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About Captchaos145

  • Birthday 06/04/1970

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    New Jersey

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  1. Why is an FHA loan risky? The OP appears to be be a perfect candidate for an FHA Loan. Yes they pay monthly MIP however with those credit scores his monthly PMI will probably be higher if he went with a Conventional loan. His rate will probably higher too with a Conventional loan. Heck he might not even be eligible for OMI with a Conventional loan.
  2. Paying Collections can bring the credit score down believe it or not. An experienced Loan Officer, well versed in credit, should be able to guide the customer properly. Medical collections are ignored with FHA loans and other collection accounts have to have an aggregate amount of $2k or more before they need to be addressed prior to or at settlement. Getting a PFD will usually help but they can be difficult to do plus newbies will have a hard time understanding the process. Making a blanket statement such as “pay the Collection accounts” is not sound advice. There are a bunch of moving parts aside from the Collection account piece.
  3. I think I pointed out several discrepancies in my 1st post. If there is anything you don’t agree with feel free to let me know. The biggest issue I have is people giving advice on issurs they don’t truly understand. My original post may have sounded a bit harsh but the OP is buying a home. It’s a pretty big deal so make sure you’re advice is legit before trying to “help” someone make 1 of the biggest decisions of their life.
  4. That’s actually pretty fast.
  5. Didn’t you change your mind and plan on investing that money instead of buying a new home. Remember buying a new home (even though a cash deal) will still cost you money monthly with taxes and home insurance. 😉
  6. Tricky situation. If there is a large down payment you can buy a home 1 day after a discharged BK. The question is too vague though.
  7. Yes this post is correct if indeed the OP is correct. I get refinance referrals these days and half of them are due to divorce decrees stipulating the person residing in the home needs to refinance the mortgage to get the person no longer living in the home OFF that loan.
  8. This post is the only one the OP needs to read and pay attention to.
  9. This is INCORRECT. They put down 20%. The maximum amount of time they will have the MIP is 11 years. Chances are your rate will be higher now plus you will incur closing costs. If you move in a few years it’s PROBABLY best to stay put.
  10. If you were originally quoted 4.875% and now he said he has to charge you X amount of points to keep you at 4.875% then I can believe that but I don’t know all the facts. Rates have taken a huge hit the past 5 weeks. There is also no mention of your credit score. Its TD really hard to give advice with very limited info.
  11. You need an experienced loan officer with credit knowledge to guide you through the process plain and simple. VA loans are 100% financing so zero money down BUT you will still have to pay closing costs. VA allows up to a 4% seller assist to pay for all/most of your closing costs. Just some info for ya.
  12. OMG I’m cringing. I’ve been in this industry for over 20 years and the advice I’ve seen with these posts is poor at best. Unless your a MLO (mortgage loan originator) try not to reply. More than likely you don’t know what you’re talking about even though your suggestions are well intended. Here are are the issues: Paying off collections can actually hurt your credit scores. FHA disregards medical Collections. The cable collection is less than $2k so it won’t need to be paid off. PFD (Pay for deletes) work but very few collection companies will agree to do them. The only way to tell how much a score will improve if you do a PFD is to have it run by a loan officer through their credit simulator. Where are you getting these scores from? There are many different scoring models out there. The loan office is much more important than the lender they work for. Good loan officers can have a poor infrastructure and poor loan officers can have a strong infrastructure. You need a knowledgeable loan loan officer to guide you through the process.
  13. You can get rolling a couple of months ahead of time. Where did you obtain that credit score? How many accounts did you open AFTER the BK was discharged. Lenders will use the middle credit score of the lowest borrower. For example if husband has a 720-679-650 and wife has a 550-575-600 the score that will he used is the 575. If the husband can afford the loan on his own then using his 679 will be best. I’m in the industry do I’m not chiming in as just anyone.
  14. I'm in NJ which (according to my research) is 6 years for the SOL. None of the letters state the file is too old to file suit. So I assume I should start with a DV letter? What is the DOFD? 1/2012
  15. I'm in NJ which (according to my research) is 6 years for the SOL. None of the letters state the file is too old to file suit. So I assume I should start with a DV letter?

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