Jump to content


  • Content count

  • Joined

  • Last visited

Contact Methods

  • Website URL
  • ICQ
  • Skype

Profile Information

  • Location
    Irvine, CA
  • Interests
    Mortgages, real estate, vacations, restaurants, wine, LA Lakers, SF Giants, NY Giants, deep sea fishing, movies.

Recent Profile Visitors

969 profile views
  1. liverichly

    Refi taking for ever...

    Glad they agreed to refund you the appraisal fee. I don't think you can get inquiries removed because you didn't accept the terms. You legit inquired about applying for credit, so to me it seems like they should stick. I know there are ways to dispute inquiries as unauthorized, but that doesn't seem like it'd apply in your situation.
  2. liverichly

    Refinance after BK rate

    There is no difference in FHA interest rates that is based on if you have had a BK in the past or not. Assuming those are your mortgage scores, the rate seems high. I'd get a 2nd opinion.
  3. liverichly

    Would we qualify?

    For Fannie Mae/Freddie Mac loan programs, yes. There are no further breaks on the interest rate for a score above 740. You can see the different amount of points charged depending on FICO/LTV combination in the chart below. PMI's cheapest rates are for FICO scores of 760+, see chart below.
  4. liverichly

    Would we qualify?

    Your debt ratio looks fine to qualify for the price range you indicated. If you are aiming for conventional financing then you should improve your credit scores, as there is a significant break on rates when you get to the 680 level (then additional small breaks at 700, 720 & 740). With FHA, USDA & VA, scores aren't as important, but you will see slightly better rates if you improve your scores. It's lowest middle score of all applicants which determines rates, so your spouse's scores are equally as important as yours. Even though it's not perfect, your credit history should be fine to qualify.
  5. liverichly

    Cash out refi question

    Current appraised value is used & you can get cash out up to the original purchase price. https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html#Delayed.20Financing.20Exception is the specific section from the link you posted. Need to also comply with the applicable cash out LTV restrictions based on occupancy type, which can be found at https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf on page 2.
  6. liverichly

    Question re old student loan

    In the post just prior to yours, kevinwill mentioned "Someone asked how I got my current mortgage, it was a co-signed mortgage. That is not an option this time around." A co-signer wouldn't make a difference if someone shows up in CAIVRS though, the CAIVRS hit would need to be addressed either way.
  7. liverichly

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

    CAIVRS is required to be run on VA loans (see section of VA guidelines below), so no there aren't. Are you sure it's showing up in CAIVRS? Is your friend making payments on it?
  8. liverichly

    Change off help

    I can't comment on the best way to be able to pay the charge-offs off, but in mortgage lending charge-offs rarely have to be paid off. If the underwriter is asking them to be paid off for approval, will they let you pay them off at closing rather than prior to getting approved?
  9. liverichly

    Question re old student loan

  10. liverichly

    Non Qualified Mortgage Lenders

    They can do a mortgage contingent upon the auto loans being paid off at closing. Just make sure they are loans, not leases, since usually when paying off leases the underwriter won't exclude the payment since they know you'll need a new car (+ it's payment) after turning the lease in. With a score below 620 it's very likely you'll need a DTI under 50% to qualify for FHA.
  11. liverichly

    Need help please

    You are just 1 point off the 680 you need to get to. Is your loan officer able to do a rapid rescore on the credit cards that aren't showing the correct balances? Sounds like your best option at this point. I'm not aware of anything you can do to improve your scores as quick as you need them to without doing a rapid rescore. In the industry we've been seeing more and more jumbo loans that are OK with lower FICO scores, too.
  12. liverichly

    Non Qualified Mortgage Lenders

    A rapid rescore is just that, they'll take documentation from the creditor, send it to the credit bureaus, where your reports and scores will be updated in 3-5 business days. Then your credit is re-checked to get the updated credit scores and history.
  13. liverichly

    Non Qualified Mortgage Lenders

    Yup, radi8 is correct about FHA being an option if your credit is found to be acceptable. Can be more attractive terms than Non-QM.
  14. liverichly

    Non Qualified Mortgage Lenders

    I don't know of any Non-QM lenders who do business directly with consumers. Due to the high risk that interacting with a consumer carries, they usually like to shield themselves by requiring loans to be submitted by mortgage brokers, so the loan officer takes some of the risk + takes care of communicating with the borrower. With a 600 credit score Non-QM lenders typically require at least 20% down and max the DTI out at 50%, so it seems like you should be able to find a mortgage broker who'd be able to help.
  15. liverichly

    Question re old student loan

    Just call up a loan officer and ask them to check CAIVRS for you, just requires your name & SS#. Remove all doubt on what needs to occur so you can concentrate your efforts.

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.

Important Information