ssgbarnes19 Posted October 13, 2004 Report Share Posted October 13, 2004 I just thought I would voice my frustration at this moment. I'm a retired military member. I was renting a flat that burned down in January this year. I'v been staying, with my brother, because I had planned on having a home by now. I'm doing ok financially now. I receive a monthly pension (about 1400 a month). I'm an hourly blue collar worker ( I make about 22.00 and hour), and can pull alot of overtime. So far I've grossed $53, 000 this year. My credit, I have been repairing since June 23rd this year and my FAKO's are listed at the bottom. The most debt I owe in this world is about $5,000.00 TOTAL. Why can't I get a home loan? I have been to 2 lenders who told me to get my score up more. They don't seem to want to use my VA. Is there any particular reason for that? For the past year my CR's have nothing derogatory. I am low in debt and just don't understand why I am not enjoying the the security of home ownership. Moderators and anyone else, HELP please. Link to comment Share on other sites More sharing options...
DocPC Posted October 13, 2004 Report Share Posted October 13, 2004 Have you contacted Charles? Link to comment Share on other sites More sharing options...
firstsource Posted October 13, 2004 Report Share Posted October 13, 2004 I know that it is very frustrating. As to your scores, if you have gotten to the point where you don't have any trade lines that have been open for more than 2 years, then that will be part of the reason for lower scores. The only reasons I know that you would not qualify for VA is collections and maybe the home you want is over the max. Rule of thumb is that the scores you are getting are about 20 pts higher than what a mortgage broker would see. You need in the range of 560 to 580 to get a 100% financing from a lender. If you are REALLY wanting a home, then you can try calling FSBO (for Sale by Owner) type sellers, as many times, especially this time of the year, they are willing to get 80 or 90% of their asking price now, and wait for 3-5 years for the balance. If you have 5% down, there are a lot of lenders that will allow the seller to discount the sales price (as long as that offered price is the "actual" value) via a "gift Fund". You could also think long term, and get a "rent to own property". If that is the case, be careful that you keep informed as to how the owners are doing financially. Charles Link to comment Share on other sites More sharing options...
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