looking for home loan lender! i am located in nj

FHA is going to require a 640 for most lenders.. Some will go down to 620 or 600 and a very few will go to 580 or below, however their guidelines are very strict, and most don't qualify.. I think you might have put the cart before the horse.. I will also caution you on credit repair.. if you have any accounts that show they are disputed, then the lender will not accept your credit report... I'm also really confused.. The lender would not have approved your offer unless you were able to provide them with a pre qual letter.. So it tells me your already working with a lender.. Did they tell you something you didn't like?? Or just turn you down?? Either way, you absolutely should have got your credit taken care of before you submitted an offer. 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

I totally agree with William. Whoever you are working with should have done a better job working with you to get your credit cleaned up BEFORE you made the offer. You are also right that you can't un-ring that bell. You need to fire whoever you are working with and find a local Mortgage Banker/Broker to work with. Your issue is going to be to get the credit scores up. The few investors that do FHA down to 600 CANNOT get you done in 30 days. Your only hope is to find and use a company like NOVA Home Loans that has an internal credit department that can get your credit resolved in a couple of days. We do not lend in NJ, or I'd offer to help. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

I understand your frustration. And I think that your broker should bear some of the responsibility. Everybody knows right now it's taking 2 to 3 weeks to get a response on short sales not 3 to 4 months. Your broker should've known this and should have advised you properly. Let me also say that your information regarding disputed medical accounts is incorrect. Any disputed accounts will result in automatic denial from your lender. Medical accounts that are not disputed will have no bearing on your lenders decision. The problem with the account that is disputed is as follows. Any negative or positive impact from that dispute account is not reflected in your credit score, Because when an account is disputed, any impact to your credit score, positive or negative is no longer reflected in your credit score. In order to get a true picture of what your credit score is, all disputes have to be removed from the credit report. As I said in my previous post, there are lenders out there that will go down to the 610, 600 or even 580 credit scores. If you're dealing with a mortgage broker, he should have access to some of these lenders. However you're probably dealing with a local bank. That has a huge disadvantage because they don't have access to the hundreds of different lenders the mortgage broker would've had. The best advice I can give you is to contact a local mortgage broker, And be sure to ask if he has access to lenders that will offer financing to lower score borrowers.

Based on the limited information provided here, you are going to have a very difficult time finding a lender to take your risk. Your credit scores are too far below where most lender like them to be, plus you have a short sale. Short-sales are treated just like a foreclosure with a three year waiting period in most cases. Whoever gave you the idea of making the offer and hoping you could fix credit in the meantime was wrong. You should have fixed credit first, then started looking for homes.

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