Frylock

Is the site down for anyone else?

I will, just wanted someone to give it a thumb up or down.

Closing in February on a new construction house so the rate is just a place holder until 60 days out. The seller is paying all the closing costs off a 5% incentive ($6550) from the builder. They also said they would cover the Title Insurance over the $6500. It is a Centex home and I am going with Centex mortgage. I am putting down 3%. Middle Credit Score: 672 FHA 30 Fixed @ 6% Sale Price: 144,390 Loan Amount: 142,556 Loan Origination 1% 1404.50 Loan Discount Fee 0.5% 712.78 Appraisal Fee 350 Credit Report 75 Underwriting Fee 275 Processing Fee 265 Courier Fee 40 Tax Service Fee 82 Closing Dispersment 110 Assignment Fee 40 Appraiser Final Insp. 100 Settlement/Closing Fee 400 Doc Prep Fee 200 Title Insurance 1571 Tax Cert Fee 55 Recording Fee 120 Survey 300 Flood Cert 10 HOA Setup 395 _____________________________ Total 6555.28 All Seller Paid Prepaids Interest (15 days) 351.51 MIP 2106.75 Hazard Escrow (3 months) 209.37 Tax (3 months) 691.55 299.89 ______________________________________________ Total 3149.81 (Borrow) 1346.72 (Seller) 4496.53 (Total) Purchase Price: 144,390.00 PrePaids: 4,496.53 Closing: 6,555.28 Seller Paid -7,902.00 Ernest -500.00 ___________________________ Base Loan 140,450 MIP Financed 2,106 ___________________________ Final Amount 142,556 ___________________________ Total Cash to Close 4,483.21

Then you would want to re-word the contract so the seller is just giving you a seller credit towards closing costs. You wouldn't use the Nehemiah program at all in that situation. Since using the Nehemiah program costs $499 or $599 (depending on the originators relationship with Nehemiah) you wouldn't want to use it just to get the seller to pay your closing costs. You'd simply just write in the contract, "Seller to pay for closing costs/pre-paids/reserves up to $X,XXX or X%" Yeah, they were going to pay the fee to Nehemiah also. My lender is working with my builder to get the right wording on the contract.

My mortgage lender told me they could reword a DPA (Nehemiah) so that it goes toward closing costs after the Oct. 1st date.

Not necesssarily. Ask you lender if they offer a 'Float Down" option. This may require an upfront fee but most are refundable at closing. You loose your $$ only if you walk away from the lender. Then you get the best of both world -- no risk of rates rising further and if rates drop you get a lower rate. I will have to make sure I bring that up. She did say that an extended lock would require some fees. I definitely would pay for a float down option. How much typically would that cost? (estimate)

So is it a risk to lock so far out from closing? Is it not possible to structure the 3% ($3500) toward my closing costs after October 1st? I will have 3.5% of the cost of the home myself, just trying to figure out how I can get this $3500 applied.

My builder offered a 3% incentive on my house through Nehemiah to go toward down payment or closing costs, my house will be finished in December/January. The problem now is, as of Oct. 1st, that money cannot apply toward my down payment. My question is, can this money go toward my closing costs after October 1st. My mortgage lender is trying to push me to lock my rate in before the October 1st deadline (which I am not super comfortable with) so that we can apply the money toward the down payment. I will have the funds to fund the down payment myself (I was going to pay all the closing costs myself).

Never late always paid more than minimum, scores have been on a steady increase.

\ They probably ranked you a high risk when they noticed that you exceeded 2/3 of your limit especially if the balance was being carried. Now that you paid it off in a single payment, they will consider you a lower risk. Try applying again inside a Macy's store. You will probably get approved for more than what you originally had. There is not a chance I will ever step foot in a Macy's store again. My household income is > 100K, so I will just take my business to Dillard's or Nordstrom.

I talked to 3 people and everyone refused to budge on a GLI. I received no notice of a limit decrease or any reason for this.

Never late, in fact I have not been late on any account in the past 4-5 years. My score is currently at a 650 and I got the card when my score was below 600. I do have fairly high utilization on my accounts.

My credit is now 50 points higher than when I opened a Macy's card (limit $600). I checked the limit the other day and they lowered it to $400 with a balance of $433. They wouldn't budge on it, so I canceled it and paid it off. I refuse to do any business with Macy's anymore for this shady operating policy.

Got my official scores in the mail and they are much higher than my FAKOS from TC. Equifax - 650 Transunion - 645 Exp - 610 TC has: Equifax - 633 Transunion - 612 Exp - 598

My inquires went from 4 to 14 this morning on my TC update.