Ray R. Stevens's Q&A

Rapid Rescoring is the way if you want to get it resolved quickly.  A letter from the credit company will expedite the correction.

It is a very small investment in time and money for you and the broker to find out definitively if you qualify.  If you love the property give it a try.There are some differences in the credit scoring models for consumer sites vs. mortgage models.Last consideration, the factors that bring your score down may make homeownership difficult.  Home ownership can be expensive with unexpected repairs.

Besides the excellent reply from Steve below, underwriters may have concern with your employment record.  How long have you been back to work?  I can't speak from personal experience on any of my loans, but a 9 month break in employment is significant.  Whether you are re-employed in the same line of work may help.

Dealing with lenders and their well trained staff is difficult.  I would try a reputable loan modification company before you go futher in arrears.I am sorry for your hardships.  Good luck to you.

There is a lot of details missing from your question.  If yoou are at the maximum LTV for the loan program you will have to come up with the difference.  This maximum is different for different program types and purposes (cash out vs. no cash out).FHA is 97.75% no cash out vs. 85% cashoutVA is 100% no cash out vx. 90% cashout.Other programs are at 75% to 80%.

Absolutely!For your child, it will be documented as gift funds.  Give the estimated amount to your child ASAP, because underwriters want to see the HELOC check clear your account.  Their broker should be advising your child to collect the following to document it:1.  HELOC statement showing the gift clearing your account.2.  Gift letter signed by the doner.3.  Statement from your child's bank showing the funds have been deposited.

Gregorio,Now that is funny!!  LOL.

3 points and 4.75%?  That is terrible!!!!!!All other factors aside, 4.75% with one point is closer to reality.

Put in a quote and almost any Zillow lender can do Harp.

Debbie,Don't understand the question.  It will be paid off in 15 yrs if it has a 15 year term.Are you paying additional principal?  Need more info.