Non Borrowing Spouse question
I am being relocated to TN from WI. We currently live in a commnity property state. We are buying a house in TN which is not a community property state. I am qualifying for a loan by myself because my wife will not have a job yet. Will the lender count the debt on her credit report against my DTI since we are buying in TN but still living in WI for another 6 wks. Just hoping this doesn't screw things up now that we have found a house.
Categories: mortgage Tags: being-relocated, count-the-debt, credit, currently-live, debt, her-credit, lender, myself-because, screw-things, the-lender, wife, will-the-lender
Ok Guys, my homebuying Journey
Ok, last month Feb 24th, I finally worked up the nerve to go see a lender about purchasing a home, the lender pulled my scores and my scores passed. The only thing that is on my Experian credit report is an old phone bill,( have an arrangement PFD on March 15th, got in writing too). AND two payday loan accounts that are not mine, I have been fighting with the collection agency for almost 2 years. Anyway, with my income which is between 20,000 and 23,000, the lender told me I would qualify for at least 55,000 home, and a FHA loan and a program we have here with the city for a downpayment assistance program, and another program called Georgia Dream, with downpayment assistance and home renovation. She told me to sit tight and she will handle the two false accounts on my credit report and when I pay off my old phone bill collection let her know so she can update my report. In the meantime I did find a house, a foreclosed home 3 bedroom, 3 bathroom, double garage, huge back yard, etc and it's listed for 47,900. My question is, is it possible to shop for more than one lender or do I need to just stick with one to see what she can do for me. Really i'm the one who has to call her all the time and it really seems like she is dragging her feet, and will it affect my credit if more then one lender pulled my credit report. I am really ready to get the ball rolling on this.
Categories: mortgage Tags: bill-collection, city, collection, credit, credit-report, georgia, georgia-dream, handle-the-two, income, lender, scores, will-it-affect
FHA Loan Audit-Hard Inquiry on Report
What gives? I was told that UCS pulled my credit report and that this shows up as a hard inquiry now and the purpose is to audit the lender who did my FHA loan? Anyone know anyting about this?
Categories: mortgage Tags: audit-the-lender, credit, credit-report, fha, hard-inquiry, lender, purpose, shows, the-purpose, ucs
Venting…lol
My credit was in a catastrophic state 18 months ago. 12 months ago it looked like: 04/23/09 - FICO/ TU: 508 EF: 533 FAKO/ EXP: 58 Currently: 03/06/10 - FICO/ TU: 638 EQ: 613 EXP: 658 (pulled by mortgage lender) Here's the vent..... With my current scores I qualify for a VA Loan w/ a mid-score of 638. HOWEVER, my lender is using the TU Classic04 scoring model...which has my TU score at 603! GRRRRR! If they were to use the TU98 version (which myFICO uses) I'd be good to go! I'm considering looking for a lender who uses TU98. What are your thoughts?
Categories: mortgage Tags: classic04, current, lender, months-ago, mortgage, mortgage-lender, score-at-603, thoughts, tu98, vent
Need help! Lender wants old collection accounts paid before closing!
Hello All, I'm in the process of purchasing a home and my scores are bordeline to begin with. I was just informed that the underwritter wants me to pay off my collections before approval. My concern is that if I pay them off now those accounts will re-age and my scores will drop. Also what is the best way to get the debt settle with the collection agencies with out physically calling them? Has any one else have to pay collection accounts before closing? How did you contact the collection agencies to get them paid off. Also I want to make some kind of deal with CA's so that I won't have to pay them off in full. I owe $1200, $525, & $850. These were back in 2005 and 2008 collections. Any advice would be greatly appreciated. Thanks in advance. Lender pulled my scores TU 652 EQ 645 EX 678. By the way, my TU score on myfico is 668 so it was lower from what the lender pulled!! Also I am applying for a FHA loan.
Categories: mortgage Tags: accounts-before, collection, collections, debt-settle, lender, pay-collection, process, score-on-myfico, scores, the-process, underwritter, will-re-age
Home Buyers Seminar – CLT home
CLT So I went to this home buyers seminar, got my certificate saying I past the class. After the class I started talking to the teacher, who told me I with my income, and being single I would qualify for a Community Land Trust home for $125,000. She pulled my credit, my scores were mid 550. She tells me to pay off my collection accounts and keep paying my bills on time, and go speak with someone at Wells Fargo. My scores will go up (by paying the collection accts) but WF might be able to work with me now. Because the loan I want, would be cheaper than the rent I am paying now by $400 and because I am going to be purchasing a CLT home. Collections 2 of my accounts went into collections on 12/08, 1 in 9/08. She said the lender will not care if I settle the acct or pay in full just as long as they aren't open. But from everything I see here I shouldn't pay until I speak to the lender? Because my scores will drop. Current Accounts I have two cars, no revolving credit that is late, I don't have any credit cards. My student loans are being deferred. However I did cosign a loan for my mother who missed a payment in 8/09 but the teacher thought WF might let slide. If not WF would be able to approve me in Sept. MY Question Do I pay my collections accounts now, get the letters showing I've paid them off. Or go talk to the lender and see if he tells me to pay them off? Like most people I do not want to miss out on the 8,000 tax credit since my lease is up in May. I really don't have time to mess around with mailing letters back and forth to the CA's. Also I have 3.5% in the bank for a downpayment, which was another reason why she thought I would be a good candidate for this CLT program.
Categories: mortgage Tags: accounts, after-the-class, certificate, Class, collection, income, lender, Rent, said-the-lender, scores, student-loans, teacher
Hazard Insurance question
I am buying a twonhome in San Diego. The dwelling is covered by HOA insurance and I am getting a policy for personal property/liability. On my loan docs I signed today there is a $900 charge for Hazard insurance. Is this insurance to cover the lender in case the house burns down or something? Thanks
Categories: mortgage Tags: 900-charge, case-the-house, cover-the-lender, down-or-something, hazard, hoa, house, house-burns, insurance, lender, loan, loan-docs, personal-property, signed-today
Stumped…
So I'm working with a mortgage broker. Long story short, he's my 2nd mortgage broker because the first one couldn't do the types of loans this new mortgage broker can do. Well, last week I faxed him all my information (pay stubs, bank statements, 401k statement, etc).. I told him that the credit score the previous lender pulled was a 624 and he said even though it's low, it's still above the 620 minimum so it should be fine. I told him that I was going to pay my maxed out credit cards completely off in the next couple days as well, which should raise my score by mid-February. Last Thursday, I asked him if he had actually pulled my credit score. He said no and asked me to fax him the previous report my lender pulled showing my 624 score, which I did. I also I faxed him proof that my credit cards had been paid off and told him that, of course, this wouldn't be included in my credit score yet. Along with the fax, I sent him questions such as: Should we wait until mid-February to pull my credit score since my balances will be updated then? What about Rapid Rescoring? What about the timing of the mortgage - I'm supposed to close March 11, if we wait until February 12th, for example, will that be enough time to have a loan approved, an appraisal, and to close?? The next day (last Friday), in the morning I emailed him to make sure he had gotten my fax and he said that he had. Later that afternoon, I had a credit card post a late payment from December 2009 on my 3 credit reports (which lowered my score significantly). Freaking out but not yet hearing from my lender, I sent a GW email to the credit card company. Yesterday I got confirmation from my credit card company that this late payment would be removed from the three credit bureaus (therefore - showing no late payments on my account)! Great, I thought.. Well, today I pull up my three credit reports - Experian, Equifax, TransUnion. Experian had been updated with the removal of my 30-day late payment; however, EQ and TU still show it. I then saw a new inquiry on my report. My mortgage broker had pulled my credit report today, but oddly, I haven't gotten an email from him since last Friday (its 7:30pm my time now). He didn't tell me or ask me if he could pull my credit report, which I guess is okay?? I'm a little stumped though because we had discussed how I was going to pay off all my credit cards and that was going to raise my score and that those balances should post mid-February. The broker had not emailed me back since last Friday (although I'm living in NC and we've had snow/ice since Friday so I thought that was probably why)... But all of a sudden, he checks my report today? Also, I would think he would have realized that I had a lot of inquiries already on my credit report and that by pulling another inquiry, it could have potentially lowered my score to 624. Is this my fault for having a low score to begin with? I assumed since he told me to fax him the previous credit report I had with my previous lender, he was going to wait to pull mine. He said that with a 624 credit score it'd be no problem but now my credit score is lower. Once those late payments are removed (which they will be soon I hope) and my new 0 balances post, my score will be higher but he already pulled my credit reports. I sent an email tonight asking him if he even got my email on Friday. I also explained to him the late payment and that I have confirmation it will be removed. I explained to him that all my credit cards are paid off and asked him about waiting until Mid-February again. I told him that I wasn't aware he was going to pull my credit report today.. So unfortunately, he pulled my credit reports and they have very low scores now. I don't know which ones he pulled - regular credit scores, PLUS scores, Vantage scores, FICO scores.. I'm so confused. Any advice?
Categories: mortgage Tags: credit-card, credit-cards, credit-report, credit-score, friday, lender, mortgage, report, time
Repayment of $7,500 Tax Credit (loan)
Hey everyone, We were one of the few unlucky folks who got the $7,500 repayable tax credit in 2008. My question is this, we are planning to either sell or rent our condo this year. We know that if we sell it, we have to adjust the basis by the amount of the credit, but once we add back some costs and improvements it's not a big deal. We will almost break even, and thus have the debt forgiven (which is fine). However, we would like to rent the condo out. We have an FHA loan on the property and our lender said that because our family size is increasing (new baby), we will be eligible to use the FHA loan to rent the property out without issue. Our concern is any effect this has on the tax credit. Will we just begin making the $500 payments next year without issue?
Categories: mortgage Tags: 500-payments, 500-repayable, basis, debt-forgiven, family, lender, property-out, rent-the-condo, sell-or-rent, the-property, unlucky-folks
Pre-Approval vs. Pre Qualification
I've always read that pre-approved and pre-qualified are two different things, but I was told today by a lender that you can call it either now because it all has to go through a computer check. The old pre-qualified was when a mortgage broker just looked at your stats and said "yeah, looks good for...", and she said they certainly don't do that anymore. So, they pulled my credit and gave me a letter that says "Preliminary Approval". BUT, they don't want my income verification, etc. until I find a house. Which is odd, because another lender required that I furnish all of those documents now, and a week later, after pulling my credit, gave me a letter that says, "Pre Qualified". I'm a little confused. Is this normal?
Categories: mortgage Tags: after-pulling, always-read, call-it-either, certainly-don, credit, income, lender, lender-required, mortgage, mortgage-broker, normal