FHA guidelines are extremely flexible and allow for credit scores down to 500. Unfortunately most lenders have their own overlays which limit how low they are willing to go when it comes to credit scores.

As you know, it is not just about the scores but also what is on the credit report. Sometimes disputes need to be removed, collections…

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I agree that a true lender is one that will help borrowers based upon the HUD guidelines as they are written and without overlays. There are very few lenders who are willing to help with an FHA loan with bad credit.

There are also a handful of DSCR lenders who would allow for a debt service coverage of less than 1.

If the spouse was the primary income earner and the unfortunate cancer situation meant they could not pay the bills, then it may be possible to get an exception.

can someone check this for spam?

There are also lenders who offer down payment assistance in the state of Florida. In some instances, you can have the lender provide the assistance as part of their program.

okay I will do that. Some guys are buying expensive cranes for example

I think we will see a lot of people exit the industry just like after 2008

We need more hard money lenders!

What are you able to do with a recent Chapter 7 bankruptcy?

Veterans who are looking to purchase a home often wonder whether VA loans are worth it. If you have a down payment and enough income to qualify for virtually all of the available mortgage options, is a VA loan still the best choice?

It is great that you have so many good choices. Not the case here for me. There is one small bakery that is “okay”.  I need to try others in neighboring towns. There is one by the beach which is really good and I go there for the crumb cake.

Can someone explain to me how and why our nation’s capital has such a high crime rate? They cannot even get their own backyard cleaned up and they want to reach out and touch other states.

I remember every Columbus day weekend as a kid getting together with a few dozen relatives and having a fun day canoeing on the Ipswich river. We would rent the canoes from Foote brothers. They would drive us a few miles up river and then we would begin the slow trip back. Stopping multiple times along the way for meals, drinks, etc.

Has… Read more

The taxes in the state of NJ are just out of control. This is not sustainable and people are leaving. Businesses are also leaving and with the tax revenue leaving the state, the entire burden will rest on the shoulders of the middle class.

At some point, property values are simply going to decline sharply.

This little tool is a must have for any/every homeowner. It ill let you know whether an outlet is hot and also whether it is wired properly. It can tell you whether it is grounded, if the neutral and hot are reversed, etc.

All you need to do is plug it into the outlet. Everyone needs this. Available on amazon here

I used to always change my own oil. Now, I just do not want to deal with the disposal. At this point, I am only changing the oil on the garden equipment and machines.

Can you buy a home from a relative using a VA loan?

Scientists still have not figured out the missing link in our evolution. I know a few people who look like they are only the second generation in their family that has been standing up straight. There is an obvious gap in the evolution chart.

So, there are a lot of theories. I think the missing link is an extra terrestrial. They came here… Read more

I cannot stand the cold weather. I am also a winter denier. There is a tractor in my shed and a snowplow attachment right next to it. I refuse to attach the snowplow because I do not want to admit that it may snow.

Can anyone pass the class and the test? I heard it is harder than the real estate agent’s test.

I know it can be stressful when selling and then buying a home on the same day. The concern is when you need the down payment from the sale of the one home to help buy the other one. How does this work?

Barndominiums are becoming more popular. Can you finance one with an FHA loan?

Do first time investors have to put more or less down on their first investment purchase? Are there down payment assistance programs for investment purchases?

I have always loved to play with dogs, but never had one because of the constant travel. I just do not think it is fair to constantly leave a dog at a kennel. Although a puppy can be challenging in the beginning, a baby seems to be more of a handful.

What do you think?

This is a skill that every homeowner should learn. If you follow the steps carefully and safely cut the power before doing anything, then you can do this yourself.

Who feels comfortable wiring a light switch?

I can eat pizza every day. Crispy thin crust is the way to go. Prefer sausage and meatball as toppings. The Chicago deep dish is delicious, but eats like a meal…not pizza.

What do you prefer?

Thank you Gustan. I know some people want to use some of their 401k to help purchase a home

thank you for the explanation Michelle

Thank you!

thank you for the explanation Ivory

What is Stopping You From Buying Your First Home This Year?

Prices? Interest Rates? Inventory? Something else?

Let’s discuss

Should You Cancel Credit Cards Before Applying for a Mortgage?  Is this a good idea? OR, is it better to just pay them down?

Who Reports Bankruptcies to the Credit Bureaus?  How and why do bankruptcies show up on the credit report? Why is it that sometimes they do not show up?

Thank you for sharing this Michelle…

How Long Does a Repossession Stay On Your Credit Report?

Many potential home buyers would like to know. They have a car repo and have concerns about getting approved for a mortgage.

Many people use Credit Karma to check their credit scores. However, when they begin working with a lender, they find out their scores are lower.

Is Credit Karma accurage?

Which of the Following Statements are True About Credit Scores?

A. Your credit scores tell creditors whether you are more or less of a risk

B. When applying for a mortgage, credit scores have a huge impact on what your interest rate will be

C. It is possible to improve your credit without paying for credit repair.

D. All of the above

so even though we do not see the guidelines mention 580 as the minimum, 580 is our reality based upon what the lenders are willing to do?

We do not see a real credit score minimum published anywhere. However, most lenders are not accepting low credit scores for a USDA loan. What is the truth here? What is the lowest score possible for an FHA loan?

USDA loans are a great program for people who do not have a down payment and also fall within the USDA income limits

We are seeing lenders asking for scores in the mid 600’s at a minimum. The higher the credit score, the lower the down payment and the better the rate will be.

The best option for self employed borrowers is the bank statement loan. With good credit, you may find a 10-15% down option.