will i be fha approved with credit of 590?
Greetings,It would be very difficult or close to impossible to get FHA financing with a 590 mid credit score right now. There may be a lender or two who may consider this but involves an explanation of derogatory credit history. I would suggest paying off any small collection accounts or debts that are...

Would it be better to go fixed or adjustable?
If your plan is to live in the home for a few years and then sell..Then yes an adjustable rate mortgage would be ideal for you. Rates are still at record lows. Now's the time to take advantage. Not sure how to get started? Free Consultation Apply at http://www.homeloansbyrob.com/

will DTI or down payment affect my mortgage rate more
Well if you're looking at the big picture, paying down debt will surely increase your credit rating. Which initially means you could get qualified for better interest rates. If your Debt to Income Ratio is at 10%, then you are in good shape. In this case..I would pay off any outstanding debt. Keep in mind that...

First time home loan
Well most lenders require three open trade-lines of credit when applying on a home loan. I'd suggest having him apply for a credit card or department store card for starters. The account needs to be open at least 12 months with consecutive on time payments. Two years of employment would also be needed...

I'd like to close 2 credit cards but scared it's going to impact my score
Normally 3-4 open trade-lines of credit is an ample amount to qualify for a loan. You have a open Mortgage trade-line and two open credit card accounts. Closing these accounts should not affect your credit rating at all. In fact, it may possibly increase it by 20- 50 pts based on the proportion of balance...

Can i refi and use the funds for a new down payment?
Yes you can,, But I suggest refinancing into a conventional loan program. You may not know but you are paying MI(Mortgage Insurance) on your current FHA loan. Also.. you would need 20% down on Investment and or Rental Property purchases. I'm sure you'll have more questions. Guess What? I've got answers...

bad credit VA home loan in Washington
Hi Mike.. VA loans are approved up to 100% financing, regardless of your credit situation. If you are in the market to purchase a home.. feel free to give me call. If you have or your DD-214 form available or can access it then you're on your way to home ownership. I'd be glad to help!! Robert Hardy Central Banc...

need a reverse mortgage
Hi John.. The answer is yes to your question. You both can qualify for a reverse mortgage but only you would be on the loan and title of the property. Meaning they would base the amount of the reverse mortgage on the younger spouse's age. Sound like you've done some research.. Feel free to reach me if you'd like...