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Ryan Dalton's Advice

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  • 76 Contributions
  • 1 Best Answers
  • 4 Helpful

Ryan Dalton wrote:

Can anyone help a disabled veteran with bad credit get a VA loan in the Prescott, Az area?

Answer
Yes! While in most cases for favorable loan pricing you want to have a FICO score higher than 620, the VA will lend on scores down as low as 580.The VA's loan for disabled vets is the best loan program on the market. Truly second to none!
November 06 2013
(0)

Applying jointly for mortgage - who's credit score?

Answer
While both credit reports will be looked at heavily, it will ultimately boil down to whoever has the lowest middle credit score for mortgage qualifying purposes.I hope this helps, best of luck to you!
November 06 2013
(0)

Can I get a convent. loan with a 640 credit score? App. for FHA but 30 yr PMI, not good.

Answer
Yes! While most lenders require you to have a 620 or higher (which you do) national FHA guidlines actually permit lenders to loan on a FICO score as low as 580. Conventional loans are a little more credit restrictive. While you may be able to qualify for a conventional loan with a 640 FICO, anything under 700 and your rate is typically less favorable.Hope ths helps and happy house hunting!
November 06 2013
(0)

Refi out of FHA to get rid of mortgage insurance

Answer
If your home has truly increased in value then yes, a conventional loan can work for you. The only way to get our of having to pay monthly MI is by having at least 20% in equity in the home once appraised. If this turns out to be the case then you should be good to go!Best of luck!
November 06 2013
(0)

Buying after foreclosure...

Answer
The only way you can do a non-occupying co-borrower is by putting a minimum of 20% down on the home. Unfortunately even then you would have to wait 7 years. VA is 2 years; FHA and USDA are both 3 year waits.At this point it sounds like FHA is your best option while rates are low. Even with PMI it will make more sense than waiting for no MI on a conventional loan in another 4 years when who knows what mortgage rates will be.
November 06 2013
(0)

How long you must wait to purchase or refinance a property after a short sale or foreclosure?

Answer
Hi Mike--You must wait a period of 2 years for FHA and VA home loans and a period of 7 years for conventional financing.Hope this helps!
November 05 2013
(0)

How can I get lenders to give me a mortgage with a 651 credit score?

Answer
With a 651 FICO you shouldn't have any issues meeting the credit requirement for home financing. As Brandon said below, most lenders require you to be at a minimum of 620 in order to qualify and some lenders will even go down to 580.Are you a veteran by chance?
October 01 2013
(1)

I have bad credit due to medical bills, but am collecting $45,084 annually from the VA and SSDI.

Answer
What type of shape is your credit in? Do you have an idea on the score?
September 19 2013
(0)

If my husband is the only one with a job, will they care about debt only in my name?

Best Answer
My advice to you since FL is not a community property state would be to put the loan in only your husband's name, this way your debts will not be taken into consideration when making the loan decision. Also, you can put yourself on title to the home and this will not affect your ownership position of the property.
September 19 2013
(0)

To whom can I appeal turning down lowan refinance?

Answer
If this truly was a lender mistake or LO error your best recourse of action would be time find a lender you trust and would like to deal with moving forward. Don't reward someone with your business who doesn't deserve it.Also, if you wouldn't mind giving us more information on this "mistake" that way we can give you a more clear concise answer that would help this matter greatly.Either way, good luck on your home refinance or purchase!
September 05 2013
(0)