Posted by countryman on March 07, 2003 at 13:45:20:
thank you for your reply, I will give Andrew a call and see what he can come up with. It may just come down to waiting for a few more months so that we can pay down almost all of our debt except for the car and student loans.
moving up, how to finance & rent current home - Posted by Countryman
Posted by Countryman on March 06, 2003 at 14:44:29:
I am wanting to get started in REI, and it is time for a larger house for the family. I want to keep the current home as a rental, since rents in the neighborhood are 200-300 more than current mortgage payment. Here is the rub. Our credit is not great, but have good income, and have been repairing credit, and paying down debt load quite a bit. Current mortgage is 1yr FHA arm, so would have to refinance that to conventional in order to get another low down FHA for new home. We also can put down only about 5-6000 right now. Any suggestions on ways to finance, or programs that might work? The biggest stumbling block so far has been our credit score. Also, we have been correcting a number of things that were incorrect on our credit, and have letters form the creditors showing that fact. will these letters suffice with a lender to show that our credit is in fact better than it shows, or do we have to wait until our actual credit report can be pulled with the correct information on it. I have been told that it can take 30-90 days for the corrections to be incorporated on the credit report.
Any help or suggestions will be greatly appreciated.
refi and purchase - Posted by brad
Posted by brad on March 07, 2003 at 24:55:14:
I have some advise for you. e-mail me if you need info
Refi and Purchase. - Posted by GMann
Posted by GMann on March 06, 2003 at 20:04:11:
I have a friend in Florida that works for a nation wide lender. The name of the company is RBC mortgage (bank subsid.) They have pretty diverse programs. He can help you with both the refi and the FHA loan. See if you can some of the down payment $ to pay off some of the bad credit. You may be able to do a non-profit gift program with the seller. Ask Andrew about the details of the program. There are also 100% loans out there for 580 scores, and 95% loans with 550-560 scores for owner occupied properties.
Andrew Deitch
877-625-5577 ext 106
He is my former boss and is a blast to work with. Tell him Gary sent you.