There are no laws against you going with who gives you the best product, best service, best rate.In this case, lender #1 had all of the tools to keep you as a client; they just failed to operate professionally. This is not your fault. You made the right choice by looking elsewhere when things had begun to head south with the first lender. If you can close with either lender #1 or lender #2 on the same day and it doesn't effect you or your family, choose the lender that did right by you and enjoy your brand new home!Lender #2 gets my vote.
Having a 637 should be a high enough score to proceed with a refinance of your home.Also, if you have had one late payment within a 12 month time span generally you can still proceed as well, although not guaranteed.Can you give me some more details as to why you have been turned down? I would like to help if I can.
Brian I think there should be more customers out there like you.I think the moral thing to do here is to go with the lender that was the most help.It sounds like they did their research and truly value customer service.How close is the second lender to closing? My only thoughts are that if you can close on the loan and be over and done with everything that is a much better situation than waiting around for the second lender and while waiting continuing to pay your current higher rate.What are your thoughts?
Yes, while many lenders require a minimum credit score of 620, there are many out there that go down to 580 on a few different loan programs.The programs that would be most favorable to you in this situation would be either an FHA loan or a VA loan (assuming youre a veteran). Both, depending on the lender will allow you to go down to a 580 FICO.If you have any additional questions or concerns feel free to contact me through my profile.I hope this helps, good luck to you.
Hi JMills1973--There isn't really a short answer to this. It sounds like you have the money needed for a solid down payment on a new home, but what exactly do you mean by bad credit?How bad is bad?
Ultimately you will want to do what's best for you and your family. Despite losing faith in the first lender, if they can actually get you to closing and provide you with a great loan you should take it.If possible try and have one of the appraisals refunded. There is no reason you should have had to pay for two appraisals unless one of them had expired.I hope this helped and everything works out for you guys!
You will want to work with someone that you trust, and more importantly someone withwhom you believe can close your loan in a timely manor. Rates have started to increase over the past few weeks so now is as good of a time as there has ever been to refinance a home loan.If you have any other questions or concerns you are welcome to contact me through my zillow profile.I hope this helps! Good luck!
There are lenders out there that go down to a 580 as far as credit qualifications on an FHA loan, even though most ask you to be at a minimum of 620. If not you can try looking into a local credit union who can basically lend based on their own guidelines.
You will have to wait at least 2 years from the BK discharge date. I have posted some information below that should help you moving forward on what FHA requires on credit.I really hope this helps, and when the time comes that we can refinance you I would love to be your loan officer!Good luck to you.http://www.fha.com/fha_requirements_credit