I have a client who has a credit score in the middle 550-580 range, Is Va qualified needing a loan for a home purchase of 59,900.00. he has all his recipts where he has paid his debts and has been employed for 4 years at same job. Our mortgage company cant help him and I'm a new agent so I do not know what to do. My client wants to write a offer at 11:30 today for this home. He said he was pre approved about 2 months ago for 120,000 but now he went back to that company an they said they could not help him out.
Let me know any ideas.

Mark

Is the lender not doing va loans anymore?that sometimes happens.
Also 60,000 is really low sales price and some lenders won't loan out on anything under 50k to 60k.

What made hime cut his price in half?With a va or fha loan they WILL make you pay off all outstanding collections and judgements,liens etc.

I had this happen the other day a buyer that relocated here from south carolina wanted to get a va loan,he had to seel his house there before he bought here,the kicker is before he got a va loan and i had to explian that now he cannot get a va loan because of his collections he has,rather large and discharged so he doesn't want to pay them off,he can go conventional though.

good luck

My wife wroks for Wachovia and I got two deals approved last week one for $50,000 and another for $120,000. The $50,000 deal the couple had just filed chapter 7 twice in the last 4 years. Their beacon score was low 500's.

The other deal, young couple in mid 20's husband has had 6 or more jobs in 2 years he had 9 charged off loans, his wife hasn't worked a day in her life. He just signed up with the Army she got him approved for $120,000 loan with nothing down.

It's great she got them approved for me, but what really sucks is she got them a lower interest rate than I have and I'never missed any payments in 20 years.

Bottom line check into Wachovia. They have some awesome programs. My wife works in Georgia. I would be glad to get you information on this.

That sounds great, i'm in Georgia and would love to get some information. You can email me if you like. Thanks