what lender will be best for our needs? low fico, short sale and forclosure....

If you want to purchase immediately, then you will need to purchase this home in your name only. You will have to have enough income to pay all the debt you have on your credit report plus the new home payment, and keep your total debt to income ratio below 50%. If you need your wife's income to qualify, then you will have to wait 3 years from the date the foreclosure was finalized (property transferred out of your wife's name, not when she left the property). So that will put you out to November. From now to November, she will have to improve her credit score, as most lenders want to see 640 or above.. There are lenders out there that will go down to 580, and some as low as 500, however the foreclosure and short sale have specific waiting periods. Also, if you need your wife to be on the loan, then you will have to use FHA financing. FHA requires 3.5% down, so you won't need 30K. Also FHA has maximum loan limits. For most of the country it's $346,250, however in Corona CA. the maximum loan amount for FHA is $729,750. The advice give to you by other posts suggest you don't use the local big bank, and i agree.. You should also stay away from any 50 states or Internet lenders. You need to use a local mortgage broker... the local broker is familiar with local customs and policies so the transactions seem to go much soother. Also, because he has lower overhead he can offer you better rates with lower fees than most big banks, but the biggest reason is use the broker is because he has access to numerous lenders and numerous lending programs... something your local big bank doesn't have... 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

Your best option is to work with a loan mortgage broker who has access to many lender offering. Unlike a single bank which only offers their own products. With that said, I think I might be reading between the lines - it looks like she has serious credit issues. You don't break down the income, but I would consider looking at buying with just you, your income, and your much better credit - and without the burden of the foreclosure and short-sale. Both of which seriously hamper your ability to get financing.

In actuality, the only way to find a best lender is to work with a mortgage broker who has access to many lenders he can offer your loan to on your behalf. By all means, I strongly advise you not to go to a bank where you will be stuck with its limited loan programs and will, unequestionably, wind up with a higher interest rate and loan costs. I realize this sounds a bit crazy, but it's true. Unless your wife's income is needed for your debt-to-income ratio be be at an acceptable level, she should not be on the loan because of her FICO scores. The low middle score for the 2 of you is used for qualifying purposes, which is 600. This will make it extremely difficult for you to find a quality lender that will do your loan, much less at a reasonable interest rate, and its cost will be increased significantly. How much of the $140K income and $1,380/mo. debt is yours, and how much is hers? Were the foreclosure and short sale both of yours? If not, whose were they? What is the cost of the home you are planning to buy? This will have a major bearing on your ability to qualify for the loan. Many more questions need to be asked and answered--too many to attempt to get a good picture via email. It requires a telephone conversation, something that seems to be vanishing from our daily lives. Give me a call 16/7, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders (you can view them on our web site) that offer more than 1,000 loan programs, we definitely have something for everybody.

Hello-With the home prices dropping significantly in Riverside County over the past few years I feel there will be some great values to be foundin Corona. So, with that being said your best option would be to qualify on your income alone. The money that you intend on using from your wife's 401k should be pulled from her account and seasoned for at least 60 days in an account that you have full access to. Also, your financing options will be somewhat limited because of your wife's credit history. FHA financing will be out of the question for now due to the fact that it will require you to account for the non borrowing spouses debt and credit. So, I would recommend that you use some form of conventional financing for your purchase that will qualify only your income and debts. With your credit in the 700's you should be able to qualify for a product that will require as little as 5% down. The rates are very good but, the DTI (debt to income) ratio requirements are a little stricter at a max of 41%. This is due to the MI companies guidelines. Also, if you have access to a gift from a family member to put towards your down payment this will help for qualifying you as well.If you would like to discuss your scenario further please feel free to contact me at 877-401-1389 xt103 or email me at jrhode@cstonemortgage.com

good advice below, and please email me at yourloanpartnerforlife@live.com i have a idea that might work for you

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