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ANNOUNCEMENT

 


cv91915 has set up a Go Fund Me page to take donations that will be used for flowers for breeze's memorial, and excess will be donated to a cancer charity in breeze's name.  If you'd like to participate, please go here:  https://www.gofundme.com/breeze-memorial .  If you have any questions about donating or the GFM, please reach out to cv91915.  
 
 
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Sunday, unexpectedly, we lost one of our own.  After a sudden diagnosis of liver cancer just two days before, our very own mama Breeze lost her battle with this disease and passed away on Sunday afternoon.   She passed peacefully surrounded by her family.
 
We know that many of you will be as devastated as we are to learn of this, and we know that you will share in our grief.  We will be in the Feedback forum with you, sharing our memories and our tears.  We encourage you to join us there.
 
We started on this journey fifteen years ago - breeze, Pam, LKH, and radi8.  Through everything that has transpired over the past fifteen years, we have always remained family - and Mama breeze was an integral part of that family.  We will be posting additional information here, as much as we can while still respecting her desire for privacy and anonymity.  For now, while we process our grief, we will close this notice with Godspeed, Mama.  We miss you so much already.

 

- Pam, LKH, radi8, Marv

- the mods and forum leads


VAloanMaster

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  1. It depends on the situation. If you are buying the home from a relative then the "equity" can be gifted to you & it will treated just like a cash down payment of 20%. This would allow you to go with a conventional loan with no money down & no PMI. If you are simply buying a property under value, then the underwriting guidelines require lenders to use the lower of the 2 between the sales price & the appraised value.
  2. VAloanMaster

    VA loan after Chapter 7

    Hi OnMyOwnMom, You both have to be 2 yrs post discharge to be on the loan. As far as getting married goes, it doesn't really matter if you do or not. Does your fiance need your income to qualify & what state are you in?
  3. VAloanMaster

    Advice Needed...Fannie Mae Mortgage

    IMHO the correct analogy to the OP's AT&T issue would be this: The gas company left all of the windows open while they were in your home for a service call and used a backdoor in your smart thermostat to set it at 88 degrees all without your knowledge. Would you pay the gas company? To the OP. Prime Lending is a decent lender. Yes you should get pre-approved, NOW before you do anything else & make sure you get a 2nd opinion. No, the collections do not necessarily need to be paid before you get pre-approved as long as the lender can work with your current score. Some lenders require a 620 or better for FHA while others can go down to a 580. The key with the collection accounts is to target the accounts that have reported recently because the older accounts that haven't reported in a while are having less of an impact on the scores & if you pay them off, they will drop your scores when the update to show paid.
  4. VAloanMaster

    Va loan. Are they any companies thats don't pull cavairs

    How old is it & how much? Your friend my not have to pay it off or get a clear CAIVRS to close on a VA loan depending on the lender & scenario. They will likely need a good letter of explanation.
  5. VAloanMaster

    Post Chapter 7 Refinance

    It will be 2 yrs post chapter 7 discharge for VA. Did you continue making your mortgage payments during & after the BK?
  6. Dispute the account with all 3 credit bureaus. According to the Fair Credit Reporting Act, the bank can only report this account for seven years after your original delinquency date. If your last payment was made in 2008, this account should not be reporting at all on your credit. You may need to file a complaint with the CFPB. Good luck & let us know what happens.
  7. VAloanMaster

    VA mtg - Can I get a mortgage with lates?

    Hi Vicki5678, It is possible with a really good letter of explanation & the right lender. Having 10% down is a really good compensating factor & you more than likely won't need to "use" it. How many credit cards are talking about?
  8. VAloanMaster

    Current Interest Rates

  9. VAloanMaster

    any chance of approval

    How do you end up with 3 chapter 13 bks? Are you VA eligible? Most underwriters are reluctant to approve a mortgage with a single bk & any type of derogatory credit after the fact. In your case it's 3 bks and a 90 day mortgage late in the last 12 months so I honestly don't think anyone would approve you for a conventional or FHA mortgage. You're probably looking at a hard money type of loan which requires 20% +/- down & a much higher rate.
  10. VAloanMaster

    Help! Conflicting Mortgage Broker Information (School Loans)

    Hi NextGen24, I'm going to post the actual guidelines for each option, FHA, Fannie Mae & Freddie Mac. FHA - Student Loans (II.A.4.b.iv.(H) (TOTAL) and II.A.5.a.iv.(G) (Manual)) (1) Definition Student Loan refers to liabilities incurred for educational purposes. (2) Standard The Mortgagee must include all Student Loans in the Borrower’s liabilities, regardless of the payment type or status of payments. (3) Required Documentation If the payment used for the monthly obligation is:  less than 1 percent of the outstanding balance reported on the Borrower’s credit report, and  less than the monthly payment reported on the Borrower’s credit report; the Mortgagee must obtain written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor. (4) Calculation of Monthly Obligation Regardless of the payment status, the Mortgagee must use either:  the greater of: o 1 percent of the outstanding balance on the loan; or o the monthly payment reported on the Borrower’s credit report; or  the actual documented payment, provided the payment will fully amortize the loan over its term. Fannie Mae - If a monthly student loan payment is provided on the credit report, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student loan statement) to qualify the borrower. If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment using one of the options below. If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0. The lender may then qualify the borrower with a $0 payment. For deferred loans or loans in forbearance, the lender may calculate a payment equal to 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or a fully amortizing payment using the documented loan repayment terms. Freddie Mac - Student loans in repayment: For calculating the monthly DTI ratio, use the greater of:  The monthly payment amount reported on the credit report, or  0.5% of the original loan balance or outstanding balance as reported on the credit report, whichever is greater Student loans in deferment or forbearance: Use the greater of:  The monthly payment amount reported on the credit report, or  1% of the original loan balance or outstanding balance as reported on the credit report, whichever is greater As you can see the guidelines are not that straight forward which is why there is so much confusion about how lenders are supposed to calculate student loans. Based on the numbers I've run, your best bet is to go with the Fannie Mae 3% down program BUT there are a couple of caveats. 1) This program has income limits based on where you're buying a home so that's the first thing we would need to look at. 2) Your debt to income ratios maybe tight depending on the purchase price & property taxes. If your debt ratios exceed the acceptable limit for Fannie Mae, you may have to go FHA. You may want to reconsider using a broker & go with a direct lender.
  11. VAloanMaster

    DHI Mortgage questions

    Hi Yessicade96, I'm pretty sure DHI will follow FHA's guidelines & ignore the medical collections.
  12. VAloanMaster

    denied for a 30 day late

    If you live in the home & you were late on the mortgage payments, 99% of all lenders are going to deny you because you've had multiple 30 day late payments in the last 12 months on your rent/housing history. The only "way" around this is if a lender can get you approved through an automated underwriting system & that system doesn't require a 12 month "rent" or housing history. Another factor that can complicate this scenario is it sounds like this is a non arms length transaction. If it is, an underwriter may want to see the mortgage history to make sure this isn't a foreclosure bailout situation.
  13. VAloanMaster

    VA and Things

    Hi Hanshi, No, there are no downsides to using a VA loan. VA doesn't have a minimum credit score requirement so it's up to the lenders to set what scores they're comfortable with. Some will go down to a 580 while others will only go down to a 620. If you want to keep your current home & rent it out you'll need to provide a lease agreement for at least 1 year as well as a copy of the cancelled check for 1st & security deposit. I would steer clear of condos if at all possible for multiple reasons but you can use your VA eligibility to buy one as long as it's VA approved. There are downsides to everything. Some downsides to a VA loan: 1 - Some sellers won't deal with a buyer who is using a VA loan for the purchase. A VA loan can be a dealbreaker in a competitive housing market. 2 - Unless the applicant is exempt, VA loans have funding fees, which can be significant. Up to 3%+ of the loan amount. 3 - They can take a long time to close. See #1. 1) That's not the sellers, it's their uneducated agents that are driving that bus. In a hot housing market, Cash is first followed by conventional & then VA or FHA so unless you have enough cash to buy outright all of the other options are secondary. 2) The funding fee is a small price to pay considering the fact that you're putting no money down, you don't pay monthly MI & you're still getting some of the lowest interest rates available. 3) VA loans don't take any more time to close than any other loan.
  14. VAloanMaster

    2010 Reaffirm

    Hi Wan2live, Unfortunately because you reaffirmed the mortgage your eligibility clock starts when the bank takes back title. In your case that was July of 2017 so you won't be eligible for an FHA mortgage for at least 3 years from that date unless of course the previous mortgage was FHA in which case you'll be in the CAIVRS system so you may not be eligible for 6-8 months after the initial 3 year wait.
  15. VAloanMaster

    VA and Things

    Hi Hanshi, No, there are no downsides to using a VA loan. VA doesn't have a minimum credit score requirement so it's up to the lenders to set what scores they're comfortable with. Some will go down to a 580 while others will only go down to a 620. If you want to keep your current home & rent it out you'll need to provide a lease agreement for at least 1 year as well as a copy of the cancelled check for 1st & security deposit. I would steer clear of condos if at all possible for multiple reasons but you can use your VA eligibility to buy one as long as it's VA approved.

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