VA Loan or Back to Work Loan
I relocated to take a job and did a short sale on the house I had owned for 15 years. Unfortunately, I did not do enough research because I did not find out until after the fact that doing a short sale is the same as a “foreclosure” in the eyes of the mortgage lender. My short sale was in July 2012.
A few months ago, I started the loan process to get a VA loan with QL. I was approved for the VA loan; however, they wanted me to put down $15K and do a 15 year note, which would make my payment approximately $1500. During this process, the purchase price of my loan changed three times from $190K to $170K to $158K. I was told it was because I would be over 500 miles away from the residence even though I would be relocating with my job to live in the home (that didn’t matter). I felt QL was too pushy with phone calls every week and emails almost every day.
My scores are 682 (EX), 673 (EQ), and 663 (TU).
I do have a few derogatoriness that I want to clear up to increase my credit score and the only payments I have are for a student loan and a car payment.
My question is would I be better off getting a VA loan or trying for the FHA Back to Work Program. I have never used my VA Loan and I do have my certificate.
Starting Score: 570
No, I've been with this particular employer for three years. The Sr. Purchase Banker specifically said it was because I was currently living more than 500 miles away from where I would be buying the house even though I would be relocating with my job to where the house would be.
Thank you. I will start looking for another lender soon. I just mailed a few GW letters today and want to see if my scores improve any.