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Found 22 results

  1. Hello CV and everyone, Wanted your brutal opinion because I am in the process of refinancing my FHA loan and just received the loan closing disclosure (CD) today but wanted to know if I'm doing the right thing and/or its worth it or Not. My current FHA loan as follows: Appraised Property Value $400K Current Loan interest rate is 3.25% (closed this loan 13 months ago) Original Loan Amount $393K Current Principal Balance $383K (30yrs loan and nearly 29 yrs left). Loan Maturity date 08/2049 Current Monthly payment $2400 (Principal $671+ Interest $1,038 + Es
  2. Hi Folks - I'm scheduled to close on a new construction home 8/30. The kids start school here in MD on 9/3. They enroll in new schools and I want to get them settled as much as possible. That background might come in handy for the scenario that I'm seeking advice on. Here's the scenario: purchase price is $439,540. I'm currently doing an FHA loan with 3.5% down. My mortgage credit score is 726. The loan estimate has me paying $300 month in PMI. The issue is that in October I get my yearly sales bonus; at that time I can put down the ~$90K needed to cover the 20% down payment to rem
  3. I had a business from 2012 that I shut down. I've been diligently paying off the debts associated with the business -- credit cards in the buiness name that I PG'd. These do NOT report to my personal credit report. But there was a period in 2012 when the business was having difficulty that I was late a couple times, since resolved but here's my question: Since these do not show up on my personal CR, do i need to report them when applying for a mortgage? I'd prefer not to since the remaining balance owed is about $15k. I'm still paying it down, but would really like to buy a house this
  4. All, I just closed on an FHA 203k loan to rehab my primary residence. Total loan amount is $647,000. I got an interest rate of 3.875 and an APR of 4.250 and zero points. I have a credit score of 650-660 and my wife is all above 720. She makes 110 a year and I make 100. My main loan guy told me don't worry about the APR. In 6 months I can do an FHA streamline to get my payments reduced by $511/month (He said that was if we refi at an interest rate of 4%. I am not sure if the MIP is included, I think he said we get a refund from the unused MIP in my current loan (Since I would be refinan
  5. Hi guys, Well, I've been trying to buy a house, I was shooting for a conventional loan but just found out that since I had a short sale I don't qualify for a conventional per new rules (funny, earlier in the year I was able to do conventional, who's making these rules? lol), lender said FHA will work. Is there any loophole that allows me to do conventional? If not I still want to see what you guys think about the numbers under my situation. This is my situation: - short sale in november 2011 - 680 credit score (thanks for advice was able to take out some disputes) - 130K price
  6. Didn't find much info on prior mortgage experience through NFCU so I figured I would start a thread about my experience with the mortgage application/process. 7/3/2014 - Applied for primary residence FHA mortgage over the phone. Took about 25 minutes to complete. CS rep very nice (as usual) - Paid $11 application fee (this is per applicant) - Was informed I would be assigned a loan officer within 48 hrs. - Received an email from my assigned loan officer within 4 hours of completing application - Call LO and we went over everything. Told she should hear back from UW in 3-4 days (fig
  7. I want to buy a second home in NY area (would love to hear from those who can lend in NY) and here is my situation- hopefully it's all you need to offer opinions. 1. Own a home in Fl. with approx. 180k left on mort. Worth 280 but dont want to get second mort. since family member co owns. Total payments with prin, int, insur, taxes is $1400 monthy that I pay by myself- co owner doesn't live here. Plus I have $225 community dues monthly, no other regular monthly payments- no car loan or credit card balance- use debit card. 2. Net worth approx. 2 Mil but 500k is weird stuff...private RE partners
  8. Hello, My husband and I have been patiently waiting to buy a home for years. We had a lot of obsticles that kept us from being where we needed to be that we have now overcome. We have been in a lease purchase for the past couple of years for a home that we will be purchasing for $250K and we have accured about 10K for the downpayment though we may be able to come up with a few grand more if needed to close. Here are our current issues: I am self employed & my spouse is on SS Disability. His income is non-taxable. Majority of my income is through a contractor position that I have he
  9. Hello, I was pre approved for house and bank just accepted my offer last week, I received notification today that credit score dropped 28 points ONLY thing changed was alert saying "credit usage significantly increased 45%" it takes me to 608 score which is below 620 needed with lender for FHA. Spoke to loan officer and said yes it could affect me closing on home. My inspection is tomorrow so I have time, I paid off card today to $0 balance. Do you think I will be OK come closing?
  10. Hi CB'ers. For a brief back story, my credit journey started 4 months ago when I joined this site and I've enjoyed about 40 point increases on average for all three FICO scores since then. I'm shopping for a house in the spring (fha loan) and I need some advice to maximize my credit scores and clean up CRs in preperation. My 3 ficos were inthe 590-605s when I joined here now they're in the 640-650 range. I removed approx 9 lates/derogs, paid off 3 cc's to reduce my util to about 45% of 12.5k (still plugging away and plan to be below 20% by home loan app time), paid off 13k car loan, and got a
  11. FHA greenhorn here in the midst of credit repair. I'm curious if my wife and I should start the FHA loan process or sit tight a year and give it a go next spring. Here's my scenario: -applying alone (wife only makes $20k a year and has signif. student loan debt) -fico: equifax 600 trans 594 experian 624 - my income 50k/yr ( have made this steadily for 4 years but recently was offered a new job that paid a little better so I took it. I've been employed for 4 months at new job. have bachelors degree) - my DTI 16% (fed loans of 60k and 1.5k in cc debt at about 8% util. Just paid all off t
  12. Ok, so my FHA app went through the DU and came back Approve/eligible. I am terrified that I am going to get to the end and be denied. How often are they denied?? My credit scores are about 673 mid score- I have 3 medical collections ($200 total for all 3) and one old charge off from 6+ yrs ago. Also there are late payments reporting on my student loans from about a yr ago. I have 2 credit cards that I have had for about 6 months (paid in full each month) and I have had 2 personal loans in the past 2 yrs (PIF). Otherwise I dont have much history. My broker had me print the last yr of rent payme
  13. I'm almost done my chapter 13 plan and my mortgage guy thinks he will be able to get me approved for conventional financing. My credit has bounced back, I've got a steady job and income as well as a decent down payment. Has anyone here been able to qualify for conventional financing soon after a 13 discharge?
  14. Squeaky

    FHA Loan

    How does everyone feel about FHA loans? Any experiences? Any advice?
  15. We are FINALLY ready to apply for a mortgage & hoping to do an FHA loan. Any suggestions as to where to apply for one? We've thought about Quickenloans and Vanderbuilt Mortgage. Mid score is 618
  16. I was just pre-approved for an FHA mortgage (mid score 675), and hope to find a good house within the next month or so. Because my DTI is a bit high right now, I was only pre-approved for a $200,000 loan with 3.5% ($7000). I have been looking at some great houses, but most are just above the approval level. I have up to $30,000 in reserves to put as a down payment, but I also have about $9000 in credit card debt (I had some recent family medical emergencies that added up quickly). So my question is this: Does it make more sense to lower my DTI by paying down the credit cards with the reserve m
  17. I have been working on repairing credit and home searching for about five years. My credit was in complete despair after my divorce and so far I have paid off all the old debt except two things that are now judgments against me. One is for $5000 and the other is about $8000. The reason I haven't paid these is 1) I haven't had the money and 2) This was my exes debt and I felt like he should pay it. These items should be off my credit report in about a year and a half so at this point I am just playing the waiting game. I realize this makes me look bad but that is what I am doing. Eve
  18. Dear Credit Boards- My wife and I are trying to approve for an FHA loan. Our loan broker states our middle FICO score is 630. I've been working with a credit repair company for a year now, and much progress has been made. My wife and I and our two children are trying to get an FHA loan (since we had a foreclosure in 2010) and their wait period is 3 years (compared to 7 for a conventional loan) - as I understand it. We have a 20% down payment on a $700k purchase price ready to go. My middle FICO is 630, and I need 640. My question pertains to a 2nd loan I have on a primary ho
  19. I had a foreclosure 3.5 years ago. After the foreclosure my "20 HELOC" was not paid because the house was "under water". I want to apply for an FHA loan and my current credit averages around 650 and everything has been paid including the HELOC. My question is the the FHA time wait of 3 years start on the date of the foreclosure or when we paid off the HELOC. I keep getting different answers even from underwriters. One said if the HELOC was not paid though the foreclosure then it becomes unsecured debt just like a credit card and FHA goes only by the date of the foreclosure. Had ano
  20. CharLyn

    Just sharing

    I have been curious lately how far lenders will go these days to approve a mortgage. It seems like they have tightened up lending based on what I read, but I wanted to share with everyone a case where a mortgage was approved and I truley did not think it would have been or should have been. This was not for me, but someone close to me and although I tried to talk some sense into her, you know how we can be when we want something- it doesn't matter at what cost or if it is wise. Here are the facts: Good credit score >720 2nd home purchase, 1st home is currently a month to month re
  21. Is it true that starting this month (June) -- any FHA loans that are required to carry PMI - it will be for the life of the loan and will no longer drop off when there is enough equity in the home? That will mean 20% for everyone (new loans? refinancing? both?) down or 20% (or higher?) equity in your home to avoid it.
  22. My current mortgage was IIB and not reaffirmed, I did not pay during my proceedings, as I figured I would walk away but later changed my mind. After d/c the loan issuer gave me an agreement (which did not put me back on the hook btw) just to pay my old payment with a little extra per month to cover the delinquent balance until that is paid - so I am basically paying to stay. I asked if I could refinance the existing loan - they said no because of the agreement, is this true? You can see my current scores in my siggy - but am I not able to do an FHA refi? I know I can't buy a NEW home
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