I have a First Time Home Buyer and her credit score was in the 660s. Which is a great score to have especially with VA (their required score is a 620). She had the pre-approval letter so we looked for a house and found one. We proceeded on writing the offer and got all of our terms negotiated. We had our option period so we had the home inspected and found a good insurance quote. Next thing we knew the lender was like: “stop we have red flags all over this file”. I’m trying to find out why and my client was very disappointed just like me. I wouldn’t have ever written a contract with someone not qualifying.The contract was written and I had a way out for her to get her Earnest Money back of course. I had another lender that I wanted her to go to just in case there was still away to get her approved. That lender does hard loans. She was too nervous so she didn’t. The money she lost was little money, but the basic hard part was over and we still had time for another lender to take a look at her file.
Home buyer can be emotional and sometime you should try another option before you give up. The thing about her is that she was 100% disable, which meant she wouldn’t have paid any property taxes and she would have been paying about $400.00 less monthly than what she was paying now.
Home buyer is a stressful process something.