Expert: Dick Dennis - 6/9/2009

Question
I,AM 48 LOOKING FOR A HOME TO BUY I,AM A VET STILL IN THE ARMY .I,AM LOOKING TO BUY IN FLORIDA WEAR I,AM FROM.I HAVE A LOW SCORE TRYING TO BRING IT UP .I HAVE A DISABLE WIFE WHO GETS A SMALL CHECK FROM THE GOV.THEY SAY GET A VA LOAN BUT THE BANK STILL LOOKS AT YOUR SCORE.MY SCORE IS IN THE MID 500  .IS THEIR SOMEBODY OUT THERE TO TAKE A CHANCE ON ME  THANKS

Answer
I'm sure there is, Michael. You need to do two things. You have done them already, but you need to do a more determined effort. 1. Find a lender and it does not have to be a bank. There is a mortgage broker out there some place in Florida that can find the VA loan for you in conjunction with your disabled wife. 2. Just maybe there is a real estate broker who is very knowledgeable and will be able to steer you in the direction of a mortgage broker or bank that can oblige you. Both of those individuals are out there some place. I am sure part of the problem is that your income is not high enough which discourages any lender from extending themselves to help. You may have to continue to rent until you have really have raised your credit score. Maybe two years. Yes, and I am aware you may have heard all this before. But that is what is happening in real estate lending these days. I do wish you well.

Dick Dennis