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About Gritz1978

  • Birthday 09/02/1978

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  1. Looking to try and refi my existing FHA mortgage. Who offers FHA Streamline? That is probably my only option since scores are low due to high utilization. If I could cash out some equity, I could pay down cards and raise scores but afraid nobody will refi with the low scores currently.
  2. Currently the only baddies left are a couple of 30 day lates from 2+ years ago. I currently have a couple of small credit cards with $500 limits; all with zero balances currently. My AAOA with TU is 2 years and with EQ is 6 years.
  3. Gritz1978

    APP Spree

    I have worked over the past 2 years to get my scores from 550 upto 675. I applied for a Discover It card and was approved for a $5,500 limit. I'm tempted to test the waters with other cards and see if I can build up some good available credit and rewards cards. Will applying for / obtaining 2 or 3 new cards take a substantial hit on the improvements I have been able to make?
  4. LOC is 8K and CC is 5K - I intend on paying these down to try and get the 12 points needed for a 620.
  5. The builder's preferred lender provided the score. As Brian stated - their preferred lender requires a higher score for FHA approvals and turned me away. However, in reading here I thought that I had a good chance with other factors and thus posed the question here. Thanks.
  6. 1. Mortgage Credit Scores: What are your fico MORTGAGE credit scores for each mortgage applicant? 608 Mid Score (Provided by Home Builder)2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide: Type: 30 Day Late Status: DOFD: Most Recent: 09/2015 Miscellaneous: 3. Gross Income. 105k/year W2 salary 4. Source of income. Full Time Employment 5. Monthly debt payments. $455 Car Payment $408 Car Payment $160 Line of Credit ($4,000 Balance) $107 Visa Card ($3,000 Balance) 6. Employment (for those who are employed). 15 Years With Same Employer7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway). Savings $2K Checking $2K 401K $85K Sale of Existing Home $5K Profit 8. Location: South Suburbs of Chicago - Lockport, IL 9. Property Description: Single Family, New Construction (New Subdivision of 69 Homes)10. Property Value. 350K - 375K11. Occupancy. Primary residence2 adults, 2 kids 12. Transaction Type. FHA
  7. We are interested in buying one year out (June 2017) and have found a builder who will hold off construction / closing until then if we decide to go with him. We currently own a townhouse which is right at the break-even point for selling; renting may be an option if DTI still allows for it. Our credit scores are currently low (Just below 580) due primarily to high utilization. Income is roughly $130K / year; existing mortgage is roughly $1600 and existing car payments are roughly $800. We also currently have roughly $800 / month in revolving debt which I plan to pay off as much as possible in the next 6 - 9 months.. We would like help developing a plan of attack to ensure we are in a position for approval 12 months from now. If anybody has a loan officer recommendation it would be greatly appreciated. We are leaning towards 3.5% FHA or 95/5 conventional.
  8. Does anybody have any experience or stories when it comes to FHA manual underwriting? I am currently waiting to hear back from our loan officer as our application has to go manual due to credit scores. Mid score is just below 580 due to high utilization and one late mortgage payment from July 2015 (due to a fire in our property). Employment, income and DTI are all acceptable. I realize I may have to wait until July 2016 due to the late mortgage payment but since we are going new construction that wont be a problem; homes are currently scheduled to begin closing in Augusts / September.
  9. Thanks - This would be my first FHA loan and would also become my primary residence as I would be moving into it. My existing home is a conventional (80/20) with Wells Fargo and would become my "invenstment" or "rental" property.
  10. My goal is to apply for an FHA mortgage later this year and purchase a 2nd home as my primary residence. Existing home will eventually be rented out. I believe I have enough income to cover both mortgages and be within FHA front / back ratios. Question - When calculating front / back ratios I am assuming that existing mortgage would be included in back ratio? Front ratio would only be payments, costs, etc. associated with new FHA loan on 2nd home.
  11. While I have had no late payments since the filing of CH13, some creditors included under the BK are still reporting late payments. How will this be handled?
  12. There have been no late payments since filing CH. and all trustee payments have been made ontime. I've also started to re-establish credit with 1 secured card and 1 account that survived the BK.
  13. I am currently 1 year into my 5 year CH 13 repayment plan. From what I've read, I would qualify for an FHA loan since all of my trustee payments have been on time for a 12 month period. Can anybody confirm this? I would like to refinance my existing ARM that caused all of my problems in the first place.

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