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Tools McTool

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  1. If they took the ones I never use I wouldn't care. I'd do the same thing if I were them.
  2. Clearly this "Alex" person likes his job. Maybe not enough to keep it as I am quite sure the pay sucks, but this guy likes what he is doing. His attitude is clear in his posts. Very pro "pay up, deadbeats" and very anti FCRA. This person is a full time collector and a very part time Creditboards enthusiast. Sounds like he is a collector who joined a credit website, not the other way around. I don't buy the "hard times, you gotta make a dollar some how" crap. I think this person read enough about collection agencies on here and it actually made him want to work at one. Sick.
  3. Just to be on the positive side here, mine went to the UW after our auto-approval and that morning our LO said it would be two or three days. She called later that same evening and said "clear to close". So it's possible for it to happen very quickly.
  4. We are happy with the purchase price, happy with the loan (FHA 6.5% no points) and definitely happy with the house! We put down our deposit in early March. Construction started in May and we closed yesterday. The actual closing could not have went any easier and it took less than 40 minutes. So don't sweat it if you are anxiously awaiting your closing date. New construction is a lot less hassle than buying from a home owner though. Thanks to ALL of the people who post in the mortgage and credit forums. Not just the experts but to all of the people who ask questions that the experts answer. I didn't have to ask many questions thanks to the people who asked before I did. I spent over two years researching and reading leading up to this day. It was well worth it as things unfolded even better than I hoped. I used my builder's lender as the incentives ($5k+ for closing costs) were too good to pass up. But I did look into using a broker. I dealt with Shane (liverichly) and Brian (Brian B... ) for a brief period early on in my home buying process. Both were very knowledgable and professional and just plain nice for that matter. Believe me not everyone in this business is equally nice. I highly recommend either one if using a broker is in your future. Although I did not use a broker, if I had it would have been one of them. Thanks again to CB. Two and a half years ago we were filing bankruptcy and our credit was absolute garbage. We have turned that completely around and now the home purchase is the icing on the cake. I said to my wife the day I found creditboards nearly three years ago... "Honey, I just found a website that will change our lives." She laughed then. I was very serious and here is just another example of how true that statement really was...
  5. fla-tan I beg to differ. My first comment is very true. "The student loans will not "fall off" your reports just because they are taken out of default." That is very true. They must be rehabbed to have the baddie removed. That is a fact. I mention rehabbing them further down in the post. Keep reading. Without rehabbing I would need to see proof that there has been a loan that was removed from a report just by being taken out of default. Please point me to any thread (or anywhere else) where simply taking them out of default removes them.
  6. Sorry, but if it is through Chase then it is not the Direct loan. The Direct loan is called that because you apply and are approved directly through the local USDA office. You must mean the Guaranteed 2% loan. Chase or any other bank does not have anything to do with the Direct loan.
  7. Oh and I have read that FHA and other Govt. loans can be approved right after the loan is out of default status. THere is no waiting period. But I have no experience with that, I have only read it.
  8. The student loans will not "fall off" your reports just because they are taken out of default. They will come off after the seven year period from when they were placed on your reports unless something was done to re-age them. Rehab-ing them can get the baddies removed but that takes a year or so and must be set up in an agreed upon program. Rehab-ing them does not immediately take them out of default though. Paying the loans off or consolidating them is the only way to get them immediately out of default status.
  9. Is it a USDA LO or from a finacial institution?
  10. My GFE's back in Jan. Feb. and March were quoted high as a "worst case scenario" at 6.5% but at the time people were getting 5.8 and close to that. Well, "worst case scenario" is here and I was lucky to get that same 6.5% this week.
  11. Thank you guys very much. The rate was locked yesterday. The loan was switched from a USDA loan at the last minute. USDA did not like our DTI and my wife works only one day a week now due to school (she was working two at application six months ago). We did not get denied by USDA yet but to avoid the bottom falling out we switched to FHA. Again, thanks for the replies.
  12. Maybe they want to know whether to proceed with your file (or keep your file) or not. Maybe they don't want to waste both of your time if your credit is all jacked. Then of coarse they will have to check again in six months. Just a guess.
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