Hi all, Finally my closing date is set for Thursday at 3:00 PM. For all those talking about mortgages and not so good credit ~ there is a loan out there for you. When I started last March looking for a home and applying for a mortgage (March 00)I had 16 seperate negative items on my reports, and my score was around 529 or something like that. By October 00, I paid off all my past debts and my score was around 590. I'm not sure what my score is today, but I'm closing on my home Thursday. Interest rate is 6.5% ARM. I don't think I've done too bad at all.
RE: Finally ~ A real closing d Kim, Please e-mail me at the above address. I would like to hear more about that loan. Marla
RE: Finally ~ A real closing d That's wonderful, Kim. Congratulations! In about a year or so, my hubby and I hope to close on a home, too. Right now, we're saving and I'm working on my credit. I wish we could buy now but, out here in Los Angeles, I think we're going to need more than $20,000 and that's all we have banked. Believe me! We need the home for the tax break! My husband did our taxes yesterday and we owe $2400 to the Feds. OUCH! But that's the way it goes sometimes. Again, I'm very happy for you. You've obviously worked very hard and reached your goal. Donna
RE: Finally ~ A real closing d Thanks Donna! Luckily for me I didn't need that much down, but the market in LA is certainly different than the market here in ATL. Good luck to you and your husband.
RE: Finally ~ A real closing d Thanks for your post. I was starting to comfort myself with excuses on waiting until the end of 2003 (that's when all of my old neg accounts will drop off). All charge-offs are paid in full. But still have the neg mark. I don't know what my score is either but I do know its under 600 but over 500. Congrats to you and owning your new home. This is a big step and I know some day I'll take it as well.
RE: Finally ~ A real closing d Congratulation! I'm in the ATL area. Which lender did you go through? If you don't mind me asking?
RE: Finally ~ A real closing d You'd be surprised, especially here in ATL. A lender that wants your business will tell you exactly what you need to do in order to get you into a home. Don't be afraid to check it out. One thing I haven't done in 18 months is apply for new credit cards. When I first applied for my loan, my LO told me that I would have to have all my active accounts open for at least a year. So I didn't apply for anything new. The minute i get home after closing, i'm going to go credit card shopping on the net.
RE: Finally ~ A real closing d I thought so. They are very good. I went to them in 1999. They told me what I had to do in order to be approved. But I decided to take my time and wait until I was fully Divorced!! )
RE: Finally ~ A real closing d Well you go girl!! You deserve it after all the hard work. Just be careful not to fall in the trap again.
RE: Finally ~ A real closing d You're right about that ~ it is a trap. I really just want one good card with a nice limit.
RE: Finally ~ A real closing d You're not alone, girl. While my credit was better than what you described, but, 3 years ago, I would have been laughed at As it is, I had to go into a reduced payment forbearance to get my debt ratio down low enough to qualify, but God works everything out. I locked in at 7.25 fixed a few weeks ago before the fixed rate went up to 7.5 to 7.75, but if the opportunity comes to get less, I will refinance. Congratulations!!!!!!!!! Make sure you give us an account of what the closing is like
