Sometimes “No” Isn’t The Final Answer When it Comes to Getting a Loan

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Posted To: Community Commentary

The following is a true story (though the names have been changed to protect privacy) of how Carey and Jan bought their new home despite no down payment, and a 586 credit score, and an undisclosed old meth lab on the property. Jan sounded down when she called me last February. She and her husband Carey were both 100% disabled US veterans, and had endured great hardships during and after their service. They were trying to buy a home for their family using VA financing. Several lenders had already declined their loan, citing their credit scores, some collections/charged off accounts, and a 6 year old short sale on Carey’s prior home. Once Jan and I finished our initial conversation, I dove into their credit. Sure enough, Carey’s mid score was 586 , just as the lenders said. They told Jan they…(read more)

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