Attention all homeowners.

Take your reports to a lender and have them look things over. Ask around and see who your friends and family suggest. Call the lender, see if they will sit down and talk w/you about your options.

Did you read the "Who got FHA?" thread?

General consensus says FHA is the WTG! Have you checked out all the sites on the web? Get out there and learn about your options. I've been told things in the mortgage biz are changing rapidly, so some lenders may be unaware of all the options out there. It pays to do your homework...

I'm in the same boat you are.

HTH!! Good luck

 

FHA (and I think VA as well) go mostly by the past year or two history. No unpaid collections, and I'm not sure how many lates, although I know you don't have to be perfect.

If you have a friend who is or knows a reputable broker, go talk to them with copies of your reports that you've obtained. I have found that if you explain you don't want them to pull credit now, you're just trying to find out how close you are, most of them will work with you.

I had really bad credit, got a subprime mortgage to pay off a lot of credit cards, and they told me that if I made all payments on time for one year, I could refinance to an FHA, and I did. So I'd say if you keep all your payments up for a year and don't have anything too terrible (I had at least some 90 days, maybe 120 day lates), you can get an FHA or VA in a year,

 

I guess Sucker was typing at the same time I was!

You might try to find the FHA website. I know there is one, maybe it's under HUD, since I think they make the rules. But somewhere there is a site that tells the basic requirements.

 

Sucker and Hedwig are right-on.

In theory, FHA and VA are non-score driven, but in practice many investors look at the score and charge a slightly higher rate if it's below a certain point, and reject them it it's too low. Not all of them do, however.

What the underwriters want is to make sure that all the derogatory items have been taken care of, and to see a solid history of on-time payments on your good credit as well.

Showing a lender copies of the credit reports you pull yourself is a good idea, but I've run into the problem where the credit reports I pull are different from the credit reports the consumer provides me. Something to look out for.

 

Re: Re: Attention all homeowners.

Theyâ??re different in what way? Would you mind explaining some of the differences? You've peaked my interest TIA!!!

 

Re: Re: Attention all homeowners.

I know I read a thread over at www.creditboards.com, their mortgage forum, that had several links to mortgage info. I thought I had saved it, but now I can't find it

 

Re: Re: Attention all homeowners.

Here's a few....

http://www.efanniemae.com/singlefamily/mortgage_products/alpha_list.jhtml

http://www.freddiemac.com/homebuyers/

http://www.hud.gov/buying/index.cfm

http://www.fanniemae.com/homebuyers/homepath/index.jhtml

www.uboc.com/UBOCImg/G-Arts8/ $File/FirstTime_Bro_0702.pdf

http://www.wamuhomeloans.com/homebuyers/overview/hunting.jsp

http://mortgagealmanac.com/articles/95-100-toptentips.html


Grant Programs

www.bluehippo.org
www.neighborhoodgold.com
www.nationalhome.org
www.buyers-assistance.com
www.fhap.org
www.quickdown.com
www.fairhousingassistance.com
www.housingassistance.com
www.ffha.net
www.nehemiahcorp.org
www.allianceassistance.org
www.homeloanassistance.com

 

Re: Re: Re: Attention all homeowners.

Credit reports don't usually come straight from the credit bureaus, they come from third party resellers. For various reasons, sometimes the information is a little different from reseller to reseller.

Sometimes the differences are in lender-specific filters. For example, the company I'm with uses a reseller called MIS, or Mortgage Information Source, and we only see inquiries for the past 90 days. The information is recorded much longer than that, but they don't show up on our reports because we don't want that information.

Other times the differences seem to be in the reseller, with no good explanation of why it's different.

 

Re: Re: Re: Attention all homeowners.

Hmmm...

(Example) PG is third party and they report all my accounts as charged off. The CRA's don't show them this way. One of my car loans shows as a repo through PG, not w/the CRA's. That makes me wonder if they may show that way on other third party reports. That would not be good...

Thanks for explaining

 

Re: Re: Re: Re: Attention all homeowners.

Hmmm. It sounds like PG is saving money by not actually ordering new information from the credit bureaus? It doesn't sound like it's a very useful service.

 

Re: Re: Re: Re: Re: Attention all homeowners.

This wouldn't be old info, as I don't have any chargeoffs or repos (as per the CRA's). It's just inaccurate info. IMHO, their service sucks!! I'll be canceling before my 3 months is up and praying they don't charge my account anyway...

Thanks again

 

Re: Re: Re: Re: Re: Attention all homeowners.

We were approved for a VA home loan, no money down and had 3 small coll under 100 and one major M/C on the report good TL and we got 5.75% for our interest rate we have a closing date of June 6 we started with at least 6 charge offs, Just dispute dispute dispute it will work. If you have anymore questions let me know, I agree the older the better but DH has high score of 693 and low of 631 when we started with high of 581 feb this year.

 

Re: Re: Re: Re: Re: Attention all h

My hubby and I got a Conventional mortgage this past November 2002 with mediocre credit. We had 10% to put down, so the guy was like, 'if you qualify for Conventional it's a better choice.'

We were afraid we wouldn't qualify. Our middle score for both of us was around 640. We each have multiple late payments/collections still listed although they were all about 4-6 years old. The other thing is, we didn't have any outstanding debt at all. The mortgage is for exactly 2x our combined annual income. Our mortgage rate is 6.00% with no points (which was the bank's best rate at the time)

So we were pretty pleased. It seems like everyone else is saying just go FHA. We were thinking we'd have to as well, but we didn't. So I just wanted to say, it's worth a shot to go for conventional.

-deb