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Servedinafghanistan 
New Orleans Saints Fan
FWB, FL
Member since Feb 2005
6367 posts
| UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 8:42 pm)
My brother is looking, does he have a chance? His income is 5100 a month with no debt other than living bills.
UPDATE:
He found a lender and they pre-approved him for 160,000 at 4.75 and zero down due to VA (he is a veteran). They quoted his payment with taxes and ins at 999.00 a month. He was happy with the results but I think the 4.75 may be a little much.
This post was edited on 4/12 at 11:57 am
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wegotdatwood 
Arkansas Fan
Member since Aug 2009
13704 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 8:55 pm to Servedinafghanistan)
How much house and what kind of down payment would he have?
I have no idea if there is an absolute cutoff score or anything but I think those factors could play an important role if there isn't one.
Fwiw, I think it's the fico score anyway.
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Servedinafghanistan
New Orleans Saints Fan
FWB, FL
Member since Feb 2005
6367 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 8:58 pm to wegotdatwood)
thanks, the price of the house he's looking at is 160,000ish and he has probably 5000 to put down.
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MikeDaTiger23 
LSU Fan
Lake Charles
Member since Feb 2009
397 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 9:21 pm to Servedinafghanistan)
Really needs to have 20% down with that score.
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Servedinafghanistan
New Orleans Saints Fan
FWB, FL
Member since Feb 2005
6367 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 9:30 pm to MikeDaTiger23)
I dont see how he could come up with another 29000. I understand that a common bank or credit union will want this but what about private lenders that do not necessarily have to answer to shareholders? Could this be a possibility?
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Franktowntiger7
LSU Fan
Member since Dec 2010
1620 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 9:34 pm to Servedinafghanistan)
Absolutely not, 620 minimum. It doesn't take much or long though to get a 600 to a 620.
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Servedinafghanistan
New Orleans Saints Fan
FWB, FL
Member since Feb 2005
6367 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 9:41 pm to Franktowntiger7)
quote:
Absolutely not, 620 minimum. It doesn't take much or long though to get a 600 to a 620.
I think his score has been climbing pretty good. I think he said it has gone from 525 to 602 in just 4 months. So he will probably have to keep going. The thing he has a problem with is the hard inquiries versus the soft inquiries. A hard inq will drop your score 9 points if over 5. That sucks.
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ZereauxSum
LSU Fan
Atlanta, GA
Member since Nov 2008
5739 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/8/12 at 10:59 pm to Servedinafghanistan)
quote:
The thing he has a problem with is the hard inquiries versus the soft inquiries. A hard inq will drop your score 9 points if over 5. That sucks.
When he shops for credit, he should do so within a short amount of time. The credit agencies treat multiple inquiries of the same type (mortgage applications for example) as one inquiry.
As long as he's not sporadically and frequently applying for credit, he should be OK and get to 620 in no time. Based on what I've read, this is pretty much the bottom for most lenders. No anecdotal or hard evidence for this though.
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cjared036 
Alabama Fan
Houston, tx
Member since Dec 2009
3866 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 7:22 am to ZereauxSum)
If your debt to income ratio is low you can get a loan at 600.
Tell your bro to talk to a banker.
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VABuckeye 
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8122 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 7:36 am to Servedinafghanistan)
No offense intended but having a 525 four months ago has nothing to do with inquiries.
He is going to need a substantial downpayment to overcome his credit score. Even when his score rises he is going to need more than 3% down for a conventional loan. If he can qualify for an FHA loan the 3% down is about right. If he is a veteran he can get away with less down. There may be other low downpayment options in Louisiana that I'm not aware of (I live in Virginia) such as a rural housing program.
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4590 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 7:50 am to Servedinafghanistan)
If his personal bank won't do it, then most likely no one else will either.
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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1231 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 12:03 pm to Servedinafghanistan)
your brother needs to email me. i have a FHA program that requires a min 580 score and 3.5% down and the rate is actually pretty good at 4.25% this morning.
hawkeye70739@gmail.com
This post was edited on 4/9 at 12:04 pm
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13704 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 12:07 pm to hawkeye007)
What do you need minimum for a VA loan?
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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1231 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 12:09 pm to wegotdatwood)
VA is a 620 min
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Vrai
LSU Fan
Baton Rouge
Member since Nov 2003
1917 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 2:00 pm to hawkeye007)
quote:
FHA program that requires a min 580 score and 3.5% down and the rate is actually pretty good at 4.25% this morning.
That's a damn shame.
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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
7638 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 2:41 pm to Vrai)
quote:
FHA program
quote:
That's a damn shame.
FHA are fairly well underwritten. Very, very strenuous in comparison to a brokered loan through an outfit that will more than likely sell the paper inside of 12 months from the time of first payment receipt.
He'll get stipped to hell & back on his response from their Underwriting, but if his affairs are in order, & his originator knows how to write letters of explanation like nobody's business, & he can produce a few alternative trade lines, he should be fine.
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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1231 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/9/12 at 2:46 pm to GFunk)
the biggest thing with our FHA program for under 640 is DTI . has to be under 43% . i dont do a large number of them, but the UW does take a hard look at it so you are correct you better have the file in order.
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ZereauxSum
LSU Fan
Atlanta, GA
Member since Nov 2008
5739 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/10/12 at 4:01 pm to hawkeye007)
quote:
hawkeye007
A little off topic, but have you heard of any products out there for borrows who recently did short sales and want to buy another home before the FHA's "3 years after short sale" guidelines?
Maybe with a manual underwrite and higher rate?
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Servedinafghanistan
New Orleans Saints Fan
FWB, FL
Member since Feb 2005
6367 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/12/12 at 6:52 am to Servedinafghanistan)
UPDATE:
He found a lender and they pre-approved him for 160,000 at 4.75 and zero down due to VA (he is a veteran). They quoted his payment with taxes and ins at 999.00 a month. He was happy with the results but I think the 4.75 may be a little much.
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17398 posts
| re: UPDATED: Found a lender to buy a house with a 619 score (Posted on 4/12/12 at 6:56 am to Servedinafghanistan)
quote:
4.75 may be a little much.
He's got bad credit. That's still historically low.
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