, try to develop better financial habits. Once you've developed them, you won't need any advice about getting a loan. You'll have savings, you'll be living beneath your means, and you'll be prepared for when life throws you a curve ball. I don't know you, so this is a blanket statement intended for anyone who has this kind of question. By the way, FHA does not have a minimum credit score requirement. They have a formula which takes all parts of your creditworthiness into consideration and makes a recommendation on whether the application will be approved. Underwriters ultimately decide whether the loan should be approved. Each lender has the ability to set their own minimums even when FHA's recommendation is approval.

  (0)
Does paint color of one room turn off prospective buyers? Our Realtor tells us that's a reason.

Answer

Yes! If a home looks extremely "personalized" or "decorator", people have more difficulty imagining themselves in that home. If it's more generic or neutral, with fewer personal touches, it's more like giving someone a blank pallette they can create their own world from. Far more people think they they are good interior designers than actually ARE good interior designers. If you have a blue room and a green room and a yellow room and a pink room, I believe it takes away from marketability.

  (0)
FHA Loan immediately after Chapter 13 Discharge

Answer

A chapter 13 doesn't preclude you from getting a mortgage even if it hasn't been discharged yet. Check this link for additional info: http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.1/41551c2HSGH.pdf Read section E

  (0)
As landlord for single high-end rental residence, can ad target specific audience?

Answer

You must abide by Equal Housing Opportunity regulations. You may disqualify someone due to their credit report, their background check, or their ability to pay, but not on prohibited criteria. The laws are extensive so read each of them here, and consult with a real estate attorney if you don't fully understand them. The question as you worded sounds very slippery and potentially dangerous. If by specific audience, you mean high-net-worth individuals, with good credit, you should be fine. But getting too specific means you know your Equal Housing laws, or could be in jeopardy of violating them and earning some very hefty fines or even civil penalties.

  (0)
Anyone know of a way for someone who has great credit and balance sheet but no job to get a mortgage

Answer

Balance sheet is a very odd term for his assets. Does he earn enough monthly income from his rentals and his "balance sheet" each month to have a debt-to-income ratio of 43% or less? If so, he could be eligible. There are a handful of portfolio programs that will amortize his assets and use them to qualify. But a "good balance sheet"'certainly doesn't give enough information to answer your question reasonably.

  (0)
Will I be approved for a home loan?

Answer

If you are working in the field you studied, you're good to go. Give one of us a call and we will get you a lender letter so you can get shopping.

  (0)
Refinance 4-Plex Income Property

Answer

There are maximum loan amounts on conforming loans, but as long as it fits within them, that shouldn't be an issue

  (0)
If you get an approval pending conditions and fulfill all conditions listed can you still be denied?

Answer

Not typical, but not unheard of. A conditional approval means that if you can satisfy the conditions set by the underwriter, and satisfy the concerns the underwriter had with the loan, then it will close. It doesn't mean that you're approved, but rather gives you a list of items that will also be considered to clear up any question marks about the overall compliance with requirements. Your agent should have been in contact with the lender/loan officer to ensure that all conditions have been cleared in time for the loan conditions deadline, and either requested an extension on the deadline, or cancelled the contract to protect your earnest money. That is not to say that the loan officer wasn't at fault for taking longer than expected, or not effectively communicating that your loan was not fully approved in time for the deadline. But in my opinion, your agent is responsible for ensuring that your deadlines are met, extended or the contract is cancelled. The exception would be if the loan officer lied to the agent saying that the file was fully approved. You may still have a chance with another lender, who would be willing to underwrite the file prior to making an offer. Then you won't have to worry about your final approval. Good luck

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