Getting a Mortgage Loan

[Anonymous]

My wife is attempting to get a loan for a mortgage and her two highest credit scores are 632 638.  We have been denied loans because she is not at a 640 and they say to get a loan we need 20% down.

We can put 10% down and we are finding it impossible to get approved anywhere.  Is there anyone that can help, is there anything we can to get approved and close quickly?  We are running out of options.

[MovingForward_2012]

Have you tried to get an FHA loan? The scores required can be a little bit lower than required for a conventional loan and you only need 3.5% down.

[Anonymous]

We cannot get an FHA loan because the value of the house is $460,000 and we only have 10% to put down which would not bring us down to the $365,000 max for FHA loan.

[tooleman694]

You can take a look at USDA, they have no loan limits and you can do it with zero down. But they do have income limits.

[MovingForward_2012]

Ah! I didn't know there was a purchase limit on an FHA loan. Good thing we are looking at $300,000 max. That must be a beautiful home at a half a mill. The scores aren't that far below the threshold. Are you keeping Util low on your cards? If not, doing that could boost the scores just enough to be able to qualify.

[MovingForward_2012]

Oh, have you considered contacting the housing authority in your state? Or a broker that works with their programs? We are going through them and getting a second mortgage for the down payment. They only require a 620. So you could possibly put some of the down through a 2nd mortgage but ours only allows 3%.

[tooleman694]

Back home in California, 500k gets you a crappy house.

But Here in Texas, 500k is like OMG wow.

[MovingForward_2012]

Same here in Colorado as in Texas

[MovingForward_2012]

OP do you have any credit cards that you could manage differently to get your score to 640? We know your wife's credit but how about yours? To prequalify yesterday, my mid score had to be 640.

[Revelate]

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@tooleman694 wrote:

Back home in California, 500k gets you a crappy house.

But Here in Texas, 500k is like OMG wow.

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So true, I'm stuck trying to be the owner of said 500k crappy house out here in S. Cali, if I get lucky even.