This is for everyones information. I have spent years trying to get IRS tax liens deleted or released. They are only reported on Eq & Ex, transunion is clean. Last night I applied for a mortage online with countrywide just for shits & giggles. With-in 5 minutes after they pulled my Tranunion report I was approved for a no documentation loan. I spoke with the broker today and tried to inform him of the released tax liens and he said it doesn't matter, they only pull transunion and they do not pull a 3 bureau merged report??? Here I've been waiting for YEARS to resolve this with the IRS and it does't matter now...I sure hope I don't get the rug pulled out from under me. Anyway, I just wanted to post this for anyone that has a clean Transunion report and wants a home as bad as I do. Thanks, Dennis
Countrywide is a great company, I've faxed them tax returns along with bank statments waiting on an ok for 103% home loan.
I'd sure like to hear more about this. I checked with Countrywide in person and showed them all 3 of my report. The broker said I'd have to pay a judgment I have. It's only on EQ, so if what you say is true then I may be closer to a home than I thought! I have to say that I'm skeptical, especially in light of the recent posts here about approvals than go sour the closer to closing you get. I don't want to get mine and mrs smogtek's hopes up just to have them dashed at the last moment.
They also pulled EQ on me, EQ is consider to be the local CRA in my area. My income is from self employment so my tax returns and statements are a issue in my case. I had to wait 30 days to get a copy of a tax return that has slowed things down.
I wanted to add that I was upfront about some late car payments that the CU will be updating, Countrywide said they only go back 2 years and my EQ score would get me 103% LTV.
do you mean they only check the last two years of credit history? wow, that's pretty lenient! humblemarc
I live in Corpus Christi, Tx. so I'm hoping that Transunion is their bureau of choice. My score is fairly high and I'm showing a 12% dwn paym't. on the paper work. I to am worried about the rug being pulled at the last moment. I do have the releases of liens if they do pull Eq. but my score is about 65 points lower.
Ted, If you don't mind me asking: what type of EQ score is needed to get what you did? What type of down payment is required? In your experience, do they require both the yours and the mrs. scores to lend, or is the primary wage earner enough? I am very interested in your reply. Thanks,
I was about 720 when they checked my score but about 750 now (EQ). 103% is no downpayment with 3% of the closing cost in the loan. This started out trying to use the 1st time Texas home buyers program.
Hi TedTX, Is it true that countrywide can close the loan w/in 10 days. I just signed the contract and ready to go for the loan. Recently, I applied with indymac but as I can see, countrywide has better rate. AUX
After my last disaster we are trying country wide now. We will know if we have final approval tomorrow morning. If you have a 660 or above on the middle score you can qualify for an 80/20 loan. Out 80 part is 6.625% and the 20 is 3.25 for 3 months and then prime +3.5%. the 20% is a line of credit so you can keep it open after you pay it off for 25 years and they will give you checks. If you ever need money immediately just write yourself a check off the line of credit. I love the loan.
Countrywide is VERY fast, as a matter of fact, I close my loan with them tomorrow..my bk is only 1 year old (sept 19 01), I applied back in August, but the broker said I'd have to wait until the week my bk7 was 1 yr old...It was, and I am closing tomorrow, they are very fast...fees are kinda high for me tho...$3200 closing costs ..but the townhouse I bought is being sold by a friend, appraised at 104,and he's selling for 90.
7.5% plus 2 points, pretty good considering b/c of the equity built, I had to put no money down. Not to mention this soon after bk7.
