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All I want to do is buy a house. We have found one that is only 35K. I have 10% to put down. The problem is that my credit score is only in the 500s but I am the bread winner of the family. ( I make around 50K) My husband has a credit score around 630 but he is on disability. We have a VA assurance for 36K but everyone we try won't take us because either my score is too low or his debt to income ratio is too high. Ahhhhhhhhhhhhhhhhhhhhhhhhhhh Any last thoughts people?
You need to work on improving your credit score. If you have defaulted on loans, then you will have to wait until they drop off your history. Mortgages are in record defaults and lenders are being very careful now.
You can also help yourself by trying to put up a greater down payment. With more equity, lenders will be more inclined to issue a loan. But I would definitely keep trying. You might have to accept a high interest rate, but with your income, a $33K loan shouldn't be out of line.
So many of the more high risk lenders have been having such a bad time right now, high rate of defautls, bankrutpcy. If you have not worked with a lender who does some high risk loans you may want to shop around for lenders.
Will the seller consider a lease option? Ask your Realtor to contact the selling agent or the Seller and see about a lease option scenario. If you don't have a REALTOR, I would find one to help you purchase the home as a lease option.
Ask your realtor if they can assist you with finding a financial institution to qualify you. There are also programs to assist with down payments as well as financing that real estate agents should be familiar with. There are programs for first time home buyers through the federal government that you might qualify for. Also having the VA backing is also good! A knowledgable real estate person should be happy to assist you because it will be money in their pocket. You also might qualify for purchasing a VA or other govermental agency repossesed home. It might be good to check with a large or national firm of real estate agents, due to the fact that they have more staff working and each person has expertise in certain situations like yours... It is sometimes difficult for small local firms to have knowledge in all of the aspects of financing and govermental programs that might help you. Your fees will be pretty much the same regardless of what type of real estate agent you choose. Also, some lenders such as Countrywide have staff who can help with the financial programs available, and are also able to determine what you might need to do to satisfy requirements or improve the way you look on paper. Dont take no from one or two as a bad sign, just an inconvenience... dont give up, keep searching and eventually you'll find people who want your business!
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