Mortgage Loan Program for mid score of 649; first time home buyer; 100% LTV?
I was supposed to be closing today…however my lender needs an additional appraisal of a comparable house with a pool in my neighborhood (my appraiser gave them a few, but they want 1 more-apparently there are no more)…so my whole loan might fall through…..Don’t know where that leaves me…….House is priced at $160K, appraised at $162K, my annual income is just over $50K (they are not using my husband on the loan b/c his credit scores are bad)…My contract was already amended from closing on the 6th to the 9th…Any ideas out there? Please help….
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Be patient. That’s ridiculous, that they want one more comp. with a pool. The loan officer should be asking the lender for an additional comp. so the appraiser can put it in the report (yes, this is possible).
It is too late for you to switch lenders unless the seller is willing to wait two to four weeks to close. Your lender should accept comps that do not have pools. The appraiser can easily make an adjustment to the comp to accomodate for the lack of a pool. That is how comps are done. There are circumstances where there are NO comps in a given area and an appraiser has to use an entirely different method.
Apparently your question came up high on the list for spammers. Badcredit.com . . . she said she had a 649 score, that is not bad credit. Its about average.
The lender might be hesitating and nit picking because that is a bit of a risky loan they want no part of right now.
You have a fair score, only fair, you have no money to put down, and your debt to income ratio is a little high.
Not a real good formula today where last week it may have been accepted without question.
The reason the value is soooooo important is that you are putting nothing down and they want to make sure the investment is sound.
Good luck.
If it falls through here is a website for people with bad credit for mortgages, auto loans, credit cards and lots of help.