Posted on: 18th Dec, 2012 01:29 am
Approximately 2 years and 4 months ago, I was 120 days late on my mortgage. I had lost my job and it set me back till I got a new one. No lates since. Wells Fargo never initiated the foreclosure process cause I was working on a modification. I actually called them to check if anything was done to get the foreclosure started but the rep I spoke with did not see anything that would state otherwise. I had to relocate due to a job and for the last 2 years I've been renting my house. I have decent credit, I think it's somewhere in the 650's. I am looking to purchase a new home in Western Mass. A few months ago I applied for a loan with my local credit union but was denied. They didn't really say anything to me about the reasons (could've been the late mortgage payments). Is it different with a big bank? Should I contact Wells Fargo first since I already have a loan with them?
My question is..can I get approved for a 2nd loan? I want to use my VA 2nd tier entitlement. Any info or advice that anyone can provide would be appreciated.
My question is..can I get approved for a 2nd loan? I want to use my VA 2nd tier entitlement. Any info or advice that anyone can provide would be appreciated.
Hi bc!
Welcome to forums!
Bigger banks are furthermore stricter guidelines about giving loans. Late payments can be an issue. Moreover, as you already have a mortgage on one property, that may be one of the reasons why the lender is not giving you another loan. You should once again contact the credit union for the loan. If you still get denied, then you can get another loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Bigger banks are furthermore stricter guidelines about giving loans. Late payments can be an issue. Moreover, as you already have a mortgage on one property, that may be one of the reasons why the lender is not giving you another loan. You should once again contact the credit union for the loan. If you still get denied, then you can get another loan.
Feel free to ask if you've further queries.
Sussane
Hi bc,
This community has large number of lenders who participate in the discussions. You can seek a no obligation free mortgage quote from them and check out whether or not you can qualify for a loan.
Thanks
This community has large number of lenders who participate in the discussions. You can seek a no obligation free mortgage quote from them and check out whether or not you can qualify for a loan.
Thanks
It will depend on the bank's guidelines. We have closed on similar VA loan situations recently, and we lend in MA, if you would like to discuss.