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Found 12 results

  1. Hello everyone long time lurker first time poster. Okay a little background. I applied for a mortgage loan on July 1st, I didn't think I would be approved and some loose inhibitions and frustration with current rental residence convinced me to give it a shot. Surprisingly I was pre-approved and looked at some houses before I got my hopes up I asked to go further along in the credit process before I became serious because I still didn't believe I was approved. The mortgage lender asked me to bring in W-2, pay-stubs BK discharge papers, etc, I was approved for around 150k, she said everything looked fine and I could proceed. Our realtor found a house we were interested in and put in a bid and received a counter that was acceptable so we went ahead and accepted it, looking up the house online it now says active continent or contract accepted depending what site I look at. It is a short sale home. I was discharged from a chapter 13 BK filed July 2009 and discharged October 2013, My credit scores are EX 674 TU 695 EQ 702. My current debt is about 800 dollars of 10000 credit available to me. I have been at my current job as a alcohol distributor for a year this month and gross about 45k a year. Prior to this job I took a year off from work to care for my newborn daughter. The job I had before I quit to stay home with my baby girl was in the same industry but at a different company for less pay. I have a car payment of 390 a month that I bought 6 months ago. All the credit cards I have are also somewhat new since I didn't apply till after my BK was discharged. I pay 800 in rent, but its someone I'm related too and he prefers cash so I don't have a paper trail for rent, not able to use it for documentation although my banker didn't ask for that info. The USDA eligibly map in the area that the home I big on is due to change OCT 1 and the it appears the house will no longer be in a eligible area. My questions for the experts is how does this look? Am I getting my hopes up for nothing? I still can't believe this is happening, I feel like the rug will be pulled out from under me, also will I have to close my oct 1 since the eligible map is changing? Thank you
  2. Saturday we accepted the counter offer and will be talking to the broker about a USDA Guaranteed home loan on Monday. We have used this same broker for an earlier attempt at buying a house, but the sellers refused to make repairs so we walked away. His company does not service the loans, his fee comes as a kickback from the lender. I don't yet have a GFE for this property, but I do have the closing cost worksheets from this and a more recent inquiry that we never offered on. My question is, going USDA, how much change in fees might there be between using a broker who works with a lender and going through a local bank myself? There is also the sub-question of "how close together must inquiries be to not wreck my credit scores?" On the 7th we looked at a worksheet for the 210k purchase price and have the following estimates: Pre-paids 1,755 Closing costs 2,275 Combined PMI, MIP, and funding fees of 4,286 Lender credit 615 I can tell at least a portion of the PMI/MIP/FF is based on the cost as it is a grand higher than a home we looked at for 160k -- I just can't say what the breakdown is since this is only a worksheet. Do these amounts seem in line for a 3.875% note rate (4.494% APR) or is it worth my while to shop around this week? Some background, my adult son and I are buying the house together -- I may eventually retire out of state, but he intends to stay in this house/city forever. When we applied in September my scores were 707, 708, 708 -- with a long credit history but bogged down by school loans in IBR. My son's credit is really thin, we had to use bank statements showing his weekly rent transfers and his name on utilities to go along with his only credit card. His scores were enough to make a momma proud though, 749, 758, and 769. Many thanks!
  3. 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. Everything else is paid off and I only have a student loan and a car payment now which total around $800 per month. My monthly income (with overtime which is consistent for several years) is about $4900. Questions: Can I get financed for a home with these two unpaid judgements on my credit? Can I go the FHA or USDA route? Any advice, information, tips and tidbits would be greatly appreciated. Thanks.
  4. So yesterday I got approved by usda walk thru scheduled for today. Then Midlands mortgage LO called to tell me that she don't think I can go to closing because she pulled a soft inquiry and my report showed two disputes that was placed in 2012 and completed before even applying for this mortgage. it didn't show up on the hard pull she did. So now she want me too call the CRAs too get them taken off.... Suppose to close by the end of the month.. Always obstacles....
  5. I really want to keep watch on the rates and keep up with the potential news about them running out of funds, or shutting down for October. Could someone tell me the best way to do this? Is there a particular website or other way to track this information?
  6. Two weeks before closing denied for usda home loan. So disappointed. I will never ho through this process of buying a home again....
  7. I was denied my usda loan 9 days before costing because the underwriter started I was over the max dollar amount. here took my prn job which I was once working full time ytd and just doubled it even though it wasn't accurate because I wouldn't be working full-time the rest of the year it's on a as needed basis as of may. underwriter started that's how usda does it even if it not accurate so it puts me over even though I'm not making that much money as it looks on paper. Any advice???
  8. 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
  9. My son's credit score is healthy (mid 700's) but his file is thin. We were able to come up with two tradelines, his bank credit card and the transfer record where he has been paying rent directly from his checking to mine. We hadn't put his name on any of the bills, he has no re-occurring billing (not even a subscription to WoW. ) The only other bill we could think of was the *insert disparaging word* "grow-up insurance" my mom had taken out on him. He has taken it over, but it is such a small amount (in more ways that one) that he pays it annually rather than monthly or quarterly. The broker we were going through was working with Chase only. They were unable to underwrite my son's portion of a mortgage loan with only 2 tradelines. Is this pretty much industry standard or is there a lender to consider who would take my thick file (and low 700's credit) with his thin one?
  10. I am hoping someone can shed some light on the USDA guaranteed loan for me. I called up regarding the USDA direct loan program, and after speaking with the representative for a few minutes, she said she would send me info about the USDA guaranteed loan as well since the direct loan program is out of money right now in my area. I figured it would be easy enough to take a look at the packet and figure out if my fiance and I qualify, but either I am completely missing something or it is super unclear! I can not find any piece of paperwork that says what the minimum income limit is for this loan program. There is a table that shows the income limits for very low income, low income, and median income, but I do not know which income limit is associated with this loan - I think you need to make at least the very low income, but no more than the median income. Does anyone know? Thanks for your help!
  11. I want to give you a status of my situation and let me know if this loan is possible under my current conditions. We are currently doing a USDA Guaranteed Loan We want to do loan under wife's name only She currently makes 32,500 annually and does not have any other debt Middle credit score is 688 House we want to buy is 184k with bank paying $4500 in closing Our offer has been accepted and have a closing date of 04/02 LO officer is now telling me that GUS system did not approve my wife because her mortage debt would be 41/0 Before putting offer he would say that he would get us approved for a USDA loan. He knew the amount we were looking to borrow. He is now saying that he can get us approved for a FHA loan. I do not want to do an FHA loan specially with the new PMI fess effective in April Do you guys think another bank would do this loan under these conditions? We are in North Carolina.
  12. We put in an offer on a home two weeks ago and it had an contingency that we got our pre approval. The home is a short sale with a medical lien we have to pay at closing. We were working with a mortgage lender and decided to change before we ever put the offer in just because we didn't know them and got a personal reference for another one. After about three weeks and 70+ hours of giving all of my personal information/life history we were told that they would not give us a loan because we had paid rent late one month In the past 12 months. We have done everything from written exclamation for bankruptcy that was over two years ago and have no credit other than my student loans. We paid off the one credit card that we had And then one day before we were supposed to have our preapproval to the sellers bank they said no. So after cooling down from the situation I contacted our original mortgage lender to ask if this Really is a dealbreaker for getting a mortgage or if it was just their company. He said no that if we paid as agreed meaning we had contacted our landlord and it mutually agreed to pay at a different date it was still paid as agreed and they would accept a letter stating this. This is not a problem to do our landlord is happy to help. Now they're requesting a credit supplement of two of our recent utility bills wanting something that has been paid every single month for two years straight on time. This seems like a crazy request to me not that we are bad with our finances but there have been times when we are a day or two late just because we forget or it's a weekend or something. We've never had a utility turned off and never been more than a few days to maybe a week late at top and even that is on rare occasions. I advised them of this and gave him the two recent bills they are now doing this credit supplement and said they would let us know in a few days I am really worried do you guys think this will be a dealbreaker for us?? Could anyone explain to me what they do for a credit supplement of utility bills??

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