Firstsource, I need you!

[littlebit]

First of all, thanks so much for taking the time to answer questions around here. I am new and have been reading your posts and learning. My husband and I live in Georgia and we want to buy a home. Neither of us has ever owned a home before. I saw a link to your website and thought about filling your application out and seeing where it goes or what could be done or should I just talk to you here or go and sit down with a loan officer? My credit is shot, my husbands was ok, I think there was a tax lein added recently. I did lower is score by applying for too much credit. He was declined in the past year by Chase, Walmart, and most recently HHgregg. I did get him two credit cards to help clean up his credit and he has paid as agreed for the last six months.

Thank you in advance for taking the time to read this and I look forward to hearing from you soon.

[firstsource]

Can you pay the tax lien off? It almost impossible to get a loan with a recent judgment/tax lien.

Most of the time you can get a loan of somekind, but the amount percentage wise might not be what you need.

So, it might be a while before you can get to the point where you can get the loan that you want/need, but it will be worth it.

I am about 1/2 done on a loan for a client that started working on his credit well over a year ago, he finally hit the 580 goal that he had, started looking, found a home last week, and should be in his own home in 2-3 weeks.

here is basically what you need:

2 years of job history-either same job or same type job is best (but if someone graduated from school a year ago, that can work also.

For a 100% financing, you need at least a 560 score, but 580 is much better. It is my experience that having a goal is what makes a great difference.

Charles

Charles

[littlebit]

I have not pulled my husband's credit report recently but I know that our refund is being offset, not sure of the amount but I am guessing around $10,000. I don't know what this did to his credit score but last June his EX was 610, his EQ was 599, and his TU was 731. Like I said, he has built credit up since then as well by getting a couple of credit cards. Going on three years same job and been in the same field for 15 years. He also has a VA eligibility of $36,000.

So no way on any loan with an unpaid tax lien even with decent scores? Even with a low income type or first time homebyers program? Do most mortage companies have LOs such as yourself that help people obtain loans by pointing them in the right direction? Who would you suggest that we work with or what kind of program and who offers it?

Thanks so much for all of your help!

[firstsource]

RE: Tax liens:

Lenders in the sub-prime world come up with different programs from time to time; so I will check around to see if there are some that will allow it. I have not had a client in a while that had one.

As far as other mortgage companies LO's. I don't know. I seem to have a fair amount of patience, as it takes a long time to get some people to the point where they can get into a home. As you can probably tell, I enjoy what I do, and have had credit problems in the past, so I know first hand how some people treat borrowers that are "credit challenged".

I will let you know about the Tax Lien programs if/when I find one.

Charles

[littlebit]

I am going to your website and I am going to get the ball rolling by doing the long app. After this I'll email you directly if you don't mind. I just didn't know if you could offer your services to me being in another state. how does that work exactly and have you directly helped anyone on this site?

I'd love forever if you could get us into a house in a year. I am willing to work and wait.