As many here are doing, I am trying to get me credit in order so I can buy a home for my family. I am hoping that those of you who have worked hard to get your credit in order and have bought your homes can share some info with those of us who want to get where you are. Can you share the following: Credit situation-Lates, collections, BK, etc. FICO Score when you were approved for your loan. Loan APR. Down payment- % or dollar figure. Type of loan. FHA, 80-10-10, 80-20, etc. Any other information you can add would be welcome. I am currently in 620 to 640 range with one collection I need to take care of. I hope to pay down some balances and get my FICO up another 20-30 points. I plan on starting my loan search next month and any info on your expriences will be greatly appreciated. Thanks. IB
Hiya IB Here goes... Credit situation-Lates, collections, BK, etc. Me:bk, 24 derogs, lates, etc...1 year good history from date of last late/derog Hubby: 2 coll, 1 charge off and 1 with massive lates No good history FICO Score when you were approved for your loan. Me: 545 median score Hubby: no score...not enough info to rate a score, according to fico. Loan APR. 7% Down payment- % or dollar figure. no down payment....we rolled our costs. loan to value was 97% so it should have been 3% Type of loan. FHA, 80-10-10, 80-20, etc. FHA fixed 30 Any other information you can add would be welcome. We bought a brand new house...got to watch it be built from foundation up. We were very lucky in that the mortgage co only looked back a year and disregarded everything else. This happened about 3 months before I started the credit-repair trek. FHA wa the way to go for us. We were able to save our down payment for other amenities after we moved in. I know we are paying interest on the costs, but since we will not saty in the home for the term of the loan, it worked better to roll costs in our situation.
Scores were 599 and 588 at approval. BK chap. 7 over 3 years old and 1 or 2 30 day lates since BK but over 18 months old. FHA 30 year 5.75 Had a 1st time homebuyer program make our downpayment (20%) Kim
Nik and Kim, Thanks so much for the info. The will really help when I start looking. Kim did the lender tell you about the first time home owner program? How does it work do you know if they similar programs in Calif??? Thanks again!
did you have to give an explanation for bk and if so what did you tell them. Ive been reading up on FHA and it says a detailed explantion would be required.
Nik, Curious to know what mortgage co. you used, I am in Tx and am hoping to buy a new home within the next 4 months, I want to see what they might be able to do for me. Sorry to highjack your thread!
bias If you wish, start a thread asking about mortgages available with your specific credit situation. What type of scores do you have and why. I will try to answer you without hijacking this thread. fla-tan
islandboy what is your current credit situation? Let me know and I will try to steer you towards a mortgage that will work for you. Also, how long do you plan to stay in the property? Every situation is unique when getting a mortgage, or at least it should be. You may find that the mortgage that is right for someone else is wrong for you. There are multiple questions that would need to be answered in order to provide the best mortgage for your specific situation. fla-tan
fla-tan, i would like to discuss my situation with you further, not sure what your email address is. Thanks!
Click on his name in his reply, it will take you to a page where you have an option to email him directly.
Re: Re: FICO Mortgage Rates-Survey bias I just checked and I did receive your email and I will answer you sometime today. fla-tan
Re: Re: FICO Mortgage Rates-Survey fla-tan, My CRs are as follows TU-1 collection (med) 3 accounts with late pays-last one in 99 and 3 charge offs. 620 FICO EFX-No collections-2 accounts with late pays-last in 99-2 charge offs-640 FICO EXP-1 open collection(med), 1 paid collection, 3 charge offs, 3 late pays-last in 99. FICO??? according to the FICO simulators on TU and EFX if I pay down my CCs my scores should be over 660 on both. I make a little over 70,000 a year. My wife brings in another 25,000, but her credit is bad, I am still working on hers. I think we will have to get a loan on my credit alone. My monthly bills are about $300 and have a car loan with 10 months left on it ($344). The condos I am looking at are in the $250,000 range. I would love to put 0 down if I can keep my payments down to about $1700-1800 a month. I have heard about first time home owner programs that help with 20% down payment, are there any programs like that in Calif??? What kinds of loans should I look for? Thanks.
Re: Re: FICO Mortgage Rates-Survey We were just approved last week. Mine: Median Score 659. (635 TU, 659 EQ, 689 EXP) Hers: Median Score 744. (729 TU, 744 EQ, 749 EXP) Mine: BK '98, no judgments, charge-off's, or collections (thanks creditnet! ) total of 57 lates (27 90+ days. ) no lates since December 2001. Hers: No BK, No lates, no judgments, no charge-off's, no collections. Debt: Mine: 8k student loans, 1k revolving debt. Hers: 2k student loans, 11k car loan. Amount financed: 180k. Terms: 30yr, FHA @ 6.0% (not locked yet), down payment 3%. $5500. Company: Chase Manhattan Mortgage ( I know, I know) Terms: Closing Date June 12, 2003, $4400 Cash to Close. Fla-Tan: How bad is this loan? 6% 0 points; however Bankrate shows like 5.5% conventional. I know FHA is usually a quarter-point higher. Charged 305 upfront, $30 for CR, and 275 for Inspection, although new construction.), then $300 Commitment fee, $275 Title, $2600 PMI fee from FHA, $555 tax stamps, $50 Recording Fee, total needed to close was 3k; however FHA PMI was rolled into loan, closing would be in the middle of month, so half a month of interest. Also, I need to go out and get Home Owners Insurance, they figured at $360, that figure would be subtracted, along with the $300, and $305 from the closing costs in June. There is also some fee for $4600 listed as SOC (paid by the seller, what is this?) Thanks, PolarisA3
Re: Re: FICO Mortgage Rates-Survey polarisa - nothing against you or anyone else personally with what i am about to say here it BLOWS my mind that people with BK's can get rates that are the same as me - someone who paid off all $40K of cc debt I owed. My scores are 741 with 0 baddies and my rate will most likely be the same as what you got. BLOWS MY MIND... the more and more i read the more it seems like bk is the way to go because in 1 yr or so - you are back in the golden land someone please explain if i am looking at this wrong.
I found out about our home buyer program through our city's housing authority. The down payment was through the county and my interest rate was through a state run program. I know that almost every community has stuff like this. Some real estate agent tried to tell me they had great programs too but when they heard what I was getting they couldn't beat it. Make sure you investigate all options. Good luck on your future home purchase, Kim
