Will is in Oregon

[willtygart]

hehehe.......found out today that I can actually do Mortgages in Oregon. Can't tell you how many people I have turned away from that state! I know Fla-Tan hates advertising on here but I figured I have put in enough Pro Bono work I can tell ya'll where I can lend! :wink:

 

And BTW, here are a couple of things you may NOT have known about the great state of Oregon:

 

In Oregon there is not sales tax...and when they come up to Washington to buy stuff...they demand that they shouldn't have to pay tax....and we let them get away with it! Sometimes I think they just shop up here to show off!

 

In Oregon you are NOT allowed to pump your own gas at the gas station. Seems the fire marshall thinks it is a fire hazard. ALL of the gas stations are full service and almost nobody, except the kind folks from Washington state that drive to Oregon to get full service, tips the attendants.

 

And finally, Oregon is the only state of the union that has two different sides on their flag. On one side it has the State seal I believe and on the other it honestly, truly doeas have a Beaver on it. Kind of like the NFL...anyone(besides people that live in Pittsburg) know the NFL team that has two different sides to their helmet? :wink:

 

 

 

O.K....I need a life. :cry:

[creditpow]

One more to add...

 

All of the beachfront land is public property. Unlike Cali, in Oregon no one can tell you tell get off their "private beach".

 

Congrats on being able to write Oregon mortgages...

[Steffie]

Sure would like it if you could write in Alabama! I would REALLY be pestering you!! :wink:

[willtygart]

pester away! If you have a question either post it, email me at willtygart@aol.com, or call me at 866-436-1379. Just cause I can't make money on ya doesn't mean I can't help ya! :wink:

[louey]

take it from me, i bug him all the time.

[willtygart]

I think bugs are cute

[willtygart]

I think bugs are cute

[Steffie]

Good -- now that you have given your written permission :wink: I will be one more of your "cute" bugs!!!

 

For my first question --- What is the difference in FHA and VA == I mean as far as mortgages go???

 

We are military and our credit leaves a LOT to be desired!!! I am not sure of my TU and EXP scores but my EQ is 600 and the last we checked hubbies EX was 630 and TU was 614 EXP I am not sure.

 

I am going back to school (hopefully) full time this AUG and I don't work and I thought my scores were $hit so == hubby went to talk to a lady at Mortgage America about getting pre-approved so we would not be EMBARASSED by a rejection PLUS we'd know what price range to look at. WELL she pulled his file then (EQ623, TU589, EXP580) and said I'm sorry I have nothing that can help you right now, until you get your scores over 650!! Well, I thought that sounded a bit high --he was devistated! WELL,

we have been working on our reports and he has had a few neg items deleted -- but there are MANY hard inq's that are hurting him including the one from Mortgage America. Oh and to make matters worse after he had 2 of the negs deleted he went back to her she ran the report again and they were LOWER!!! Since then they have gone up some. SO another hard inq!!

 

I told you I was going to BUG you!!! So -- what do you think?? Is VA our only option? We are going to wait till the end of the summer to do anything else but I am DEFINATELY not going back to her -- she seemed so uninterested and like she was just blowing us off!!!

[willtygart]

A good barometer on the VA side is 585 for a credit score. This is the limit at which a VA loan cannot be automatically underwritten and must be hand written by a underwriter.....yes a living person!!

 

Since you are military you obviously belong to a military credit union correct? I would use them as much as possible. If you are not a member then I would join. FHA is a lot slacker on credit scores and a person with low scores could concievably get a good rate....DACMAN is an FHA whiz and my company does not do FHA (have to have special paperwork, etc) so I do not know FHA as well as DACMAN.

 

VA is NOT the only way to go for you but if you are VA eligable I would highly suggest it. Us brokers make good money on VA and it should lower your closing costs by a bunch over a conventional loan. Good luck and feel free to keep asking questions. :wink:

[fla-tan]

Good -- now that you have given your written permission :wink: I will be one more of your "cute" bugs!!!

 

For my first question --- What is the difference in FHA and VA == I mean as far as mortgages go???

 

We are military and our credit leaves a LOT to be desired!!! I am not sure of my TU and EXP scores but my EQ is 600 and the last we checked hubbies EX was 630 and TU was 614 EXP I am not sure.

 

I am going back to school (hopefully) full time this AUG and I don't work and I thought my scores were $hit so == hubby went to talk to a lady at Mortgage America about getting pre-approved so we would not be EMBARASSED by a rejection PLUS we'd know what price range to look at. WELL she pulled his file then (EQ623, TU589, EXP580) and said I'm sorry I have nothing that can help you right now, until you get your scores over 650!! Well, I thought that sounded a bit high --he was devistated! WELL,

we have been working on our reports and he has had a few neg items deleted -- but there are MANY hard inq's that are hurting him including the one from Mortgage America. Oh and to make matters worse after he had 2 of the negs deleted he went back to her she ran the report again and they were LOWER!!! Since then they have gone up some. SO another hard inq!!

 

I told you I was going to BUG you!!! So -- what do you think?? Is VA our only option? We are going to wait till the end of the summer to do anything else but I am DEFINATELY not going back to her -- she seemed so uninterested and like she was just blowing us off!!!

 

Steffie

 

While I am not Will, I will try to explain some of the differences between FHA and VA. Ostensibly, FHA caps at 97% LTV, while VA will allow you to go 100% LTV. That is one difference. Another has to do with MIP/PMI (depending on which you are familiar with) FHA requires MIP on all loans over 80% LTV. If my memory serves me, there is no mortgage insurance on VA loans as the VA funding fee of 2% allows VA to provide that. As Will mentioned, VA is tighter on credit than FHA, but not overwhelmingly so. Steffie, you say that your scores are bad, but I really think that they are doable. I would need to know more about what is causing the scores to be where they are before giving a difinative answer though. How recent are the lates and does DH have any open collections or chargeoffs? If no, and the lates are over 12 months old, then you have a good chance of being approved either VA or maybe even conforming or at worst Alt A.

 

BTW, I think I can speak for Will and DACMAN when I say that none of us mind "bugs" and that is one of the reason that we spend quality time here (some of more than others though...LOL). I have neither bug spray nor a fly swatter.

 

 

fla-tan

[willtygart]

Thanks for the backup Fla Tan! DACMAN and Fla TAn.........hey wait theres a joke there somewhere....anyway they are FHA mongrols. AND BTW..found out today that i am goot to go in NEVADA and ARIZONA and FLORIDA seems to be the next state on my companies radar.............here i come Fla Tan!!lol

[Steffie]

Will --- if you could just stretch your boundaries 88 miles (that is how far we are from FL) then you could write mine (unless it is VA)!!

 

We are members of Army Aviation Center Federal Credit Union -- we joined when we moved here. The problem is they told us that they don't loan unless you are 8 years out on your BK. We are only 5. This is what they told us when we went for our car loan with them .

 

 

Fla-tan:

As far as lates there are NONE in the last 2 years. There was one but it was a mistake and has been corrected.

 

Open Collections:

He has one reporting -- that we are disputing. It was a medical bill that was included in BK -- BUT he (poor sole) went and paid it last month to get it off his reports -- little did he know. We told the hospital not to report ANYTHING yet as we are trying to get it DELETED all together.

 

AS FOR ME :oops: -- I have one collection account that is mine and open that I am trying to deal with -- it is reported on 2 CRAs. I have another that is reporting on TU that is not mine -- I just found this one TODAY so I have got to get that one fixed.

 

We also have something wierd going on with the mortgage that was included in BK on our accounts -- they are reporting on EQ that it was forclosed in one TL and in a second TL they report transfered or sold. On hubbies TU it has the same info on MY TU it has one TL stating mortgage closed and the second TL has Mortgage closed with a $1468 balance??. On the EXP file it has one TL that states Forclosure proceeding started -Account included in BK. I don't have my EXP file yet.

 

So... Does this look as bad as I think it does????

 

Oh and THANK YOU GUYS SO MUCH!!!! I sure wish I could do more than tell you how gratefull I am / WE ALL are for your advice and guidance!!! I sure wish there were more people like you guys!!

[fla-tan]

Will --- if you could just stretch your boundaries 88 miles (that is how far we are from FL) then you could write mine (unless it is VA)!!

 

We are members of Army Aviation Center Federal Credit Union -- we joined when we moved here. The problem is they told us that they don't loan unless you are 8 years out on your BK. We are only 5. This is what they told us when we went for our car loan with them .

 

 

Fla-tan:

As far as lates there are NONE in the last 2 years. There was one but it was a mistake and has been corrected.

 

Open Collections:

He has one reporting -- that we are disputing. It was a medical bill that was included in BK -- BUT he (poor sole) went and paid it last month to get it off his reports -- little did he know. We told the hospital not to report ANYTHING yet as we are trying to get it DELETED all together.

 

AS FOR ME :oops: -- I have one collection account that is mine and open that I am trying to deal with -- it is reported on 2 CRAs. I have another that is reporting on TU that is not mine -- I just found this one TODAY so I have got to get that one fixed.

 

We also have something wierd going on with the mortgage that was included in BK on our accounts -- they are reporting on EQ that it was forclosed in one TL and in a second TL they report transfered or sold. On hubbies TU it has the same info on MY TU it has one TL stating mortgage closed and the second TL has Mortgage closed with a $1468 balance??. On the EXP file it has one TL that states Forclosure proceeding started -Account included in BK. I don't have my EXP file yet.

 

So... Does this look as bad as I think it does????

 

Oh and THANK YOU GUYS SO MUCH!!!! I sure wish I could do more than tell you how gratefull I am / WE ALL are for your advice and guidance!!! I sure wish there were more people like you guys!!

 

Steffie

 

Let me ask you...88 miles from Fl??? Ala or Ga??? If your BK was a chap 7 and the house was surrendered as part of the BK, then yes it can show as a foreclosure. That will also normally forestall you from getting either an FHA or VA mortgage until 3 yrs post BK so you should be fine there. Medical collections, while a problem with both government (FHA or VA) and conforming loans, it is not normally a problem with nonconforming (either Alt-A or subprime). There are 100% programs out there that you should be able to qualify for.

 

Hope this helps you some.

 

 

fla-tan

[Steffie]

Let me ask you...88 miles from Fl??? Ala or Ga???

We are in AL

 

If your BK was a chap 7 and the house was surrendered as part of the BK, then yes it can show as a foreclosure. That will also normally forestall you from getting either an FHA or VA mortgage until 3 yrs post BK so you should be fine there. Medical collections, while a problem with both government (FHA or VA) and conforming loans, it is not normally a problem with nonconforming (either Alt-A or subprime).

The collection was and should have been included in the BK but it was only a measley $66!!

 

There are 100% programs out there that you should be able to qualify for.

Hope this helps you some.

THANKS AGAIN!!