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Hello,
Has anyone found it easier to get a mortgage threw a new home builder vs a outside lender? My husband and I have been working on our credit for over a year and have come from the high 400's to the mid 600's and we are using a VA loan. My husband finally got his mid score to the 620's in July but we were denied in UW due to a 30 day late that wasn't 12 months til this past Sept. We tried again in Oct with a lender and we had mid scores of 646 and mines 660. But they wanted to remove all the dispute comments off before putting it threw UW well it took way longer then expected and once every dispute was finally cleared the lender has gotten impatient and I ended up getting better results with the help of the forum getting it removed my self. So they stopped returning emails and messages. I was driving one day and ended up finding a new construction site. We spoke to them and they had a home that originaly had been started by someone but they could not get the home due to finances. (great for us) long story short they ran our scores and we are using the in house lender to get that closing cost covered and our scores took a slight drop due to so many pulls.
They said that they can get us in by first of Dec!!!!!! My question is with my husband at 638 and I now at 650 mid we have all disputes removed all items pais no new collections that 30day late was 12months in Sept, will we have problems getting our home? Some had told me the in house mortgages can get you in a home! Please share.............
The in-house lender has incentive to work harder to get you closed. Just be careful to compare costs, you should have GFEs from your earlier apps so you just need to keep them honest on rate and fees.
@chasmith wrote:The in-house lender has incentive to work harder to get you closed. Just be careful to compare costs, you should have GFEs from your earlier apps so you just need to keep them honest on rate and fees.
+1 on both points. They do seem to work harder to get you approved and closed, but they also seem to pass more fees down to the borrower than local lenders. But I guess that's a moot point if they're paying your closing costs.
Best of luck to you!
+1 to all of the above. In house lender has been the most lenient of all the local lenders we tried. And we are buying a similar "mostly built" home. We got free upgrades and $5k closing costs. We used a realtor for our protection,but found the place ourselves.
Good luck! We're under contract with DR Horton for a new home. All we're out of pocket is the $250 earnest money (normally $500, but hubby is a peace officer, so they discounted it).
This crap is stressful, isn't it?!?