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Chubz

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  1. Chubz

    Finally closed!

    Well after our original closing date of 4/30 passed, we were finally able to close on the 15th. Not before some last minute drama. Somehow my "friend" the mortgage guy tried to rape us on closing costs. I paid down points because of my credit score of 589, to 5.5% but they tried hitting us with over 5,000 in overage charges that they tried to cover up as a mistake. Its a long story but my lawyer called them out on it and they dropped the extra charges quickly. The other problem was the seller owed back taxes and she had them taken care of but very recently. She had no official paperwork yet so the title company wouldnt insure the title. We fixed that issue literally at the last minute by getting another title company that would issue a clear and insured title. If we couldnt get that we probably would have just walked away from the house. But thank god we didnt! It's a great house, 2100sq ft and we got it at a great deal. Couldnt be anymore happier than now.
  2. my cpa is a former field auiter for the IRS, filing an amended return for simple credits like this do not cause audits. amending your return to claim new itemized deductions or similar raise your chances.
  3. 60 days, contract signed on february 17. Now the seller is trying to move the closing date back another 2 weeks, and that is going to increase our closing costs and she doesnt want to pay the new charges. So we wont agree to a new closing date. Our original closing date is the 30th of this month. She wants us to close on the 30th and let her live there until may 15th.....rent free. There is no scenario where I rent back at all anyway. Too much could go wrong and you can sign all the legal agreements you want, if shes not ready to leave the 15th, then I cant force her out without going through all the legal requirements. The eviction process which can take 2-6 months, depending on your current town or counties eviction backload. Im not even trying to deal with that. In NJ and NY unless stated, a closing is not a time is of the essence closing. So the seller or buyer have 10 days from the contract closing date to close. So once this lady is passed the 10 day mark, she is is legally in breach of contract. And then I will do what I can legally to recoup my expenses.
  4. Ive given them my w2s for 08 and 07 and today i had to give them my tax returns for those years so they can see my itemized deductions? 99% of my deductions come in the form of mileage (no out of pocket expenses) . So for 08, my gross was 68k and with the self exemption and deductions my AGI is now 54k (my taxabale earnings). Is this going to nail me? 07 is the same way. The tax returns show the deductions as mileage no other expenses. These arent out of pocket expenses.
  5. I would just like to add, even people with bad credit are able to get loans right now. My mid score is hovering around 605. My saving grace? I paid off all my debts and my fiance's and my debt to income ratio is extremely low. There are compensating factors, some investors/lendors want to look at the whole picture. Property, ability to repay the loan, what type of jobs the applicants have, where the funding for downpayment is coming from, how much in reserves will be left over after closing etc..... Luckily for me, my dp is coming from my annuity, which doesnt have to be repaid, just have to pay the taxes on it. We are also getting 10k back in sellers concessions. Meaning we only have to show up with the rest of the down payment at closing. We have 8-10 months of reserves int he bank already, we will be applying for the tax credit immediately after closing, etc.
  6. April 30th for me. We shopped for our mortgage with 3 different lenders/brokers. One is back with a defeinite approval the otehr two are pending right now
  7. yes, it is viewed as you are shopping for a loan
  8. Chubz

    Our Situation

    Some will say you need at least a 620 middle FICO score. However there are still lenders that go down to 570, 540 and even 520. They also used compensating factors as well, such as income and DTI.
  9. did you go fha and consider yourself lucky getting approved with that middle score. What is your interest rate?
  10. the company in which my mortgage company pulls from uses classic 98 for TU, FICO II for experian and beacon 5.0 for equifax
  11. so you mean like experian was one point higher, equifax was 7 points lower and and transunion was 12 points higher?
  12. My mortgage guy was waiting to repull my credit, initially my scores were bad about 3 weeks ago. 563 , 541, 539. According to myfico, my TU score is about 650 now, my equifax is still low at 567 and of course my experian fako is 633. The thing that stumped me is, experian has my Transunion score at 578, my fico has it higher at 650. I thought that experian scores were typically higher? Are the Fico scores I get from myfico.com the same scores my lender will pull?
  13. i bet by monday-tuesday it will hit. I still have baddies that need to come off, I arranged for pay for deletes but I think im just going to have my mortgage guy do a rapid rescore on the items that im waiting for (I have all the required documents to show they were paid)
  14. no i got my transunion score score from myfico. obviously the only way to get the experian score was through experian.

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