FHA Loan and student loan default
I just wanted to update on my situation, in case anyone is in a similar predicament. I've been in the federal student loan rehab program for a defaulted loan for almost two years, making all payments on time, but because there aren't lenders buying these loans my rehab is not complete and I'm techincally still in default. I can consolidate and get out of default, but there are some benefits to waiting for a lender so I was hesitant to go that route. I spoke with a few FHA lenders and the last one I talked to thought it made sense to apply before consolidating, since I have in fact made on-time payments for the last 20 months, so I can potentially avoid making changes that could negatively impact my FICO scores. So, I applied late Friday and got a pre-approval today. She said the only thing left for her to do was get through the federal line to check and see if any claims were made, or something like that. (Does this mean CAIVRS was not checked? That worries me.) I was shocked. I kept asking if she was sure the default was not going to prevent this from going through, and she said no. I also said that I thought it would take much longer for a response under the circumstances and she said they do their own underwriting (so I guess they're full eagle). Anyway, nothing's definite until closing, of course. ;) But I'm hopeful! She went over some of the numbers verbally and I'll probably get the GFE tomorrow. Message Edited by helplessintn on 03-09-2010 06:05 PM Message Edited by helplessintn on 03-09-2010 06:08 PM
Categories: mortgage Tags: applied-late, defaulted-loan, federal-line, lenders-buying, message-edited, numbers, rehab-program, response-under, situation, thought-it-made
FHA Loan
Went to start preapproval using FHA and wanted to do on my own not using my wife. My wife got the loan in her name on the home we live in now. Iam not on the loan so wanted to get another home due to spitting up and LO told me FHA mandates a spouse be on application then quick deed off after closing. Never heard such a thing always heard you can buy as a married person if the spouse signs off as no ownership in home and not using his or her income for repayment. So what Iam asking is it possible to apple for FHA loan just using my info. not using joint application. Message Edited by marsantay on 03-09-2010 01:14 AM
Categories: mortgage Tags: her-income, income, loan, married-person, message-edited, spouse, the-loan, the-spouse, wife
How many counter offers did you make on your offer to purchase?
I am very interested in a house that is located in a master planned community. It has pools, tennis courts, volleyball courts, tyke's water park, basketball courts. The house is a foreclosure. It is missing all fixtures (blinds, ceiling fans, etc) and appliances and even the fence that came with the house. It's about 3000 sq. ft. 4 bedrooms, 3 baths, 2 car garage, all hard wood floors on first floor, very solid home builder. They initially listed the house at 245K in Dec. It was listed at 220K as of February 2010 (It has come down twice). We submitted an offer for 10% off the listed price initially. So far it has gone like this. Buyer: 198K and 3% of closing costs Seller: 219K and 5500 in closing costs Buyer: 204K and 5500 in closing costs Seller: 218K and 6490 in closing costs Buyer: 207K and 8000 in closing costs Seller: waiting for response Now I'm just speculating here but the computer keeps coming down $1000.00 but way up on closing costs. I understand about buy down and when it is and isn't beneficial and since the computer has been so generous with closing costs, we decided to ask for me to buy down the interest rate in case we can't get them below 210K which is where we would like to be. How many offers are routine when it comes to these realestate transactions? Also, why do you think they'd be so willing to go up on closing costs but not want to come down on the listing price? The listing agent said they would not be willing to just take the last 6490 they offered off the listing price (and us pay the closing costs). They'd rather do it this way...I am speculating as to why... Message Edited by soliloquy on 03-08-2010 04:34 PM
Categories: mortgage Tags: closing-costs, even-the-fence, floors-on-first, house, listed-at-220k, listing, master-planned, message-edited, take-the-last, the-listing, very-interested
VA mortgage / which credit union?
Okay so I recently got out of the Navy and wanted to go VA. I have a 765 Fico. 10K available for down payment. USAA, Navy Federal or Pentagon Federal? I'm looking into costs and overall smoothness of the process including customer service. Please share your experience or opinion! Message Edited by jenrette on 03-04-2010 05:42 PM
Categories: mortgage Tags: edited, experience, experience-or-opinion, federal, federal-or-pentagon, message-edited, navy, overall-smoothness, pentagon, pentagon-federal, process, the-process, usaa
FHA-Can I qualify
I am in the process of trying to purchase my first home and hoping someone can let me know if I will be able to qualify for a FHA loan in the next couple months or if I may need to wait a little longer. Credit: EQ 613 TU 622 (I just paid down my line of credit and hope that my EQ score will go up to 620 or more) Collection from 1 year ago $400 and a Paid Judgement late payments for car note in the past but have had12 months of on time payments Income: $62,500 gross Employed by same company for 5 years Down Payment: $5,000 Property: Single Family Home $120,000-$130,000 Debt: $500/month Car Note and $35/month Line of Credit ($1000 limit, balance now is $400) Message Edited by tbcredit on 03-03-2010 05:43 PM Message Edited by tbcredit on 03-03-2010 05:45 PM
Categories: mortgage Tags: balance-now, couple-months, edited, first-home, had12-months, judgement, message-edited, past, payment, process, time-payments
How long before mortgage payments go more towards principle?
Hello, I remember reading somewhere that after a certain amount of time, your mortgage payments will no longer go mostly to interest but towards principle. Could anyone tell me how long, two years or more? Or does it vary per bank? The reason I ask because right now I am making extra principle payments and I am two months ahead on my mortgage payments. Once more money goes towards my home, I plan to make extra mortgage payments so I can be six months ahead in my payments just for peace of mind as I a loner who takes care of everything without any help. Thanks. Message Edited by FicoPower on 03-02-2010 04:11 PM
Categories: mortgage Tags: ask-because, does-it-vary, goes-towards, make-extra, making-extra, message-edited, mortgage, payments, six-months, two-months, years-or-more, your-mortgage
FHA loan and rehab student loan
I defaulted on a federal student loan. I entered a rehab program in June 2008. It required 9 months of on-time payments, but that time came and went long ago and no lender was found to pick up the loan. It's been over a year and a half and since I'm still in the rehab program, I'm technically still in default even though I pay monthly. So, my question is - if I don't have enough for conventional but have the scores/down payment necessary for FHA, is this going to be a deal breaker? Do they care about the fact that no lender has been found? My only alternative is to consolidate, which is going to ding my fico scores... The SL guarantor offered to write a letter, but if the FHA rules are firm, it looks like I'm stuck. I should have been rehabbed this time last year. :( Then they said October at the latest. Now they're saying maybe by May. Meanwhile, realistically I can only come up with 10% down and scores are 651 and 689, so conventional is out of reach. Message Edited by helplessintn on 03-01-2010 03:25 PM
Categories: mortgage Tags: been-rehabbed, deal-breaker, default-even, down-payment, federal-student, latest, message-edited, question, rehab-program, saying-maybe, scores, time
Do you think we will qualify?
**Sorry my original message was blank, I mistakenly hit enter or something and it posted my message without any text** OOPS! My finance and I will be applying for a loan this coming Monday. We are looking to finance about $350k with a purchase price of $375k. The home is new construction and recently appraised for $430k. Here is our financial picture... My FICO scores are: 740 TU and 749 EQ. I recently paid off (or down to very small balances) all credit cards and paid off my school loan...those payments don't show up on report I ran last night though. My only monthly expense now is a car loan at $365 a month. I had income of $42,300 in 2009 and now will make $43,000 this year. My finance's scores are: 688 TV and 704 EQ His scores are typically higher than mine, but in November he went to Jared's and bought a very expensive engagement ring (getting married in June!). So, having a very high revolving credit balance really hurt his scores I guess. The good news is that he paid it off about a week ago, along with all credit card debt. Now, his only monthly debt is a school loan at $480 a month. One other potential problem is that he is a self-employed attorney. In 2009, his income was a little over $80k and this was his first year self-employed. However, in 2008, he had some medical problems and only had income of $32,500, which was not from self-employment. In 2007, he had a salary job and also worked out of the home and ended up with income over $125k. I guess my question is...1) will his scores hurt us? 2) how long would we have to wait for his score to be updated to show that his revolving credit balance is very low now? and 3) will his 2008 income hurt us? He is having a good 2010 already with income so far of $25k. Oh by the way, if we do qualify we can also qualify for a 3-2-1 buy down program offered in our State. My understanding is if we can get a 5.15% rate, the first year it will be 2.15%, the second year 3.15%, the third year 4.15% and 5.15% thereafter. I can't want to hear your thoughts!! Message Edited by wvgirl on 02-26-2010 06:38 AM Message Edited by wvgirl on 02-26-2010 06:40 AM Message Edited by wvgirl on 02-26-2010 08:12 AM
Categories: mortgage Tags: edited, financial, getting-married, income, message-edited, other-potential, revolving, school, scores, thoughts
howmuch mortgage loan/ home price i can afford
hi, i am earning 100k per annum, and trying to see if you have any suggestion on how much mortgage loan i can afford to pay? my credit score is 709(TU)/725(EQ) Thanks Message Edited by jacklivehere on 02-24-2010 10:23 PM
Categories: mortgage Tags: credit, earning-100k, how-much, message-edited, mortgage, mortgage-loan, per-annum, suggestion-on-how
Not married….can my income be used for the FHA loan?
My boyfriend and I are about to apply for an FHA loan. Problem is, I'm not sure if my scores will be high enough. My Transunion is 622, Equifax is 619 and who knows what Experian is. All of his scores are good. We would both like to be on the loan, but if my scores aren't good enough and the loan is only in his name, can we still use my income to qualify for a higher purchase price? Also, if my income can't be used; can money from my saving account be used to help with the down payment. We have kids together and most of our money is used together, but we have each saved about $9000 in separate savings accounts for our down payment. Message Edited by AMMMYDALLAS on 02-24-2010 05:37 AM
Categories: mortgage Tags: higher-purchase, income, loan, message-edited, money, purchase, saving-account, scores, transunion, used-together