nachocredit1

Hi, yes the realtor has LIVE access to the MLS and can filter it to send you immediate updates according to your needs. Also, realtor.com I would say would be next in line to getting updates from the MLS. It even shows you the home status.

Normally, a former employer does not allow loans to be taken out for 401K plans. There are a couple options that I know about. 1) Take a distribution directly from the current financial institution you have the 401K with, but the downside to that is the IRS requires these funds to be hit immediately with a 20% penalty if you are not 59 1/2 or older. 2) Another option would be to transfer the 401K funds to a Rollover IRA plan. Typically with this plan you can choose pay the penalty upfront or when you file when you take a withdrawal. You have 60 days from the time of withdrawal to repay the funds without any penalty. In cases dealing with 401K and other retirement accounts, it would be best to speak with a rep from your financial institution because of the IRS guidelines surrounding these accounts. Also, ask your LO but I believe you can borrow up to $10,000 from your retirement accounts penalty free, but you still have to pay taxes on it.

Hi Joe, My fiancé and I were going to build our first home but changed our mind. Be very careful visiting a builder without a realtor on the first visit. They will typically ask you for your realtors name on the initial visit. The reason being is that the builders (at least all the ones I encountered) have rules setup that they will not pay a commission to a buyer's agent if they were not initially identified. They have this rule setup to protect their monies/commission for their sales reps. Also, get pre-approved first as this will allow you to know where you stand creditwise. Typically, the builder will have a "preferred" lender they that typically offer incentives that you probably will not get with other lenders. Just weigh your options. Good Luck on your home search!

Thank you! I appreciate your kind words! I'm excited!

Thanks, yes we're already going ahead with the purchase. From my understanding they are having the HVAC refixed according to proper specifications and reporting the people involved. We already have quite a bit of equity in the house based on the appraisal, so after thinking about it the pros outweigh the cons.

Thanks you! We weighed all options before requesting anything. Hopefully we can get them to fix the issues. I'm praying really hard.

Hello All, I haven't posted in some time as I have been taking care of quite a bit of personal issues. I am in need again of the expertise of the from the Wonderful Creditboard members. We are in contract on a "government sponsored institution" foreclosed home using FHA, which is our first home. While we very much understand that these homes are AS-IS, something interesting has happened that I believe was a HUGE blessing for us. Now, I don't want to divulge too much details at once to mitigate any risk of other parties involved seeing this. There were several obstacles thrown in our way, but we fought threw them, so far. The latest issue is our inspector arrives on site a couple hours before the time he was supposed to, because he says he just "had a feeling" he should get there sooner. Low and behold while he's taking pictures, the "government sponsored institution" maintenance guys" show up to re-winterize the place after the listing agent advised us it would not be done again. One of the maintenance guys then begins an argument with our inspector telling him to stay out of their way. However, our inspector gets them to hold off doing anything until he's had a chance to check all the plumbing. Though he says they still rushed. So this is a red flag to me about these so-called "licensed contractors." When we arrive our inspector tells us that while he was checking things out, he's witnessing these "licensed contractors" doing things incorrectly to the furnace, air conditioner, and the hot water heater. Basically in some instances the job is a coverup/band-aid that will lead to a couple thousand dollars to correct the problem they have caused with improper repairs. He observed and took pictures of them during this process. So now, we are a little troubled on our next steps. Please note that these are repairs that we did not request and we are not clear as to why they were being made. We were told of the repairs after we were in contract. Now, we have asked for everything that was done incorrectly based on the inspectors observations to be corrected. I'm thinking that if they won't do this then we can try asking for a purchase price reduction or some type of allowance. Our realtor, who we have found is not good at all, keeps telling us as usual this is a bank and it's AS-IS and they don't care... blah blah blah. Our realtor has probably already cost us in this process and appears she does not know how to negotiate. If this falls thru, she will definitely be cut loose. Any thoughts on this possible mess? Thanks in advance!

Hi all, I found a REO property owned by BOA/Countrywide. Unfortunately, I found the property too late because the listing agent advised he was in the process of withdrawing the property because BOA was impatient with it not selling. They are now putting it up for auction again (it of course didn't sell the first time). The lockbox was still on the door and we were able to view the property, which seemed to be in pretty good shape. Has anyone worked with BOA directly in purchasing a REO prior to auction before?

CONGRATS!!!!! :yahoo:

Hello, My DH has a charged-off debt going to fall off credit reports in 6/14. He applied for a mortgage and the lender is including the full charged-off amount of $300 in the DTI. Is this correct? I thought the only amounts that are supposed to be included are monthly payments for items that will not be paid off within a year. In the meantime, he is contacting the OC (local CU) to confirm this balance and see if it can be paid off. It's been awhile and he doesn't recall leaving a balance. Please advise. Thanks!!

Thank you all!! The builder's preferred lender is providing FHA. I'm sure the lender fees and points (if any) vary by vender, but do the FHA rates vary depending on lender? Just found out from the USDA field office, that my DH will not qualify for the USDA because the home cannot be more than 1800 sq ft. Extremely "modest" small homes will only qualify.

Ok, now stumped on what loan program as my DH's credit has improved more than expected. We are wanting a new build. Hello, I have a few questions in trying to determine the loan program my DH should go with. We don't have a large down payment, about 5%. We're trying to decide what to apply for next in rate shopping FHA vs USDA vs NFCU HomeBuyer's Choice. Believe me I have been through them several times trying to determine which is the best program. My DH applied with a local builder's preferred lender and was pre-approved for $300K. Mid-score is 687. Although, he was told that amount could be increased. He advised he was comfortable paying $2K max including taxes and insurance. There goes the home we actually wanted so will either have to wait or settle on cheaper home. We were thinking we would be ok with a home closer to $370K. I seem to get varying results in mortgage affordability with this monthly payment. I think i'll speak with the LO directly to get a better idea from what her figures are. So, my first question is does a monthly payment of $2Kseem about right combined with property tax of 2%? Not sure what PMI would be. Last, I researched USDA 30yr fixed loans and not quite sure if this loan is better considering you have a .40% PMI compared to NFCU's HBC of no PMI, with a higher rate. I'm still trying to find a current rate for USDA as I have heard it's lower than conventional. But, is the USDA 30yr FRM lower than FHA 30yr FRM or about the same? My brain is so shot right now. I hope I didn't leave anything out. Thanks in advance!

Oh my! Congrats on getting closer! I'm afraid when we get to the point you're at their gonna be asking if we were connected to Bosch... lol

Hi joemale, Congrats!! How did you get those deleted? mail or call? Thanks!

Yes, it doesn't bother scores after the first pull but each inquiry still counts to creditors. Upon applying for credit in the past one of the reasons he was denied was too many inquiries. This happened because a dealership ran multiple inquiries in one day on his credit. I believe the cutoff is 5 before being considered to have "too many inquiries" within a two year period.