so frustrated

[junebug]

i called the mortgage guy back. *sigh* he is still waiting to hear back from one lender who deals with 580 credit scores, but most people want atleast 620 now. a couple months ago when we tried, if we had had chad's 584 score he has now we would have gotten one! just in the last couple of months they have raised their minimum scores! i'm so frustrated. even though he is still waiting on one lender to call him back, we are just going to stay here with my dad and get a few more things paid off, i guess. the problem with staying with my dad though is that he is on unemployment and is going to try looking for work up in Ft. Wayne. if he gets a job there he will either let this house go or sell it. so we may have to either hope our score is high enough in a couple months or rent somewhere. My score is 623, but for a VA loan it would have to be primarily his name and i don't know if he wants to try for a non-VA loan and see if we can just use my name. dang it. i'm hoping after we pay off our small credit card and a $3000 loan we have maybe that will be enough to raise his score about 40 points.

[sczos911]

I work in the mortgage industry & the min. credit score for us at least, has changed from 530 to 620 in 6 months. To raise your credit score, you are on the right track, but unfortunately it will take 6 months or more.

It's tough right now. Rates are low, but the minimum score keeps getting raised. Lenders don't want to get into the sticky situations of borrowers not being able to afford mortgage payments and the whole situation with the housing market now.

Look into an FHA loan if you can. You could go as the primary borrower & he might be able to co-sign, but not use his credit score. Of course, all mortgage companies are different & this is our poilicy - so just double check.

PLUS - for first time home buyers, remember the $8000 tax credit. You can get up to that ammount back WITHOUT having to pay it back unless you move in the first 3 years.

There are credit programs that can help you out, but beware of scams. And it is not an easy fix - once credit is tarnished, it is hard work to get the shine back.

Yep. Mortgage dork right here....

[junebug]

thanks for the input! i am going to research the FHA loan. i REALLY want a home! and technically, this isn't our first home; we had a VA loan several years ago but lost the house when we were forced to file for bankruptcy. thats why his score is so low to begin with. we expect it to take about 6 months or more to get his score up, but i want to look into getting one in my name. he just wants to wait and pay stuff off. which isn't bad, but i'm so dang stubborn and impatient, lol.

[Sharon Kay]

Hoping you hear good news!

[mummytothree]

Corey what about your house you owned before your trip to Cali..... (I think you owned it right...wasn't it like a foreclosure you all bought?) I know it had a few "problems" that needed fixed up but can't you sell it or use it as collateral!?!?! That might not help with a VA loan (I have no idea hows those work) but it would definitely help with a regular home loan under your name!

[junebug]

we are selling well, trading that house to my BIL. they are finishing stuff up int it as we speak and even packed all our stuff up and put it in the garage. they were going to pay us cash for it after they got a personal loan or whatever but he and my husband decided that instead they would trade-they get the house and Chad gets his Harley Davidson bike lol. seriously. we are going to get chad some glasses today so he can pass the vision part of the permit test and then he's going to take classes in July to fully learn how to ride (though he's been riding it around the block at my MILs house and doing great. but it makes me nervous he's going to get caught riding without a permit!). so yah. basically we traded a small house for a Harley. when he gets good, i'll ride on the back. but not yet. i'm scared lmao!