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Can't find a lender for this- Credit score under 620, 38% equity, $2,700 a month in retirement, house on over 10 acres, so no FHA.


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Can't seem to find a lender for this-

Credit score under 620, 38% equity, $2,700 a month in retirement, house on over 10 acres, so no FHA.

Going round and round getting turned down over either the credit score or FHA disqualification.

Need a non FHA loan using my poor credit, but great income and great equity.

 

Thanx, Alan

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5 hours ago, estes53 said:

Transunion- 552

Equifax- 606

 

If you got those from Kredit Carma, you don't have a valid reference point.

 

You have three mortgage FICO scores, and your loan will be decisioned/priced based on the middle one.  

 

If you have a co-applicant, the lower of your or your co-applicant's middle score will be used.

 

 

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With the reference to equity, is this an attempt to refinance or is this an attempt to purchase a substantially under-valued property?

 

What are the fundamental issues causing the score to be so depressed?

 

Rather than chasing what will be an insanely expensive finance route now, it may be better to address the issues causing the problems...get the score back into the mid 650's and then try again.

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My wife and I are divorcing.

We have private loan with 2 of my brothers and still owe them 24%, so she and I have 38% each.

Would like to buy all 3 of them out.

Credit is bad because I was unable to stay up with an expensive work vehicle and student loans during covid.

Have quit the job and now have just my military retirement and social security.

 

 

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Just remember - a divorce is nothing more than just another business transaction. Keep that in mind as you negotiate with your STBX.

 

I'm sure there's emotional attachment to the home but in the end it's just another asset and piece of property. Since there's lots of equity, you can compare the costs of refinancing vs. selling, paying off your ex- and your brothers. The court will no doubt put a timeline on the property settlement, unless you and STBX drag out the proceedings (which IMO makes things a thousand times worse) then you'll need to come up with settlement funds quickly.

 

Depending on your state, if your STBX divorce attorney (assuming she has one) figures out you can't afford to refinance in order to settle, STBX might push for a sale in order to receive the proceeds faster. Good Luck.

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4 hours ago, estes53 said:

My wife and I are divorcing.

We have private loan with 2 of my brothers and still owe them 24%, so she and I have 38% each.

Would like to buy all 3 of them out.

Credit is bad because I was unable to stay up with an expensive work vehicle and student loans during covid.

Have quit the job and now have just my military retirement and social security.

 

 

Are the brothers willing to cover another private loan for the 38% and then structure it so that you pay them in full within say five years?  That gives you time to repair your credit and hope that lenders will still be writing sub-700 loans when the bottom of this moratorium nonsense falls out.  It leaves them with 62% in the moment, but if you have no other expenses, there is no reason not to be shoveling money at the private loan as quickly as possible...

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