Need help getting my buyer a new loan

6 Replies

I sold a house on a wrap to a man that has a 630 credit score. He wants his payment to be lower. His wife makes the money but can't be on the deed due to some personal reasons. They would like to refi with a better loan. I'm all for them lowering their payments. 

Please advise

Anyone out there in BP Land?

@Joel S.  , it reads as though they need the wife's income to qualify. If it's just personal reasons, she needs to 'get over it.'

My guess is "personal reasons" have affected her credit, ie. tax liens with ex, or an old bankruptcy (BK), unpaid child support, delinquent on student loans.

Anything 'government' related (child support, student loans, tax liens, VA stuff) MUST be resolved before qualifying with a typical Freddie/Fannie program. Other junk like a BK can be overlooked within 2-3 years depending on the program.

Can you be more specific on the 'personal reasons'?

They came to you because they didn't fit the traditional mold. They're lucky to have found you.

Momma needs to fix her situation if they want a better note.

the lady has a special needs child and she thinks that she's not supposed to own property to receive financial aid for her child. This is the story I got. If that be the case, could they do something such as buy the property in both names and then the wife deed her portion over to her husband after closing? She would still be responsible in helping take care of the note. 

@Joel S.   they can refinance with a conventional mortgage if the middle credit score is above a 620 and the income supports the loan. 

Jerry, do you do loans in Tease as well?

@Joel S.  , they might be confused if they think owning property interferes with the SS/disability benefits. If that's the only thing holding them up, your preferred lender should look into it for you.

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