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Found 127 results

  1. Hello to everyone. I’m going through the process of buying a home. I did a pre-qualification with Navy Federal back in July. We really couldn’t find anything we were that interested in and wondered if we should wait until our credit is a little better. We’ve been rebuilding over the past year and have really crossed some hurdles. As it turned out, we found a house a couple of weeks ago. We made an offer and it was accepted. So, we did an application over the phone with NFCU. By the way, they have the absolute best people working for them. I spent over an hour chatting with the girl taking my application. She was so helpful and inspiring! Next, I was contacted by the LO with an email asking for some info on employment (we are self employed), and an explanation letter regarding a couple of charge offs on my husbands report. They also wanted an explanation letter for that as well as inquiries in the past 120 days. My middle number was 695 but my husband’s was 658. I didn’t realize that they base it on the lowest score. So I sent everything to her and waited on pins and needles. I finally called her on a Friday just before they closed – (about 3 days later) and she told me we were approved! I was beyond happy. She gave me a long list of the things she needed (taxes, rent contact information for the past 2 years, bank statements. I got nearly everything ready over the weekend and started sending on Monday. Later that week, I was contacted by a processor, who asked for more information – 1099s , explanations for every address on both our credit reports and a few other things. I got all of those together as quickly as possible and sent them to her. Now comes the waiting game and let me say that it is harder than waiting for an overdue baby to be born. I literally can’t sleep. I check my email a few hundred times a day and find it nearly impossible to concentrate on work. I did hear from my realtor that the appraiser came out this weekend but I have heard nothing about it. Does anyone know how long the appraisal process takes? How long before the credit union gets the info before I hear? I have a million questions. I also keep wondering if there is any special meaning to the appraisal being ordered. In my heart of hearts, I really want to believe it is something positive relating to the loan – like they feel it might turn out okay??? Hopeful! Or is it just another step in the process. I have no idea where I am at this point and don’t want to call and bug them. I must say, they have the nicest – most professional people working for them. My loan officer was so incredibly nice and helpful. I feel as if I’ve made new friends – which is a far cry from what I’m sure the old stuffy banks would feel like. I’m just really looking for any info anyone can give me on the process – especially if you have dealt with NFCU doing a mortgage. I have nothing but wonderful things to say about them in regards to checking, savings, credit cards and LOC. Until I hear something, I am in the process of reading every single post on every board I can find about the mortgage process and everyone’s experience. This is a great board. I’ve taken my scores and reports to places I could not have imagined a year ago. Please keep your fingers crossed for me that this will be my next giant step into home ownership! Thank you! P.S. Would love to hear your thoughts and where you think I am now. We are scheduled to close on October 14 but I would love to do it sooner. We have a lease that is up at the end of this month and we really need to let our landlord know by the end of this month. I’m hoping to get some sort of answer by then.
  2. Just wanted to ask a question about how long would it take to get an approval from usda underwriter? Midlands sent my file to the usda underwriter on Friday after asking for every possible information I could possibly give them. Just was wondering since it's been a stressful few months. Hopefully it's an approval on their end. Thanks in advance
  3. Okay, here's my story...I obtained a VA loan through BOA, then re-financed through Wells-Fargo Home Mortgage, I later sold my home via short sale after missing three payments to get Wells-Fargo to agree to it. The re-sale price was about 1/3 of what I paid for the house initially (thanks to the housing bubble burst). My questions are: 1. Is the VA loan I initially obtained wiped out when it was re-fied by Wells-Fargo (i.e. did Wells-Fargo "pay off" the VA loan)? Or... 2. Did the VA loan (guaranty) transfer to Wells-Fargo when I re-fied? 3. If the VA guaranty transferred, wouldn't it mean that the VA covered any delinquency that I owed after settlement and therefore, Wells-Fargo shouldn't be reporting negative on me?--Currently reports 120 days past due as last reporting. Thanks in advance!
  4. OK, buying a home I am putting around $30K of repairs into. The $30K is financed with a 203K loan. This covers the must-do's, but I have a list of want-to's, maybe another $25K. What is the best way to handle this? Home Depot offers an installment loan (84 months @ 7.99%), or I could apply for an HD Card, but not sure if the limit would be enough to cover everything and I want some certainty on when it will be paid off and how much it will cost me, or I could do a HELOC, or maybe even a cash-out refi? Thoughts?
  5. I figured this would happen. I pulled MPM today and it looks like EQ posted the results of my wife's dispute. They updated the old 2nd mortgage account to a charge-off. Now, it wasn't a shortsale, foreclosure, or DiL, so there's nothing like that in public records or on her reports. It's only reporting for one bureau. This was essentially a settlement because I filed BK on the account and they wouldn't work with us any other way. They accepted the payment, closed the account, and released the lien stating paid in full. I will try to fight this again once I get the official update, though I'm not sure how successful I will be. I noticed a new comment on my report stating charge-off even though it was IIB, so I may have them on a violation there and can possibly use that as leverage. I'm going to request new paper copies today. I may even hire an attorney to add some pressure. Either way, how bad is this for mortgage purposes? I know some charge-offs aren't as big a deal but I'm guessing a mortgage charge-off is a whole different story. Her credit scores are otherwise pretty good - middle score is still a 735. No public record of any kind and this is the only derogatory on her credit ever.
  6. Wife had mortgage with a credit union and has since refinanced. Is it possible to be added to the closed mortgage account? or maybe auto loan?
  7. If a lender requires reserves and you have a tax deferred retirement account that allows for hardships/loans such as a 401(k), how do they determine the amount used to satisfy the reserve requirement? Is it a fixed percentage (I read 60% elsewhere) or do they request documentation to manually calculate and substantiate the actual amount available for loan or withdrawal?
  8. Hi all: I joined credit boards a few days ago and have been fascinated with the wealth of knowledge on the boards. Thanks to all who take the time to assist, comment and give their opinion. I just pulled my credit report at have TU: 696, Ex: 683, Eq: 696 on 8/7 but then 708 on 8/12 from another source. Questions: 1. Is it possible to have a credit score jump 12 points in 5 days? 2. I have a few issues: a. ratio of debt to limits is too high. I have paid down to about 30% on each card. I am thinking of applying for a credit card or two to establish more trade lines, I only have 7 open accounts today including a mortgage and 2 student loans and increase debt to limit ratio. Got an invite from Discover but honestly would get more use from a Starwood card. Should I try with these scores( they seem on the edge)? Or wait a while? b. 4-30 days late from chase mortgage in 2008. None since - does it make sense to try a good will? I read in another post that that was a long shot c. I have a paid collections account from NCO last reported 2010. I was thinking of asking for verification/validation. Can anyone verify if that collections account can only appear for 7 years after last 180 days report from the OC? If so, it seems in order to keep this on, they would have to verify OC and last 180 days report..difficult. d. I have a paid judgement from 2008. (2008 was a tough year for me) - anything to do here? I feel realistically, I am stuck. Any suggestions would be welcome Thanks in advance for any advice
  9. I have a few questions bouncing around in my head and figured a thread would make this easier to find for others. There was some good info in this thread as well, though it may be a little out-dated. Anyhow, here are my questions for Jumbo loans... Are the down payment requirements more stringent? Is 5% down unheard of for these loans now? How does the jumbo amount affect PMI or pre-paid PMI? Are the DTI requirements basically the same as conforming conventional? Are the score requirements more stringent as well? Are these harder to obtain for those rebuilding or with an aged BK? Especially if mortgages were included (but not foreclosed)?
  10. Two weeks before closing denied for usda home loan. So disappointed. I will never ho through this process of buying a home again....
  11. So my lease is going to be up at the end of this year and I've decided that it's time to buy a home. I didn't know where to start really, so I went to my credit union. They gave me a preapproval letter, though it carried some caveats that they verbally told me about: 1. Pay off a judgement showing unpaid for $1600 2. Get the account (Capital One) for that judgement to report the balance as 0 instead of $1800. 3. Any downpayment money would have to sit in an account in my name for 60 days. I did #1 and 2, and am currently just waiting for them to be reflected on my credit report. I also did some other credit cleaning and have been working on getting negative items removed. Currently, I only have 4 negative items and 3 of them are paid medical collections (doing whychat's hipaa disputes on those) and the other is the capital one account that is not reporting a 0 balance yet (they should have all info from the lawyer and have the account back in their offices this week sometime). On July 26, I ordered all 3 scores from Equifax and they were :EX 596, EQ: 606, TU: 615 I'm hoping that since the Cap 1 account is reporting a huge balance still (and forcing utilization to be at 140%), once that is zeroed out my score will rise since I have paid all other cards down to a 1% utilization (which should be evident on the next reporting period at the end of July). Anyway - so after getting my preapproval I went and talked to a Realtor. She won't even let me go look at any homes even though I have a preapproval from my CU. She says that I need to get my scores up to a Conventional rate (Min 660) before we even go look at any homes. Does this seem right??? I make 85000 a year and have a very low DTI. I have my car loan (also through my CU) reporting as a positive TL, 1 credit card and 2 retail cards all reporting positive and all but 1 are paid off ($14 balance left on one card for the 1% utilization - all cards together I only have $1400 in credit). Since I have a preapproval shouldn't I be able to at least go look at homes? put in offers? My preapproval was for $200,000 and I'm only looking at homes in the $150k-200k range and I have $50k available to put down. I should be golden, right? I mean, I'd think? Also, the CU gave me a rate quote of 4.74%, based on the score I had when they preapproved. By the time Underwriting occurs, it should be a tier or two higher and actually get me a rate lower than that. So I guess my question is, do I talk to another Realtor? Or do I just try and wait and have all this clear and wait for my score to raise? My realtor says that it's better to go in with an offer on a house with multiple preapprovals from varied banks and since I only have one from my CU, this would not be seen as "proper" financing and I need to have some big name banks preapprovals as well. Like I said, it's my first time so I'm kinda confused on this. I probably wouldn't care but there is a home that has recently come on the market that I REALLY like and would like to go view and possibly put an offer on. So... I need some seasoned advice here. Do I find another Realtor? Or just wait it out and get more preapprovals first? Thanks in advance.....
  12. I started fixing my credit about a year ago to get ready to buy a house. Well in june of this year I signed a contract with a builder to purchase a new construction home through usda. I used their preferred lender (guild mortgage) so I can get my closing cost paid for. filled out the application in june and started getting all paperwork together they pre-approved me for $220,000 through usda home loan. fast forward to this week and I get an email saying they need information about a collection that was with a co-signer but the co-signer is paying the bill so the debt got reaged which I told them. No they want 12 month payment from my mom and when I sent that they wanted the original contract that loan was so long ago. they now say they are going to look into it. will this stop me from getting approved??? they also want the disputes off of my credit report need help
  13. Originally I planned to get a car first then mortgage 6-7 months later. However, the house is important to family so decided would be best to put off the car. Question is how likely would it be to get financed on a car immediately after new mortgage? I have more work to do on CRs but should be in a fairly good position by April or May to pre app for house. Thanks
  14. This was inspired in part by Ronnie's thread and I'm hoping we can collect some good advice here, especially being on a board that is frequented by many people that are rebuilding. So the question is this: How can you protect your deposits and curb expenses when applying for a mortgage and you are uncertain they will approve you? I think the common answer will be contingencies, which are a good option when allowed. But are there any other options? Some sellers and builders do not allow contingencies. Some only allow them if you apply with their preferred lender. Are these situations that you should just avoid if there's any uncertainty going in? It seems like you really can't know for sure that you will clear UW until you make it all the way through underwriting. For some people, that might be a few days or weeks... for others, especially in the case of new construction, it could be up to a year. What can you do in these instances?
  15. I am new here and this is my first post. I've been looking around and I've not seen an answer to this question---maybe it's here and I've overlooked it? Here is my question: I did a short sale in 2006. I did not learn until several years later that I am being held responsible for the difference between the short sale amount and the original mortgage amount. The amount is substantial---over $75,000. However, the original mortgage was with Wilshire Credit Corporation and it is my understanding that they have since folded or maybe they were bought out...I have no idea, but I am pretty certain that Wilshire Credit Corporation as I knew it back in 2006 no longer exists. In a case such as this, who should I be sending letters to? Thanks!
  16. So EX will not remove an old address associated with an account. I disputed this account and recieved a reply by mail explaining that they will not re-investigate this unless any pertinent information is recieved. What other avenues do I have? It does say on their report that it is schedule to continue on record until JUNE 2015. I guess, that's not too horrible.
  17. I am trying to get a mortgage to buy my first home. Some of my challenges are my fairly low income and large amount of student loan debt. In my area the amount I've spent on rent in the past five years = more than 1/2 the value of the property I am in. I would actually pay the same amount or less for a much larger place in my same neighborhood. I had worked for some time to get my credit in shape and have just been keeping it up the past couple of years. I pulled my credit last month. I was suprised that my credit score was much lower than what I got when I paid for a score last month. Last month I was told it was 760. The score the bank got was something like 698, 700, 702. I think this should be ok. Anyway I was very disappointed when the lender called today and said he just didn't think this would work out and I should try somewhere else. Later I officially got a notice that my income was too low. There are some medical collections on my records. I don't think that should effect getting a loan. The lender was trying to tell me they would want me to cancel my credit cards. I had been using them to build my credit. I had a couple of cards I use on a regular basis for low amounts. These cards were all things easily paid off like the $40 to Chevron. I use them and regularly pay them off. I am definately hesitant to close any accounts. I'm not really sure where to go from here. I was pre-approved from this lender when they pulled my credit. I'd appreciate any advice. I've been dormant on this board for a long time but have never looked into this section.
  18. I've been reducing my debt for years to realize my dream of owning a house. I've paid off over $70,000 of my student debt over the last 5 years, but I still have $24,000 to go. Still, I am very close to having enough paid off that I can get a house much earlier than I expected. I looked into getting a mortgage recently, but they said that my debt is still too high to lend to me despite having a good credit score and credit history. In an effort to reduce my debt further and faster, I thought that a good option would be to ditch my car loan (19k) and take over someone else's lease. I figure that this way I will wipe $14K off my books, instantly reducing my total debt obligation (apartment rent, car lease, student debt) from $47K to 33K. My other option is getting a used car, the problem is that this would add the same amount of debt or subtract from the 30K I saved for a down payment. I would also run the risk of having to pay for repairs if I got unlucky with a car purchase. On my current trajectory (considering I get rent similar to the one I have now when my company moves) I will be debt free in 3 years if I wait to buy a house. If I buy a house I will be done with all of my school and car debt in a little over 1.5 years and save an estimated 2-3K in Interest. I will also be able to capitalize on the low mortgage rates and have the pleasure of owning my own home. My hope is to get a $70-110K mortgage between December and March. I'd just like a second opinion from some of the people on this message board to see how sound my plans are.
  19. I just closed on my house last week using NFCU VA loan! Before starting my search, I submitted a pre-approval app. My FICO was 659 at the time (climbed to 699 by closing). I have a couple of charge offs and a late payment, all of which are at least 5 years old. They asked me to provide statements for each of the baddies on the report. After submitting that, I was pre-approved for the amount I requested ($300k) @ 3.125%. They sent me a letter with my preapproval amount for my Realtor to use. I believe this letter is good for 30 days. A few weeks later I found a house that was 10K over my pre-approval amount. I simply contacted NFCU and requested a higher amount. They approved it within 24 hours and sent me a new letter with the updated amount that I could use with my offer to the seller. Unfortunately, I am in a really competitive sellers market right now and that house had several other offers that I lost against. However, I ended up finding something I loved even more for $285K a few weeks later. Someone else submitted an offer at the same time but the seller needed rent back so I offered them the full 60 days allowed and my offer was accepted. By that time, interest rates had climbed to 3.5% before I could lock it in (pre-approval is floating rate). By closing it had already passed 4% so I am happy with my rate. The process was really smooth. I electronically signed most of the mortgage documents and printed/signed/faxed the others. I handled everything online, even though I have a local branch. They applied a $2500 credit to my closing cost (current promotion). That combined with the sellers rent back payment, I ended up receiving a $500 credit at closing. I did have $3000 in escrow at the start of the contract. At closing, they informed me that NFCU will be mailing me a $200 Visa gift card as a "thank you". I expected this whole process to be very stressful but I had an amazing realtor, sellers that were easy to work with and an awesome lender. I encountered very little stress during the whole process. I am now a landlord while I patiently wait for the end of August to get here so I can get moved in
  20. I used the credit score simulator from three different credit monitoring sites and my score decrease for on time payment on mortgage. The reason I am not paying the mortgage late is due to a current law suit. Due to the damage on my credit report I tried the simulator to see if it will improve my credit score if I paid on time. All the simulators are showing a lost of about 30 points. Is that accurate? Why is this? I thought paying on time even after late increase your credit score. Can someone please help?
  21. Hi i am a newbie and wanted to know if there is anyway to roughly estimate about how much I'd get approved for, for a mortgage? Is it usually about 3 times your annual gross income?
  22. Some of you may have read my prior posts about US Bank. Was informed today they will NOT change the reporting to CRAs as they feel it is correct. It is not. As there has been some success with CLIs when contacting execs directly, or exec customer service, is it worth making one final attempt that way (CEO, Chief Risk Officer, Director of Accounts, etc) or has enough effort been made to resolve this and the best option remaining is to contact an attorney and sue them? Thanks!
  23. My husband and I filed a Chapter 7 in May 2011 and received our discharge October 2011. We will eventually be doing a VA loan and I know we have to wait until our 2 year anniversary before we can obtain that. We've reestablished credit history since the BK with one new auto loan and a few new credit cards. Utilization on our cards is pretty good, but I plan to have those paid in full prior to buying a home. We have another auto that we reaffirmed during the bankruptcy and we owe about $14K on that. My question is, what kind of experience has anyone on here had obtaining a construction loan? I'm a little naive to this process, but we plan on building a new home rather than buying an existing. Do I have to do a lot/land loan for the property first and then obtain a construction loan? Will it be much more difficult to get a construction loan than it would be to just do a VA mortgage loan? Thanks in advance for the advice!
  24. Good morning everyone. About eight ( october 2012) months ago I started the journey of getting a new home. My wife and I started to build from the ground up. When we first started this journy and pulled our first mortgage app my three scores were all in the low 500's. I knew this would not cut it, I also had a foreclosure in 2009 and knew that would only add to the burdon. Well after the first pull every voulture in the world attack what seemed to be all at once and I though I would never be able to fight them off and figured the mortgage would never happen. Well after a ton of hard work and a ton of help from Icanhasmuny and all of her knowledge I was able to fend off every singel attack all while improving my score. So in November we findout we are pregnant with our third child we were so excited! Soon after we found out it was a boy! We already have two wonderful girls. So my determination went into overdrive, I did everything perfect and followed all of the great advice here, especially Icanhasmuny. So in March we get the word that our scores were all over the 620 minimum to qualify! Finally my scores improved over 115 points on each report! WOOOOOOOO! There was one problem though, we still could not get an automated approval, because Chase bank decided that after they charged off our second mortgage in 2008, that they would hit us with a random 180 day late two years later in June of 2011 effectivly reseting the two year clock for negative mortgage activity for the VA. I was told that we would be going manual and I know how that usually goes. The auto kept saying negative mortgage activity in the last 24 months. So I started fighting Chase over the random 180 no go for three weeks, hours on the phone daily, tons of letters and could not get anywhere. So I dug further and eventually had employees admitting to me on the phone that there was no reason for the 180 but the credit department refused to change it. So I dug further, I find out that Chase has basically NO information on the loan, nothing! I demand to know how they are reporting like this if they don't even know it the information is true! Finally I sent a letter to Chase investigation department with very specific questions, I got a responce that they were looking into it, guess what, never heard back. But something interesting happend in the beginning of April, all of the lates on every report were erased on the second mortgage except for one 30 day late and one 60. The reason being, they had no proof or any idea of any of the other dates they were reporting. A few weeks later I get a call that we got the automated from all of my hard work! We were so stressed and tired and beat, I was up all hours of the night researching, checking alerts, writting letters, I was beat! Then tragety struck our family. On April 24th 2013 we went in for our 25 week check up on the baby, this is where we were told his heart had stopped beating and that our son Jacob had passed. It was son confusing because everything was going perfect! This was not a misscairage, on April 25th 2013 at 4:25 am in the morning ,our 13" long 9 oz son was born and delared dead. This was the most horrible thing that has ever happend to my family. We sufferd for weeks there was so much pain. We had Jacob cremated and his ashes are wit hus now. Yes we had to deliver our dead son as a still birth. Everything was going so well after all of the hard work I did and we were all so excited and our world crashed. My next fear was that if we lost out on the house that this would just add to the pain and dissapointment for me my wife and two girls who are 10 and 6. I worked so hard, did everything asked of me with no complaints to the processor or anyone else in the mortgage side I just wanted the house for my family. Once we got into underwriting I was going to die from stress and worry, but the loan came back with no additional conditions for me, all conditions were for everyone else! Well on June 7th 2013 my wife and I finished our closing at 11:00 am and the loan was funded at 12:30 pm and we had the keys by 1:00 pm. This has helped a lot with the recovery as it is allowing our minds to be else where for a little while, but let me tell you just writing about the loss of my son made me break down, it still hurts like nothing I have ever felt. Any way I want to say thank you to everyone here for all of their great advice and for sharing their stories. But a special thank you goes out to Icanhasmuny, without your advice and help I probrably would not be a home owner today, thank you so much! I will post a pic of the house later. Again thank you, David
  25. I am trying to have 2 mortgage company remove 1 foreclosure and one charge off from my credit. Any help or guidance would be greatly appreciated. After legal separation from my ex husband, he had the terms of the primary and secondary mortgage changed without my signature or knowledge. In regards to the primary mortgage, he exercised an option to extend the Interest Only payment that was set to expire after 5 years. The option was to extend for an additional 5 years. Which he changed during a legal separation. On the secondary mortgage, the payment was based on principal and interest, he changed to interest only without my signature or knowledge. Additionally I was never notified of the foreclosure in writing by either lender. Does the terms changing without my consent and while I did not reside in the home help in getting this foreclosre removed? Or is there any other way to fight this with the lender or credit reporting agencies? Thanks!

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