Bobbydebt

I can't say for sure about the silent second, but I highly doubt that would be considered legal in the current lending climate. I'm sure it would be labeled as some type of fraud. If a buyer needs closing cost help the seller can pay it (different loan products and states cap the amount). Say you need 10k in help to buy the home, the seller can either pay it or they can increase purchase price by 10k so they net the same proceeds at closing. There's nothing illegal about that. Only problem with adding to the sales price is if the home doesn't appraise at the increased sales price.

Most lenders I've dealt with (lots of prop investment, agent for 8 years, good friend is a mortgage broker) only ask for 2 months worth of bank statements. If he has the money seasoned in his account (meaning the money, excluding the deposit, shows on 2 full months of statements) they probably won't even ask about the source of funds. His approval will only be based on his taxable/documented income he files with the IRS, but lenders don't look back very far to source cash to close funds.

I don't know what state you're in, but if you're in PA BELCO Community Credit Union does 100% ltv, and their rates are great. I found credit unions to be the best place for high ltv home equity loans.

you pay the 401k loan back thru payroll deduction. borrowing it creates a leverage situation if you buy an appreciating asset. HOW someone decides to use THEIR MONEY is beyond the scope of the conversation here. this is the mortgage forum. not the financial advice forum. Then this entire topic should be moved to the appropriate forum, as the OP's question is off topic. OP asked about how to come up with a down payment, and there are pros and cons to various ways of doing that. Too little financial discipline and the assumption that homes will always appreciate are among several major factors that caused the housing bubble. Homes have not been a very good investment for most of the past 12 years. In millions of cases the "investments" were catastrophic financially to people who were financially ill-equipped, unlucky, or both. Real estate is probably one of the safest long term investments, and no one that went upside down during the bursting bubble lost anything unless they sold. I mean, I'd hate to be one of those people that needed to liquidate the cash from their home at the wrong time, but that chance is taken investing in the market as well. Also, most people selling their home are not gonna have to pay tax on the proceeds. People should just buy with the knowledge that you make money in real estate when you buy. I think it's inaccurate to vilify homeownership as bad because irresponsible banks and borrowers paid crazy prices while being approved with no-doc loans 10 years ago. OP: don't take a cash advance from a credit card or even open new lines of credit if your prepping for a mortgage. Even if you are comfortable with the monthly exposure of the payments the bank may not, and depending on your current dead load the new monthly payment could blow out your front/back end ratios. Saving your own funds is probably the best idea. is $17,000 representative of your down payment needed, closing costs or both combined? If you need $7,000 down and $10,000 to cover closing costs, you could ask for $10,000 in sellers help (or whatever the max is for your specific loan product) and only need to come up with $7,000 to close. I don't know your specifics, but a deal can be structured to reduce your cash to close amount. Even if the seller bumped sales price to cover those costs, you could still protected by the appraisal contingency. $200,000 list price You need $10,000 in help Sales price $210,000 Home appraises at purchase price You come up with $7k to close Done! You could even ask for the sellers help without bumping purchase price above list and see if the seller concedes those funds, then you're increasing your equity position on the purchase. Get creative!

I would make sure that: 1) everything is in writing 2) If the CA owns the debt, that the underlying debt is cured (forgiven, never to be sold, assigned, etc...)

The debtors position of strength regarding the debt should dictate the validation/dispute letter. Within statute? I would say a simple, to the point letter is best. All you're doing is protecting your rights and buying some time. You also leave the door open for the CA to think you're an uneducated consumer, which could provoke them to violate FDCPA (or state statutes); consequently, shifting the negotiating power towards the debtor.

Other negatives shouldn't have an impact on uti points,, so I take your story as a good one. Well, I guess unless they are reporting in such a way that they're factored into utilization... Thanks for the response.

Sure. I'll pm you my info so you can put me on your cards as an AU. Let me know how your scores react! :0)

Ok, thanks a lot. Lol!

Yes, but the charts I'm able to find only go to 100% utilization. I'm trying to find out if utilization has any effect when over 100%. Example: if you go from 150% uti to 100% uti, is there a score increase?

We all know its king, but I have a question about it... Say you are 2,000% utilized. If you py down the balances to get to 100% utilization, will you see a dramatic score increase or does the magic happen once you are getting below 100%. Odd question, but I'm curious. Get Wang on this immediately!

WF is difficult. I'm not a lender, but work in property investment, and we have a broker that can do FHA down to a 580. The 580 comes with more cash needed and is more difficult to get closed, but we do it routinely and do so for people that gave lates/negs within the last 12 months. Don't forget that lenders, brokers, loan officers, etc... are ALL salespeople, and should be handled accordingly. I don't mean handled in a rude way, but healthy doses of skepticism will serve you well. I have seen a lot of people so happy going through the process, then when it's time to close the approval is yanked off the table for a reason that should have been caught upon first review of the credit report.

I've had two PSECU signature loans for their max of 10k. The first one I was approved with some negatives, mid 600's scores and about 45k income. The second time I was approved for 10k with 700+ score, old negatives and 80k income. Both of the loans had 60 month terms (10.99% rate, I think), but I had them paid off within 12 months. I also have a 20k CC and two auto loans with PSECU. After building a good relationship with them over the last 3-4 years, I can get any loan I want from them and they put the funds in my account within 24 hours of my acceptance.... Darn good CU.

If you even say hello to NCO they will delete the trade line.

Not 100% sure, but I think 04 dings you for accounts that have been inactive for 6 months.... I think that's right. I'm not sure if they score FICO differently between OD LOCs and CCs. It's worth a test just in case. It's my oldest LOC and it's never been used. Maybe that puts me is some special category. At the time it was opened I was unaware of it. It's just something the bank did when I opened a checking/savings account. They never checked my credit either or there is no way I would have gotten that LOC. Does the LOC report as REV on your reports? I'm betting it does, and it would be scored no differently than a CC.