VA technically has no minimum credit score requirements but lenders will apply "overlays" where they won't lend below a certain score. Most common will be a 580 minimum credit score on a VA but you might find someone that will go down to a 550. I would strongly advise going the VA route as opposed to FHA if it's available for you. Best of luck.
As the others have stated you can go with a conventional loan with less than 20% down but my guess is you are looking to avoid the mortgage insurance by having 20%. Either way, you could move forward with your contract under FHA financing and sign an addendum to your contract later in the process to switch to a conventional loan. Most sellers prefer you go conventional anyhow so you shouldn't run into any issues there. You could also submit your offer with conventional financing contingent upon having the 20% later in the process however if it's a multiple offer situation you want as few contingencies as possible with your offer.
The first poster is correct. The change that was put in place recently altered the eligibility based on the note date and it had to be by May 31, 2009. There are some rumors about some future changes to the HARP program and possibly allowing someone to refinance again under the program, or "re-HARP" as it's being called, but that has not happened yet and I'm not certain how likely it is to change. I would encourage you to periodically check in with those of us here or simply use Google to check on updates.
It sounds like there is something more going on to me that is not being disclosed to you. It's perfectly acceptable for you to pay yourself and document a W2 for your S-corp and there should be no reason they cannot accept the W2 provided by you to them as they can match that income back to the 1120s. Never have I heard of requiring the business to sign a 4506 and only allowing them to process the request for the W2. I'd be concerned about the lender's ability to deliver this loan based on the information you are providing. Be careful and ask as many questions as you can. Good luck!
Your lock in agreement is not tied to the seller handling the oil tank issue so the seller has no responsibility to cover your expenses for the lock extensions. There also should be no problems with canceling your current loan and lock with your existing lender and starting the application up again and re-locking 30 days after the lock is canceled. I too would be concerned about the lender telling you there will be a problem with the loan being approved again. Also, your loan officer is not a licensed real estate agent nor an attorney (i'm assuming) and should not be dispensing legal advice as it pertains to your contract. You might want to explore talking to another lender that is local to you as I'm seeing a handful of flags you should take notice of. Hope this situation works out for you. Good luck.
Having a 4th property does not limit your ability to qualify for a new home. As long as your income is sufficient to carry all your payments and keep your debt to income ratio in line and your credit qualifies as well, you should be fine. Talk to a local lender in the area you are buying and give them as much detail initially as possible and get yourself pre-approved. Good luck!
Wayne is 100% correct. No lender will accept or even consider an appraisal completed by an appraiser selected by the client. You would be throwing your money away at this point. You should either follow their advice and have your agent run some comps for you to see if the first report is off base and if it is try and have your current lender submit the new comps to the appraiser for a reconsideration of value. If that doesn't work you should look for a new lender with a new appraisal and alert them to the issues with the first company. Good luck!
You cannot be forced to raise the amount of dwelling coverage to the amount of the loan as that is not legal. Most lenders would obviously prefer you to be covered for the loan amount but they can't insist on that. What can be required is that you are covered for the "estimated cost new" of the home and this information is on your appraisal. This number is typically lower than the loan amount and is the estimated cost to rebuild your home if it burned down, just like your insurance company has told you. In some cases though this number will be higher than your loan amount and typically the lender will want coverage for the lower of those 2 amounts. If I were you I would review my appraisal very closely and point out to your lender that legally they cannot force you to increase your dwelling coverage to the loan amount. Good luck!
The funds you will receive as a gift do not get reported to the IRS by the mortgage company. To fully protect yourself though you should speak with a CPA to verify any tax implications like you are asking about. As far as documenting the gift, you will need a completed gift letter (standard form that your lender should be able to provide to you to complete), proof your parents have the ability to give the gift (copy of a recent bank statement with all pages) and either proof they transferred the funds into your account (copy of your transaction history showing the funds received) or a copy of the check with proof it was deposited into your account. Or they can simply wire funds to the title company on your behalf or provide a certified check to the title company and this last step avoids the need to provide proof the funds were put in your account. It's typically easiest to send the gift funds to the title company and it cuts down on the documentation requirements. FYI, if the down payment is going to be 20% or greater the entire portion is allowed to be from a gift for a purchase of a primary residence. Congrats and good luck!
No doc loans have really gone away and the only shot that you would have is with your local bank or credit union. It's possible they would have a program where they will hold the loan and not sell it to Fannie Mae or Freddie Mac and keep it as a "portfolio" loan and if so they can choose to lend to whomever they wish. It's their money and their own guidelines. You will have a greater chance if you have a bank that you have a long standing relationship with. Good luck.