Does anyone know a lender who does IRRRL VA loans, which do not require a minimum credit rating?

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Our other than the original mortgage. We have received orders and has been our home for less than two years. House prices have fallen dramatically (we have a state of FL), sales have not really an option. We have a few late payments are made redundant for me almost a year. We have trouble finding someone to have to refinance the loan to get lower fees, so that we can compete with the lease and get home before moving on to someone else we are forced to close.
I’m just curious. I have been in the mortgage business for 22 years. My company has only 5 people, we do conventional, FHA and VA loans. We have never been in the business sub-prime, and would have probably made a fortune if we had. But we saw it coming and did not want to be part of it (I’m so happy). My question is, are you afraid to try to get a loan to buy a house, refinance, buy a car immediately. Our phone rang at all this week.

24 Comments
  1. Reply
    Ed Atun
    January 22, 2011 at 11:36 am

    No. That does not exist in Florida right now. Maybe in a few years. The credit limits are being increased, not removed entirely…. which is what you are seeking.

  2. Reply
    Socially Awkward
    January 22, 2011 at 12:03 pm

    Heck no. There are still idiotic people who are taking out equity in their homes. That is just dumb, dumb, dumb.

  3. Reply
    dlk
    January 22, 2011 at 12:24 pm

    Afraid, NO. No money to buy, YES

  4. Reply
    §§pecial Unicorn
    January 22, 2011 at 1:02 pm

    I do NOT want a new mortgage right now. Despite plans to move and a real estate agent who sends us updated listings every day–too much uncertainty for me. All businesses are suffering right now as a result of all of this.

  5. Reply
    James
    January 22, 2011 at 1:23 pm

    You won’t like my answer, but I consider any mortgage to be worse than a bloody case of hemorrhoids. If everyone thought like me, you would be looking for a job.

  6. Reply
    arcanum70
    January 22, 2011 at 2:16 pm

    If I could get a low fixed rate, sure I would. Only morons get a mortgage with an adjustable rate. I’m personally tired of hearing those that got suckered into adjustable rate mortgages whine about the rates going up, it amazes me that some actually thought that the rates would lower, not go up.

  7. Reply
    C.J.
    January 22, 2011 at 2:55 pm

    I wouldn’t worry about getting a mortgage right now (I already own my home). I don’t think there is anything for anyone to be afraid of. As long as they work with a reputable mortgage company to determine that they can repay the mortgage and their job is not at risk, why not?

  8. Reply
    lenghartk
    January 22, 2011 at 3:41 pm

    No.

  9. Reply
    Chuck A
    January 22, 2011 at 3:46 pm

    I am in sales and my business is off 70% right now. People are losing their jobs and I see it getting worse before it gets any better. I would suggest to keep your output as low as you can, not take on anymore debt until someone straightens out this train wreck we have been on for the last eight years.

  10. Reply
    Mark C
    January 22, 2011 at 4:25 pm

    I closed last week, 20% down 3/4 above prime. I think now is the time to buy R/E.

    Let some realtors know you have $ available.

  11. Reply
    Moose
    January 22, 2011 at 5:15 pm

    Heck no, my house is almost paid off, appx 3 more years. My cars are paid off and my credit cards are paid off. I pay them off monthy.
    I have an excellant credit rating and I bet I could not get a loan now, so I am very glad I am not shopping for any type of loan at this time.

    We paid extra towards our principal from day one and greatly reduced the amount of interest we had to pay and greatly reduced the time we owe on the mortgage.

  12. Reply
    How you like dem oysters?
    January 22, 2011 at 5:23 pm

    I would if I needed a home…I bought a car in January and I have seen this financial debacle coming since 2003…all my money is in bonds and the house is paid for…but yeah, if I NEEDED something I sure would finance it…people will come out of the woodwork soon and they’ll be the right kind of customers…hang in there…

  13. Reply
    DukeofDixie
    January 22, 2011 at 6:01 pm

    Wish I had mortgaged a million dollar house 2 years ago, then went to Fannie or Freddie and got a second mortgage for an additional $ 250,000 this year, hind sight is 20/20

  14. Reply
    Oh my!
    January 22, 2011 at 6:57 pm

    NO ! I have a home and I would love to keep it!

  15. Reply
    Eric R
    January 22, 2011 at 7:42 pm

    I’m not afraid at all. In fact I just bought a new car 4 months ago, and boy did I get a bargain. As far as a new home I’m just set at the moment with the one I have.
    I think half the problem is people listen to the damn news and believe that they can not get a mortgage or they will have to have perfect credit or 20% down.
    Which as you know just is not true.

  16. Reply
    CHARITY G
    January 22, 2011 at 7:52 pm

    I wouldn’t touch it with a ten foot pole . . . (and none of this is directed at you) . . . we’ve bought about eight homes over the last decade . . . we stopped about three years ago . . . because anyone with a brain new it was a racket . . . and to this day the same people (mainly agents) are running around with this market is localized crap and it’s not as bad as it seems . . . well guess what . . . it’s worse than what it seems. . . and it’s not a hard formula . . . three times your earnings . . . plus 10 to 20% down . . . so in my area an average home sells for about 450k yet the average income is about 86k . . . and the agents have the nerve to tell me the market has stabilized . . .

    Everyone with money is scared shitless right now . . . we’ve all been told to accumulate cash and are doing so . . .

  17. Reply
    J. P.
    January 22, 2011 at 8:44 pm

    overstock everyone will be looking for that special sooner or later its going to come for instance theirs a house that is supposedly worth 110 g’s but its been vandalized to the point were you will be paying 25 just the value of the property?? plus the Interest gotta be les than 5

  18. Reply
    lv_consultant
    January 22, 2011 at 9:08 pm

    people that can truly afford those things will always have purchasing power. this country needs to go back when cash was king, not credit.

    but I know what you are talking about. I’ve been a mortgage broker for about 14 years and in that time frame I think I’ve done about 5 sub-prime loans. I stick to A paper loans and work with buyers that have actual money in the bank and assets. I get most of my clients to docs in 14 days.

  19. Reply
    Bill M
    January 22, 2011 at 9:29 pm

    I have too much debt as it is, but I bet a lot of homes will be available cheap before this mess is over.

  20. Reply
    gosam777
    January 22, 2011 at 10:13 pm

    Not at all. Time to buy is when the market is down. Sold most stocks, mutual funds last spring. Been putting it in Real Estate right and left now. Yes, you can pick up cheap cars, gas hogs right now. Almost ready to get back in stocks too. I have no problem getting financing.

    Only thing that worries me, is how much faith to have in a socialized market. You know if these mortgages people believe may be profitable for the government, the private sector would have bought them. I believe it was a scam to socialize the government more. But hope not.

    Aren’t liberals and liberal panic mode GREAT?

  21. Reply
    Jess
    January 22, 2011 at 11:07 pm

    I am extremely afraid of getting a mortgage right now. Luckily I already have a fixed mortgage, my cars are in great shape and are paid off, and anything we would “need” already under my roof. I feel so bad for those that are just starting out and wanting to have a family and get married and cannot do so very easily anymore. My sister and her hubby and baby recently moved back to the area from out of state and are having a horrible time trying to get a house even through the VA loans. They both have great credit. I would say that right now would be a good time for someone in the mortgage business to do the mortgage work part time and look into something else in the meantime cause I don’t think the end is near.

  22. Reply
    Uh-uh-uh Present
    January 22, 2011 at 11:09 pm

    We are in the process of getting approved for a mortgage right now to buy a second home. Our credit scores are excellent, and we have been told that we will be approved, but that the lender is asking for extra paperwork and extra time to look at everything, and it will take a little bit longer than usual to go through. The caution of the lender is due to the fact that I own my own business. I don’t feel inconvenienced or upset about this at all. I appreciate the lender’s desire to be conscientious and thorough, so we will wait and do so happily.

    We are applying for a plain vanilla 30-year, conventional, fixed rate mortgage on a second home. We are not afraid. We want to take advantage of the tanked real estate market in our state and turn our home into a rental/income property and trade up for ourselves.

    As for credit, we just used a local store’s 18 months same as cash policy to purchase a mattress and some furniture. We have done this several times over the years to purchase big ticket items, such as furniture, a camera, and a diamond ring. We purchase the item on a credit card issued by the store, and we always pay it off well in advance of the expiration date. It allows us to pay in cash out of funds we have coming in without having to take any money out of our accounts. We also paid for our bathroom renovation this way, putting the bill on an interest-free credit card and then paying it off during the promo period. When the items are paid for, we always cancel the credit card.

    As for a car, the car I drive is on its way out the door if it doesn’t perform better for me this winter. Last winter was really bad here, and my car was terrible. We took off the factory tires and put better tires on it, and if that doesn’t work, good-bye car.

    As for refinancing our home, we don’t refinance. It’s a waste of money in our opinion. I know people who used to do it every other year or so before the real estate market really tanked, and I think that’s nuts.

  23. Reply
    neeno
    January 22, 2011 at 11:20 pm

    Not right now, no.
    Wait until after the elections. If BHO gets elected you may just get a house for free! You probably won’t have a job, but that’s ok too because he has a government give away program for that too. No health care ? No worry, he’ll have that taken care for you also.
    It’s really unbelievable what his economic policies are going to do to this country. Double digit inflation, double digit unemployment, nothing we have seen since the late seventies when Jimmy Carter was elected as a knee jerk reaction to the Nixon/Ford era. And BHO’s policies are even more extreme.

  24. Reply
    bleacherbrat34
    January 22, 2011 at 11:51 pm

    yes , it is a great time to buy a home at the very low home prices.
    and it is an great time to buy stocks ,,

    right now I rather do either, I rather pay off my current debt before gaining some more,,

    I am so close to getting out of debt,, and I did it on my OWN no help form banks, parent, friends etc etc,
    then after a couple of months of debt free living then I buy a Home , a new car etc etc

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