I know this belongs in the "Testimonials" section, but I just HAD to write that subject line! Just one year after finding this awesome, supportive site, ithinkican HAS! My credit scores were barely scraping 600 when I started, and I was a clueless shlub. Today I was approved for my first home after 12 nasty years of renting! 5.91 %! Plus no PMI!!!! Yahoo! FHA to me means FREAKING HAPPY AMERICAN!!!!! To everyone out there who thinks it is not possible, I say this: read the site, learn, be patient, and it will happen for you! Thanks, Creditnet! TU 721.......598 last year! EX 695.......520 last year! EQ 700.......588 last year!
Congrats! I am a bit envious. One bedrooms in my area start at about $290K so I'm gonna be a renter for awhile You have done great!!!
Happy news you ve obtained the american dream thats wonderful wow that cheap you should be so fortunate what state do you live in ? a one bed apt where I live is 800$ a month Im trying to buy a house myself still trying to save $ for the down, if I wait too much longer I will miss a window of opportunity as the prices keep jumping. the demand is so high in CA and the supply is lacking but growing rapidly.
Thanks, Butch... of course you were one of the most helpful on the site, keeping me calm/inline during my Equifax crisis when the board died.
Major congratulations! This is my dream, too, and this is so encouraging. Now I can sit at YOUR feet and learn all the right tricks from YOU.... (and of course I'll pass it along in turn.) Way to go! A homeowner! Wow!
Congrats!!! You're giving me hope, which I so desperately need right now! (Gold--move over--I need to sit there, too! )
Congratulations! This is a major accomplishment. No credit or big spending until after the settlement, then CELEBRATE!
ithinkican: Congratulations! i hope everything works out for you in the new digs, and you deserve it putting the effort to get into a house. just on quick thing, FHA does have MI, just an FYI however it is nothing big at all. FHA also requires borrower to put down 3% of their own funds, however there are many down payment assistance programs out there where you can walk away from the closing table without spending a dime besides on your homeowners insurance. Just thought that I would let everyone know, and yes FHA is NOT credit score driven. just make sure all collections are paid off, and you have not been deliquent on any major loans in the last 12 months. Especially vehicle and Student Loans! just helping educate other future homebuyers like Ithinkican because he did! BB AHMCC
agreed - FHA's PMI is MIP (LOL!) and it is .5% of the financed amount divided by 12 (approx way to calculate). plus an upfront 1.5% fee added to the loan or paid seperately. FHA is probably the easiest program to "work" to get in w/no money down.
AHMC & Jenz, you guys are both right. MIP is FHA's PMI...oops! You are also both correct in saying there are a TON of FHA programs, even with no money down. Just keep "clean" for a year and no collections, and you're ready!
Madcat & Goldhummin... Thanks for the nice thoughts! Homeownership has been my dream for soooo long...I cried every time that Fannie Mae commercial came on tv with the lady who cries when she sees her kids run to their new backyard and says to her husband, "It is my first backyard, too." I cried tears of joy for 10 minutes when I found out I was approved. Then I yelled out..seriously.."GOD BLESS CREDITNET!!!!" Keep reading this site and keep your stuff clean and it WILL HAPPEN for you, too! I wish it for everyone who has the dream. Hedwig..you bet I am keeping my nose clean! I am not spending a cent until after close!!!! Another thing I learned on creditnet.
I am pretty sure w/FHA they can, as long as they are paid...I didn't have any. My problem had been 2 chargeoffs (both deleted) and about 10,000 late payments on my auto loans, which I did goodwill letters on and had 100% removed (I know, lucky!). Try Gateway Mortgage...I didn't use them, but they have good programs.
Re: Re: Finally a Homeowner!!! were the collection accounts included in the BK? I am assuming that they were in that case all you need to do is provide the BK papers showing that they were included and you will be fine. Any underwriter will look at it "if it makes sense" you will be approved. I look at it, would I lend money to you after looking at your credit report? But than again I work with over 800 lenders, so I pretty much have a program for anything. BB AHMCC
Re: Re: Finally a Homeowner!!! goldhummin - have you tried disputing them off? you probably have - but i had to ask! it may require manual underwrite because if they use fannie mae's DU or freddit mac's LP it may come back as "ineligible". but an underwriter can override that.
