I have a fairly complicated situation that I need some suggestions one here. The past few months I have been working with a lender who ended up not having a clue what they were doing. I now have a contract on the property I'd like to buy, but closing date is February 16th, so time is running out. I was originally trying to get approved for FHA with an MHDC cash assistance loan. Unfortunately the lender had no clue what the MHDC loan has an acreage limit the property is over, so that's out. They have dropped the ball more times that I can count and have had incredibly poor communication. So I'm on the search for another lender that can close ASAP. I've contacted several, but it's becoming difficult to find a program that I can work with to qualify. I would like to hear everyone's suggestions as far as what program I may qualify for. Thanks in advance.
I currently own one piece of property; my mother's house. She recently transferred it to me so I could manage everything while she works out on the road. My family, however, lives in a single wide mobile home on another piece of family property that I do not own.
1. Mortgage Credit Scores:
I'm at EX 651, EQ 672, TU 654
2. Credit Negatives:
1. Capital One
- Type: Late Payments
- Status: Current
- DOFD: 03/16
- Most Recent: 01/17
2. CCS
- Type: Collection
- Status: Paid - Closed
- DOFD: 01/17
- Most Recent: 01/18
3. Fedloan Servicing x4
- Type: Late Payment
- Status: Paid in Full - Closed
- DOFD: 02/13
- Most Recent: 08/16
4. MBA Law Offices - Medical
- Type: Collection
- Status: Open
- DOFD: 08/17
- Most Recent: 01/18
5. AD ASTRA
- Type: Collection
- Status: Paid in Full
- DOFD: 01/14
- Most Recent: 12/17
3./4. Gross Income and Source
$660/week gross from employment
5. Monthly debt payments.
1. Capital One
$186/$600
$25 a month
2. Capital One
$0/$600
3. Capital One
$94/$500
$15 a month
4. Credit One
$1/$500
$1 a month
5. Celtic Bank
$0/$300
6. Fingerhut
$0/$1550
7. Snapon Credit
$2207 Revolving
$160 a month
6. Employment (for those who are employed). - Type of employment: Full Time
- How long have you been on the job: 2 years 1 month
- How long have you been in the industry/career field: 4 years
7. Assets/Reserves.- Checking - $1200
- 401k - $1300
8. Location:
- State - Missouri
- County(s) - Madison
- City or zip(s) - Fredericktown 63645
9. Property Description: Rural single family farmhouse on 32 acres undeveloped timber and small pasture.
10. Property Value. - Purchase transaction: $206,000
11. Occupancy. - Primary residence; Family of 5
12. Transaction Type. Purchase
Thanks in advance!
