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About 548ficoNtexas

  • Birthday 05/29/1970

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  • Location
    West Texas
  • Interests
    credit repair, credit repair, credit repair, reading, traveling, shopping oh and credit repair. I've succesfully repaired mine, DHs, Mom, daughter, SIL, BFF all using TFC method!!


  • Member Title
    TX Hoarder

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  1. We are wanting to sell our house and move closer to family. Background hubby has been in the same field (oilfield) for 31 years. Last January he started his own LLC and is a self employed consultant. Business made $318,000 for 2018 (1099 misc). He also pays himself a salary with pay stubs every 1st and 15th paid through our CPA to personal bank account. His salary for 2018 (W2) was only $130,000 because the business pays all of our bills (cars, RV, internet, money into Fidelity in SEP account). So so if you read this far my question is, Can he get a mortgage using his 2018 tax information or do we have wait until he’s been self employed for 2 years. A realtor told me we can use 12 months bank statements to prove income and not have to wait two years, but I haven’t confirmed that. Credit score is 780 and we will put down 10% on an approximately $500,000 house. The only bills that we pay out of our personal account is current mortgage, electric, trash and satellite. thanks
  2. It didn't take 72 months to get an affordable payment. I've had 4 new cars in the past 18 months and love this one and plan to keep it a LONG time, that is why we went 72 months. Our LLC pays the vehicle payments because he is a self-employed consultant. Actually the business pays all of our bills except mortgage, satellite, trash and electric bill. Financially we are in a great place,
  3. We bought a 2019 Nissan Armada Platinum last week. His credit score was 788 but NMAC gave us 5% interest. The finance guy said that was their lowest rate for 72 months. So we financed with them to get the rebates and incentives, but now want to refinance at a lower interest. We tried Capital One because our truck is with them at 2.9% but they only allow re-fi's up to $50.000. Any ideas who would be good to go with. We do have a great relationship with Navy, USAA, Chase, Citibank. Thanks
  4. Forgot to add the loan estimate shows payment (years 1-7) P&I 1661.47 mortgage insurance $182 escrow $248 for a total payment of $20091 Years 8-30 P&I $1661.47 escrow $248 total payment $1909 Does this mean MIP automatically cancels after 7 years? Is this because we put down 10% or it that just how a conventional loan works? Also I noticed we have no upfront MIP at closing, I thought you always had to pay some upfront. Maybe because our other mortgages were always FHA?
  5. This is going so smooth and fast it's somewhat scary. 8-10-16 Applied for mortgage on the phone with Wells Fargo, had a pre-approval letter by email less than an hour after beginning of phone call. Pre-approval was for much more than we were looking to buy so that's good news. 8-11-16 Officially in contract. 8-13-16 (shocked this all happened on a Saturday. Locked our interest rate and signed all the disclosures. They offered us 3.625% will lender credits ($2300 towards closing costs) or 3.5% with no lender credits. That was a no brainer!! Who would take $2300 over a cheaper interest rate over a period of 30 years. Closing date set for 9-27-16. 8-15-16 Appraisal was ordered. 8-18-16 Wells Fargo called and said they had moved the closing date to 9-20-16 (seven days earlier because things were going so good) 8-22-16 Today we got the conditional approval letter. We had 2 conditions 1. Prove that we paid 2014 taxes (because we owed $45K). I had the online receipt from IRS and also sent bank statement for the month we paid. Condition 2. Provide proof of hazard insurance listing Wells Fargo as loss payee. I called Hartford and they conferenced in Wells Fargo and we got everything handled. Now we just wait for the appraisal and title paper work to be completed. She said it looks like we may move the closing date up one more time but she will know later in the week or early next week. This hasn't even been 2 weeks and we are this far along. Thanks for all the help answering my questions the past two weeks, apparently I worried over everything for nothing.
  6. What a great read, I just happened on this thread and I saw myself getting more and more excited for you. Congrats!
  7. I hope the garage shop isn't going to be a problem. They are breaking ground today, we are "officially" in contract as of 8:00 last night. The house has a 3 car attached garage. The additional garage being built is a 3 car detached with 1200' sq ft as a heated and cooled shop (with a two bay overhead door and a single bay overhead door) and 800 sq ft as a man cave. I think this should only increase the value. The builder said he needs 30 days to complete it and in his other builds (it's a subdivision he owns) as long as the shop is framed and studded when the appraiser comes they can include it. Fingers crossed, I am picking out countertops' sinks, fixtures that I want replaced today as I have a 6 hour ride back to good 'ole east Texas before I become a snow bunny. Thanks for the good vibes.
  8. It's completed, I'm just having him change out my counter tops and adding a fireplace. The shop, garage etc will be a work in progress but he said we can move in when we close and they will work on getting that and the deck built and we are ok with that plan. It has a 3 car attached garage so our vehicles have a place to go for now.
  9. All the worrying for nothing. Called Wells Fargo after not hearing back from them. Did the credit app over the phone. Middle score came in at 756. Had pre-approval for $596,000 by email in 5 minutes. We already have a home picked out and sending the pre-approval to the builder today. He will let me pick my granite and start that process along with an additional 3 car detached garage, shop, man cave and put a fireplace in. Should close in 30-45 days. No negatives and DTI came in at 26% so we are good to go. Decided to just put $41,000 down on a $411,000 home and suck it up and pay the PMI. Thanks everyone for answering all my questions. Now to embark on this 1300 mile move from Texas to North Dakota.
  10. No it's not Eric and we just decided this about 20 minutes ago. We will just pay PMI because we really don't plan to stay there but about 10 years and he will retire. Would rather leave that $50K in 401K and pay the extra $300 ish a month for PMI. That's why I LOVE this board. It makes you look at things from all angles. You guys are the greatest.
  11. He can't take out a loan because he longer works for that company so there is no way to have the payment come out of his check. Yes we know the tax consequences of doing this, he will take an extra amount to cover what we will owe IRS at the end of the year. Luckily he has two other 401 K plans and one of this is also 100% vested. Thanks for the answers guys.
  12. If we decide to put 20% down instead, which would mean taking $50,000 from 401K. That will NOT be a loan it has $400,000+ in it that is 100% vested will that hurt us taking that money out? We have 12% down, closing costs and 4-5 months reserves in savings now. But we have decided we want to avoid the PMI. I need to know by tomorrow so I can get the form notarized and sent it to Fidelity before my hubby leaves 1300 miles away for work.
  13. Ok so if we decide to put 20% down instead, which would mean taking $50,000 from 401K. That will not be a loan it has $400,000+ in it that is 100% vested will that hurt us taking that money out? We have 12% down, closing costs and 4-5 months reserves in savings now. But we have decided we want to avoid the PMI.
  14. To somewhat answer my own question I saw that Navy has the best mortgage rates but I also read they require 740 and above for those rates, so should we not even bother with them? Also I read they count minimum credit card payments on ALL cards even if you carry zero balance. Is that correct? How would they count the minimum on a American Express charge card not credit cards?
  15. Will be applying for pre-approval next week and scores are 720.722.725. Will be putting 10% down. Will we get best rates? We've had 4 mortgages with Wells Fargo all paid off early. Should we just go with them again? Or is there a better company with better rates we should look at? Thanks
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