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Is there a loan for us?

We started this process in December 2011. We were preapproved to buy a house. We found one that a builder owned and he offered to buy ours if we bought that house. Well that house did not appraise high enough. So he offered to build us a house. We again were approved put down 2,500.00 and our house was built. Now Wells Fargo will not give us the loan. We were apprved for a VA Loan. Both had credit scores f 658 and 648. Now because they ran our credit 4 times our scores are 619 and 613. We have had to go to a local bank and pray it works. Is there any hope for us? We are so physically and mentally worn out we can't take much more! by elliet_786_893 from Mobile, Alabama. Jun 21st 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Bennet is right on the money.. Your first mistake was using Wells Fargo... one bank... one lending program... very short sighted... I always recommend you use a mortgage broker.. They have access to many different lenders with a very diverse set of lending programs... the broker will always have better rates, and lower fees, and can do your loan much faster... Also let me say that 4 inquiries did not drop your score 25 points.. if no collections, judgments, charge offs, or late payments were on your credit after the initial credit report, then my guess is it's your credit card balances causing your score to tank... a good loan officer would have pointed this out to you right away.. But instead, you have a Wells Fargo application taker... credit balances above 30% of allowable credit limits will start to eat away at your credit score.. Nearly 33% of your credit score is driven by revolving debt to available... if you want to improve your credit score immediately... pay down your credit card balances.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 21st 2012
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

I would call the VA and see if they can refer a VA sponsored lender in your area to help you out. As long as VA is backing the loan you should be able to get it done.

Jun 21st 2012
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Tommy Peoples (TommyPeoples)
#8 ranked lender in Alabama - 19 contributions

Yes there is hope. I am the Branch Manager at Southwest Funding in Daphne, AL. We do a lot of VA mortgages. Please give me a call at 251-621-3247 or email me at tpeoples@southwestfunding.com. Tommy Peoples

Jun 21st 2012
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Jack Shields (jackshields1)
#6 ranked lender in Alabama - 21 contributions

Elliet,I am in Birmingham and can give you a few ideas that can pull those scores up. Give me a call...256-749-7948, you are not far off from getting it done.Jack ShieldsHiott Financial Corp

Jun 21st 2012
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Sam Lochamy (samlochamy)
#14 ranked lender in Alabama - 2 contributions

Enter your answer hereI say you call Tommy Peoples in Daphne. He is close to you and should be able to help. If you need me I can be reached at 205 585 0173.Sincerely,Sam Lochamy

Jun 21st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i can loan at a fico of 600 email me at yourloanpartnerforlife@live.com

Jun 21st 2012
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