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clabonepps · Joined: 12 Feb 2008 Posts: 1 1.36 Dollars($)

I applied for a mortgage with First Horizon and was told that I would need some reserves. My middle score is 575. No the best in the world. I have stable employment and earn over $78,000 per year including retirmeent income. I was first turned down by Countrywide who later was boughtout by bank of America. I have no money to put down. Found a beautiful home. Is there anyhope for a deserving veteran?

kpatrick · Posted: Tue Feb 12, 2008 2:32 pm Post subject:

Hi Clabonepps,

Welcome to the forum.

Did they only consider your file for a VA loan? If so, you may want to ask to get pre-qualified for a FHA loan, instead. VA loan guidelines are actually tougher on credit than FHA, and with FHA you can get a third party to contribute a gift for the down payment, so basically, you are getting in with little to no money out of your pocket.

Now, the way this is structured, is that the "gift" is added on top of the loan amount, so technically it is not a gift, but it allows you to finance your down payment, so you don't have to come out of pocket for it.

The main negative of FHA vs VA loans is that you do have a monthly MIP pymt, whereas VA just adds the "funding fee" up front and doesn't charge a monthly...but if your goal is to get in with no down payment, this may be a viable option for you.

Jessica

Yes Kim, the poster can go for FHA loans since his credit condition isn't good enough.

clabonepps, FHA loans would require you to pay the minimum amount as down payment. However, whether you go for an FHA loan or any other mortgage, you may seek down payment assistance from AmeriDream or the HUD. You may even look out for loan programs offered by the NACA, a non-profit organization.

Regards,

Jessica

Caron · Posted: Wed Feb 13, 2008 4:26 am Post subject: RE: lenders for veteran loan

Hi clabonepps,

FHA loans can be an option for you. But I think there are several other options varying from one lender to another. Until and unless you get some quotes from lenders, you won't be able to compare and decide which is the best for you.

I suggest that you send us your request for mortgage quotes along with the minimum details, so that we search for selected community lenders and pass on your request. The lenders will then try to match their profiles with your requirements and if they are able to do so, they shall contact you asap to offer the quotes.

You can then discuss the options suggested with the community.

Good luck

jeffselan · Posted: Wed Feb 13, 2008 5:10 am Post subject: Gifts and DPA

Gifts and down payment assistance are both good options for FHA. Also, you can receive a gift used only for reserves. In other words, it can be given back to the person that gives you the gift after closing.

You might also want to consider a non occupant co buyer. Someone that will sign with you and strengthen your deal.

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