Hey there peeps! Long time no post. I wanted to ask a question regarding a mortgage. Since I last posted, my scores have gone up just a little bit. TU is 634, EQ is 591 and EX is 602. I have 2 car loans. 1 has always been perfect for almost 2 years and 1 has been pefect since I opened it 4 months ago. I have 3 cc's all have always been perfect, but 2 are less than a year and 1 is just over a year old. I have several dept. store cards all are perfect and thats about it for the good stuff. I have a foreclosure reporting from June of 2002. It shows 0 balance as I sold before they kicked us out. I have a NCO financial from 2 years ago for $800 and Certified Recovery for $900. I have another one from Woodforest bank for $2700. all are about 2-3 years old with the exception of 1 being re aged i guess and it was reported last in April of this year. I talked to a mortgage guy and after about 12 attempts, I am seriously considering taking this one last offer.... 80/20 loan with the seller holding a 20% second mtg. I pay nothing down and roll all pre pays and closing costs into the 2nd mortgage. Now as you can imagine, we can't find anyone that will do this for us. I have only 4 months on the job since i moved to florida in april. I can't show squat for w-2's or even bank statements as I was self employed previously. (this mtg lender btw is doing this as a stated income loan). Can anyone here point me in the right direction to show me if there is anything else available to someone with my scores? If not i may just wait till i can get a real mtg.
All I can suggest is try the mortgage forum on www.creditboards.com The mods are Fl. residents and may be able to help.
Anyway you can get up to a 620 mid? If so, you can get 100% stated. Are you in the same line of work as when you were self employed? If so you can use bank statements as long as the current employer doesn't auto deposit of your checks (this will show the actual amount you are making). If you can show 6-12 months bank statements you can get a better rate with your current score. They ignore consumer lates and don't care about collections unless it will affect title. No reserves, no source of funds. They will allow you to have seller contribute 6% towards your non recurring closing costs (this can be done by raising the selling price to cover these costs if seller is unwilling to help. Make sure your realtor understands this when they write the offer and the appraisal must have room as well). Rates are good for this type loan. You also didn't mention if there was a co borrower (wife, husband, etc.) and what their score is. There may be another avenue if there is. What is the loan amount? There is more than one way to skin a cat...just takes some thinking outside the box.
There is no way I can get my middle score to 620 anytime soon. I am stuck with my scores as they are because of work....I'm just too busy to mess with it. As far as co-borrower, none. As far as loan amount, I am in West Palm Beach FL....I am in the 4-500k range. The 2 brokers who say they got me approved, have me approved only if the seller will hold a second...and in this case thats over 100k the seller is holding...not gonna happen. I am interested in finding a way to get a loan without coming up with more than a few grand out of pocket. I was self employed but cannot show bank statements or tax returns worth squat. I have been in the same line of work for over 6 years and I used to make 250k a year...."tax free". I am now legit and on the books at around 14k a month gross. Unfortunately, I have only been for just over 4 months. There must be some way I can get into a mortgage for my family instead of tossing 2500 bucks out the window and making these landlords down here even more filthy rich. Did I mention this area shows an average increase in home value of 20% a year? Why would any lender NOT want in on THAT action? Any suggestions? SnakeMan
