Large acreage becomes problematic for lenders because of the unique nature of it. Lenders want to lend on properties that are similar in nature to their peers because it is easier to quantify their value. With acreage it is harder to get an accurate appraisal because you are looking for comps that have sold in the last 3 months and that are nearby.Small and local banks or credit unions will be your best bet on this.
Ideally you need to get your score over a 620 or better. You are only 3 points away. What are you doing to raise your score at the moment?
We have access to commercial lending. Contact me through my profile if you would like to speak about it.
This still counts as a foreclosure of real estate.
Sticking it out with your rate and lender is the best plan at this point. It is also the ethical thing to do. It sounds as if your lender is working in your best interest.
Ocwen is hands down the worst company to deal with. Good luck finding somebody to talk to that is within the U.S.
You are correct in option 2 and how it works. You are gambling a bit. If anything happens to delay funding before the end of September you will go 30 days late and that will be a major problem. I have used this method for clients in the past but I always make sure to allow extra time for rescission and funding to make sure they are protected.
The new mortgagee letter for FHA went into effect for case numbers pulled after August 15th. Now to find lenders that choose to use those guidelines.
How old is the mobile home and is it affixed to a permanent foundation? If so you can use FHA as long as the home isn't too old for their guidelines.
Most lenders will not even consider you until you have at least 2 years history of being self employed. You might consider your income as high but they will want to see what you are reporting to the IRS after all of your write-offs and deductions. That is the income they are going to use to qualify you. So basically if you tell the government you make no money (to reduce tax obligations) you are saying the same thing to a mortgage company or bank thus reducing the likelihood of being able to get a new mortgage.