MelodyT

Credit score is approx 500. Which other parts did I do incorrectly? I am not sure of my credit score. Credit Karma says 450.

Credit Application: Your Age? 36 Your Equifax Credit Score? ?? Your Experian Credit Score? ?? Your TransUnion Credit Score? ?? How many years have you been on file with Equifax? How many years have you been on file with Experian? How many years have you been on file with TransUnion? YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? Yes Will this open auto loan be a trade-in? No How many late pays within the last 12 months on the currently open loan? None How many late pays within the last 13-24 months on the currently open loan? None Your current open auto loan is financed with? Valley First Credit Union Your current open auto loan payment is? $298 Estimated amount you may be upside down in this vehicle? $6000 Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 Notes : I am also a cosigner of another auto loan, which I don’t pay on, is approx.. 1 ½ years in age and has perfect payment history. YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 0 open after BK Total percentage utilized overall? 0% How many of your revolving accounts are store cards? None How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) YOUR PERSONAL INFORMATION How long at your current residence ? 1 yer Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent Your Monthly Rent or Mortgage payment? $1520 How long have you held your current job? 2 years Your total provable monthly gross income is? $7000 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paystub and taxes Is there additional monthly income? What amount monthly? None Describe the source. Is the additional monthly source ? YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $1000 (might be able to do $1500) Does any credit repository contain any Public Record? Yes If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? No If yes, please very briefly describe. BK discharged July 2007, BK discharged 12/2016; all others on my report is IIB but shows perfect history Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 5 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 5 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 5 New or Used vehicle you are considering: Please very briefly describe. Used 2013-2014 Ford Mustang - $12-18k New 2016/2017 Ford Mustang - $32k Notes: Looking for best auto loan. Right out of BK discharge. All history is perfect, besides the BK. I’m nearly certain a new car is out of the question, because the rate will be too high. I am not sure of my credit scores right now. I would love to secure the loan outside of the dealership and be able to negotiate the best deal without the financing part having anything to do with it (when buying the car). Also, looking for advice to be able to get the best deal right out of BK, whether that’s less car, more down payment, waiting, etc. Thank you!

Is $1,000 the max you can put in to get the 4% interest?

There is the guaranteed program which is offered through lenders. The direct program is offered directly through USDA.

I think you hit every point as needed. Great letter. Good luck.

They do free online quotes. I've looked into them before. Thanks for the info. I will have to check it out! Ugghh, Check into United Mayflower for pods. I checked a bunch of others and they were outrageous. Seen the commercial for these guys and they were more than half less than any other quote I got. We have 2 sitting in our driveway right now almost fully loaded and being picked up Thursday. Not sure if they are all over the US but it was definitely more cost effective for us to go through them than U-Haul or any other pod service.

Find a different agent. In contacted about 5 or 6 before I found the one who fit my needs in communicating. I am pretty high maintenance with things like this and I needed an agent that could accommodate that or I knew the entire process would be a mess. There is an agent out there that will answer all your questions, even though you're not looking now. Keep looking until you find the one that works best for you.

They average 2 year's returns.

Repairerer: Can you please PM me your secret??? I need to remove all my inquiries

gabbyraja: I am sorry you're having such a hard time with your office. I can assure you it is worth it in the end. I am a bit further in the process than you are and I can tell you from experience you will continue to wait. The entire process is VERY slow. Each step you'll be waiting as you have been. Right now everything is done and I still have to wait 3 weeks to close. Every single inspection has been done, everything signed. The only thing left is title and they already have the preliminary done this morning. We had the certificate before we put in an offer. Our offer was submitted February 2nd. We'll be closing almost two months after putting in our offer. USDA is a great program but they move at their own pace no matter what you are going through or situation. I am very blessed and the guy running the program at my office is VERY nice and let's me email him almost daily asking for updates without getting mean about it. Keep your head up. The process is brutal but in the end it will be worth it.

Been following your journey. Our appraisal was today as well. Here's to hoping both of our remaining days of this process are smooth!

Appraisal you can't pay for. Pest inspection you do. At least that's how it is for us, in California. Pest we had to use their approved person. And roof, plumbing, electrical, heating, etc. all had to be certified as well by their approved person.

I am SO jealous your process is moving so quickly! I am stalled on the appraisal. It has been about 2 weeks, or more, that they have put in for funds for an appraisal and still nothing. So frustrating!

Good question - if you are w2 it will be current income if self employed it will be the last two years taxes - here is where it can be tricky because there is income limits if your last years self employed income exceeds the limit they will use that and you will be ineligible - however if eligible they will still use the average from the last 2 years - so they could be looking at 2 different numbers - the higher for income limit and the lower for loan B Brian: There would have been no way we qualified with this year's taxes if they did it this way for us. He averaged our last 2 but said they normally do 3 but because the 3rd showed a loss, he didn't use it.

Great post, Brian. major pain, I am self-employed and they calculated last 3 tax returns and averaged. To add to this post about the direct loan: The interest rate is usually lower as well. My interest rate will be 3%. As well the loan is usually for 33 or 38 years, depending on where you qualify (low vs. very low income). Maximum for a manufactured is 30 years. They require the 45 days to close. They do offer subsidized for those who need it; however, for my loan we didn't qualify for it. So I'm not sure how that works out. Their verification process takes awhile and is pretty strict. They check into everything. The DTI is 41%. Buyer doesn't pay for appraisal; funds are requested through the state (which is where we are at now). Seller can pay for closing costs. Inspections are crazy and very thorough. Everything has to be move-in ready. All pest work has to be completed. And roof has to certify for 5 years and not just 2. Also, if you're having any work done, it has to be completed by an approved contractor. You have to take an 8-hour course as well. They were telling me to go to the free one offered through Habitat for Humanity. If I think of anything else I'll add it.