Carrie2008

I wish I knew. I don't remember the debt at all, and I'm confused as to why it would be under "accounts in good standing" and say "never late" if it's a charged off debt. It's on my Experian report only under the original creditor. There isn't a tradeline from Asset yet, but I'm worried that will pop up any day now, and I'm not sure what is the best way to handle it. Thanks

That's a very good point! I'm so glad I asked. I truly have no idea what this even is. I just found my most current credit report, and under "Accounts in good standing" it shows the account they're trying to collect. It's only on my Experian report.... WFNNB/Samuels Date Opened: Feb 1994 Date of Status: Dec 2004 Reported Since: Dec 2004 Last Reported: Dec 2004 High Balance: $393 Status: Transferred, Closed/Never late. Creditor's Statement: "Purchased by another lender" So, it sounds like they sold the debt, but why would it be listed under accounts in good standing and say "Transferred, Closed, Never Late" and what should I do? Thanks again!

I just got a letter from Asset Acceptance, and apparently they now have a past debt of mine from 1994. It's not on my credit report. What is the best way to handle this? They also just called today and left a message. Should I just send them a DV letter? I wasn't sure what was the best route to take since they're not reporting to the CRAs.....YET. Thanks!

We bought our first home in 11/2008. Now I wish we would have waited. We're getting the $7500 "credit" which is really nice, but we will have to repay it, and with this new bill it is doubled and won't have to be repayed. Is that correct?

I'm just wondering what is the best way to approach this with him? We feel very fortunate to have even been approved, but I don't want to get screwed over on the deal either. Should I just ask him why the rate is so high? Thanks again for your help!

I received it today. Thank you!

We didn't expect to get approved for this loan, because we do still have some credit issues. Scores are 609, 619, and 622. I'm really not thrilled with this, but I'm thinking we were lucky just to get an approval. Is it horrible? I'm still confused as to what we have to pay at closing. Also, we are putting 3.5% down, and I don't see that on here anywhere. GFE (FHA) Total Loan Amount: 190,486 Interest Rate: 7% Term: 360 mths 801 Loan Origination Fee: 1.000% $1872.10 803 Appraisal Fee: $375.00 810 Processing Fee: $495.00 811 Underwriting Fee: $550.00 Application Fee: Waived Flood Certificates: $25.00 Accounting Fee: $250.00 1101 Closing/Escrow Fee: $250 1105 Document Preparation Fee: $300 1106 Notary Fees: $75.00 1107 Attorney Fees: $150.00 1108 Title Insurance: $225.00 1201 Recording Fees: $65.00 Estimated Closing Costs: $4632.10 Items Required by Lender to be paid in advance: 901 Interest: for 1 day @36.5316 $36.53 902 Mortgage Ins. Premium: $3276.18 903 Hazard Ins. Premium: $1872.12 Reserves Deposited with lender: 1001 Hazard Ins. Premium 2 mths @ 156.01/mth $312.02 1004 Taxes and Assessment Reserves: 3 mths at 460.75 $1382.25 Estimated Prepaid Items/Reserves: $6879.10 Total Estimated Settlement Charges: $11,511.20 Purchase Price: $194,000 Loan Amount: $190,486 CC paid by seller: $8235.02 Est. Prepaid Items/Reserves: $3602.92 Est. Closing Costs: $4632.10 PMI, MIP, Funding Fee: $3276.18 Principle and Interest: $1267.31 Hazard Insurance: $156.01 Real Estate Taxes: $460.75 Mortgage Insurance: $76.40 Total Estimated Funds needed to close: $6790.18 Total monthly payment: $1960.47

We're 6 months from being able to qualify for a mortgage, and we've found a house that is perfect for us, and it is for sale AND for lease right now. I was wondering if anyone might be able to give us some advice as far as what we could present to the owners regarding a lease-purchase option. We want to make it as simple as possible, and basically just ask that during our lease we have the option to buy the house. I'm just not sure how this would work. Would a purchase price for the house be negotiated now? Thanks!

Finally some good news. Thank You! We still have some work to do, but we're a lot closer than I thought!

My husband and I are working on our credit right now to hopefully be able to buy our first home in the next several months. With his credit score and income we are coming close to qualifying with just him on the loan. The only problem is that we live in a community property state, and our debt ratio may be too high. My question is what debts are included in the debt ratio? Will old collections or charge offs from my credit report be included? Thanks!

I've sent Capital One 2 letters asking for information on an account they're reporting charged off every month on my CR. The account is 5 or 6 years old. Each time they sent me a letter asking for my information - address on file with capital one, account number (which I already gave them), social security number, and DOB. They're claiming that they can't find my account, but yet they verify it monthly with the CRA's. Any advice on what (if anything) I can do? Thanks!

What is the difference between VA and FHA - other than the eligibility? Is one better than the other or possibly easier to qualify for? If you live in a community property state and only one spouse is on the loan, will they factor in the other spouse's debt for a VA loan? Thanks for your help!

I don't understand how they can count one spouse's debt if they don't count that spouse's income? I've never heard this before. I guess that means at least another year for us.

So, if they look at the spouse's credit who is not on the loan to check liabilities, does that mean they will also factor in that spouse's income? I'm confused. ?

From past experience I'd say it's highly unlikely with those scores. With that you might be able to get financing, but it would be a very high rate. Your best bet for approval and a lower rate would be a CU.