I got a mortgage!!

Hello everyone--it's been awhile since I've posted anything although I do check the board now and then to see what I can learn.

Anyway, I wanted to let everyone know that I got a mortgage! I had to really work at it because my scores are low. The highest was just 550 and the other 2 came in just over 500. I inquired with many prosepctive lenders--all over the place. Lenders who do sub-prime, hard money, handle severe credit, etc. Some said they couldn't help me and others had terms I couldn't meet. Too large of a down payment, and high interest so monthly payments would be too high. Some wanted to charge me 14%--the lowest was 10%.

My original plan was to wait until I challenged some of the items on my credit reports to even apply but I stumbled on a property that I fell in love with, made an offer and it was accepted. So then I had to try to get approved for a loan! I had started a dispute with Transunion and it came back just in the nick of time! The deletions raised my score (although I don't know for sure how much) and I got a mortgage from a lender right here in my own back yard. The most awesome thing is that the interest is 4.5!!!I can't believe it. It's an FHA loan. I got the actual morgtgage commitment letter from them just the other day! I'm so excited! But more than that, I wanted to share the experience of not giving up--even after being told no or being quoted such high interest rates by others! You have to be careful and not let too many people pull your report though--but in some cases they would let me fax over to them copies of the credit reports that I pulled myself. But some wouldn't do that--they said they would need to pull their own.

I am a soon to be HOMEOWNER!!!!!

 

I live in Wisconsin.

 

Hi there--

My history is pretty standard I guess. I did have a Chapter 13 several years ago but it never went to court. I had it dismissed voluntarily because my situation changed but it does still appear on my credit report. I have a judgement also of about 2300--other than that there were a lot of collections and a couple of charge offs. I do have to pay the judgement though but a lot of the colletions were deleted. I also have a few current accounts that are in good standing--3 credit cards (2 sub prime) and a personal loan from my credit union. I also had a car loan which I paid off in July.

As far as sub-prime lenders, I was using some of the ones on the internet but wasn't having any luck. The ones that said they could help me wanted too large of a down payment and/or too high of an interest rate. So, as a last desperate attempt, I just let me fingers do the walking through my local yellow pages one weekend and started sending emails (they had website and emails listed in ads) and some of them started calling me back the following Monday! I only contacted the ones that advertised that they can "help anyone" etc. I was fortunate to have a consultant who was determined to get me a loan--and it just so happened that out of the dozens of loan brokers/consultants I worked with, this was the first and only woman!

I don't know if this answered your question or not--but if not, please feel free to post again or email me at tarecos@hotmail.com

Thanks!