Posted on: 24th Jul, 2012 01:47 pm
I'm starting to lose all hope after a couple of denials from a local bank and Embrace Home Loans. Will we ever own a home? Here is some info on our situation. My husband has a middle score of 630, and he's been paying car payments on time for almost two years. Rent is paid using cash (not checks) so that was one of the reasons why we were declined. They wanted cancelled checks to prove we were making payments, and a written agreement wasn't good enough. I'm not sure we can manage a two year wait even IF we did start paying with checks... Are there any lenders that will help us soon? Any previous experiences you can share? We are looking to get an FHA loan, and they are definitely strict with things from what we've seen so far.
Any input is greatly appreciated! Thank you.
Any input is greatly appreciated! Thank you.
Click on my profile and then contact us to discuss. We have dealt with the situation in the past (paying cash for rent), and we go down to a 600 middle score on FHA loans.
Are you paying your rent to a private party? If so, there lies the problem. Lender will want cancelled checks to prove. UW may think, the person provided to verify is in on the deal. If you pay to a landlord, then you should be able to get a VOR or verification of rent. If not, you would need 12 months cancelled checks. ***Maybe a cosigner???
Don't lose hope because there are still lender that help you even if you have bad credit history especially in loans just talk to them and explain your situation but make sure that you promise that you didn't make any mistakes in paying for your check and credits.