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After many years of paying rent we have decided we want a home of our own. Would 18 months be too early to start the mortgage process? Here is our story...bear with me it's long,
Back in December of 2012 we closed our accounts at a traditional bank and moved our accounts to a credit union (bank was giving us no love even when we never overdraft in the 5 years with them). September of 2013 requested a CC from credit union and received it. Been keeping uti under 10% paying off each paycheck. November we received a car loan with credit union for a 7.99% interest for $33,000, paying on time, never late. Husband is an authorized user on brother's AMEX to help build credit.
In other words we didn't have good credit. Husband's "baddies" will fall off in 2015. My baddies were all medical from hospitalization in 2012. Used WhyChat's method and they are all gone! In September I went on a CC spree and obtain a Capital One CC, Wal-Mart and Care Credit (joint with husband) for me and for husband a Valero, Care Credit and Target. Will keep balances down to at the most 1% and pay off each month.
My credit scores are as follows: EQ 637, EX 615, TU 611 (Very excited about my scores, this time last year they were all in the low 500s!)
Husbands scores are as follows: EQ 600, EX 559, TU 614 (He has 5 baddies, scheduled to fall off by 2015)
We are planning on using our Credit Union since we are building a relationship with them, with the car loan and cc. I was also planning on April of 2015 obtaining one more CC, not a store card, to help our portfolio. Should I or should I not???
I need advice on what we need to do to bring our scores up by May of 2016 to obtain a mortgage at a good rate. I hear that 620 is the rate some loan companies will approve. I want at least a low 700 or very high 600 before we start looking. Would love a 720 to 750 on all! My husband's score will go up once the "baddies" are gone. I am worried about how recent our credit will be and if that would be an issue on obtaining a mortgage.
Need to also mention, both of us have two jobs and nickel and diming everything to save at least 20% to put down on a place. I've been at my current full time employment for over 9 years, husband just switched jobs in October, 2013 so he has been there a year.
Would we be able to obtain a mortgage loan in 18 months???
I recently turned 18 and want to get a new car on my own (parents won't co-sign). I am considering leasing or financing a BMW, as my car is a bit older. The problem is that I haven't developed credit yet. What isn't a problem is my income, I make plenty to pay for the lease estimate ($550/month). I also won't have a problem getting insurance or setting up an auto pay or anything like that either.
So, before I go to a dealership and make a fool out of myself (if I can't pull it off), I was wondering what options are available and any ideas.
Thanks a bunch.
My good friend owns a home that has recently appraised at around $825,000. He has 1 mortgage and that's for $398,000. His income is roughly $42k per year. His credit is bad/fair, no bankruptcies or foreclosures, mainly charged off cards.
We're wondering, does anyone think he could qualify for a loan for $80,000 based on the equity in his home? We've yet to apply anywhere; first wanted to run this past the pros here. (I'm usually over in the credit forum).
Oh, and if so, with whom do you think he should apply?
please look over my numbers my closing cost seem really high I am so lost I might have duplicate charges listed.
I am applying for a FHA VHDA loan with no money down but a second loan that covers my down payment.
Initial loan amount:139,428.00
your initial interest rate:3.875%
initial monthly amount owed for principal, interest, and any mortgage insurance:808.54 per month
adjusted origination charges:2,205.30
charges for all other settlement services:8,317.67
Total Estimate Settlement Charges:10,522.97
credit report fee 50.00
VHDA tax service fee:53050
flood certification fee:150.00
mortgage insurance premium:2,398.03
title insurance and lender's title insurance:1234.14
owner's title insurance:589.43
government recording charge:100.00
initial deposit for your escrow account:546.32
daily interest charges:222.00
your charges for all other settlement services:8,317.67
total estimate settlement charges:10,522.97
Itemization of amount financed
139,428.00 loan amount
5,487.33 prepaid finance charge
Origination points: 1370.30
flood certification fee 7.00
IRS transcript fee:20.00
VHDA reservation fee:120.00
daily interest 14.80 day 222.00
upfront MIP to others:2,398.03
total prepaid finance charge:5,487.33
credit report 50.00
final inspection fee:150.00
home owners insurance:600.00
homeowners insurance 2 months @ 50.00:100.00
mortgage insurance 0 months @ 152.90 per month:
property tax 4 months@ 161.58 per month:646.32
owners title insurance:589.43
lenders title insurance:459.14
title examination fee:175.00
city tax stamp:701.00
state tax stamp:1,136.25
What is up with Title Company's I am having a hard time getting quotes about how much the title company that my realtor recommended is charging. Same thing with my lender's title company. I am asking for them to send me all the charges in a email and the the price for each a long with the total. What's up with wanting this info how else will I compare prices?