Thanks everyone on the board. A year ago my scores were in the low 400s. Now they are in the 630-670 range and I cannot get a stupid credit card but I was approved for 85k for a house. Just last month I was turned down. It took 100s of hours researching, tons of faxes and phone calls, but it is well worth it. Thanks for your help everyone cause now my kids will have their own place to destroy.
Wow, this is great news. It gives me some hope. I have about the same scores as you do now and I thought I wouldn't get a mortgage with these scores. What APR did you get on the mortgage? Did you have to pay mortgage insurance and extra fees? How much downpayment did you put in? What kind of income were they demanding? Well, I asked a lot of questions ... I suppose I should do my own research and hundreds of phone calls instead of expecting the information from the board. THanks, Ioan
Nah that is ok I do not mind sharing. It is FHA ameridream. We can get up to 85k at 6.75% on about 42,500 income. Yes we have to pay mortgage insurance. We have no money period so the seller with ameridream will pay the 3% down and we will make them pay all closing costs and prepays. We can do this because here in akron the housing market has come to a standstill and there are thousands of homes available that have been there for months on end with desperate sellers. BKs in my city are 4 times the average. We have a list of about a dozen homes- all of them need out now. If they do not like our offer then tough crapola and we will move to the next. I will make sure not one dollar comes out of our pocket.
Thanks, I really appreciate your willingness to share the information. This sounds great! The rate 6.75% is pretty good too especially considering you are not going to put any downpayment. Is the mortgage insurance on top of the 6.75% or already included in it? So, the 3% downpayment is the standard downpayment for your mortgage lender but you are going to ask the seller to pay the downpayment him/herself? Where I live, Portland, Oregon the market is not at such a standstill but I think it is pretty slow right now. My next obstacle is that I have my own business that I have just started less than a year ago so that is not going to look good to a mortgage lender... Thank you, Ioan
the ameridream program is fha standard but goes something like this. Ameridream pays your 3% downpayment if the house passes fha approval. the seller pays ameridream 3.75%. This helps the buyer afford the down payment and the seller have more of a market of people to sell to. The seller and buyer both have to sign up for ameridream. The closing costs can be paid if that is your agreement. I would not offer any seller the price they want anyway. Instead of lowering the price I will just lower it through the 3% and closing costs.
Thanks for the info, that sounds like a great program. Does the seller still pays the realtor fees or is it a for sale by owner deal?
Well we both have brokers so they have to pay for that also. The one we want is not as nice as the one across the street for about the same price but has a more family appeal. It has the 2 bathrooms, a/c, 3 bedrooms plus a finished nice attic for another br or playroom. The one across the street does not have a/c or a finished attic but is much nicer. The kitchen is brand new also. They have no kids though and it is not set up for kids. We will essentially pit one against the other. One needs to move to florida asap for a job and the other needs to move more north to take care of a sick relative.
