I spoke with a local lender today and he basically told me that my scores are not that big of a factor as I had thought. he said they focus MAINLY on your 2 year payment history and if that's clean then I should have NO problems. Good news for me Mom
RE: Interesting conversasion w well mom we already knew that. What kind of rate was he talking about. That determines how much $ you qualify for. roni
RE: Interesting conversasion w Still waiting til next summer, gotta get some bills down but I am happy
RE: Interesting conversasion w Well as it stands now he said around 8%, which I believe the prime was like 7.6% or something not bad, but I should be in much better shape next summer so hoepfully I get the going rate
RE: Interesting conversasion w That sounds very good mom. Congrats. You are providing hope for all of us. BTW, did you mention the card (chase) to your friend? roni
RE: Interesting conversasion w That's actually not a bad rate. Have you gone through any of the homebuyer ed classes through VHDA? I think that is supposed to help with your interest rate as well.
RE: Interesting conversasion w Good info carrot. I didnot think about those programs helping to lower your rate. But it makes sense. I guess it is kinda like those defensive driving courses to lower your auto insurance. lol. Thanx roni
RE: Interesting conversasion w Yes I am excited, and yes I told her and she is going to apply I hope she gets it
RE: Interesting conversasion w No, what exactly are they CArrot and how much lower could I reduce by going there???
RE: Interesting conversasion w I think taking these classes helps your eligiblity for a VHDA loan and their interest rates are 6.8% for Conventional, 7.3 for FHA. They also have Step Rate mortagages. I'm sorry I didn't think of this earlier--I might have saved you some worry! http://www.vhda.com/default.asp
Also He just emailed me the FHA guidelines in PLAIN ENGLISH, very easy to follow and understand. I had been going to the FHA website, but this clears anything up I was curious about. If anyone would be interested in it, just email me. Mom
I know you told me so I know JP, I should have just listened to you in the first place Your advice is always right on the money, now when will I learn that!! Mom
RE: Interesting conversasion w Did you see the post where zip's husband got the card? Sounds very positive with Chase. roni
RE: I know you told me so I figured you were already qualified as well, even with the few blemishes you haven't been able to settle on your credit reports. You've worked damned hard to get your credit where it is today, and that WILL pay off! The above posts include some excellent tips for getting started. The classes are out there and probably available in your area. FHA isn't the only one who offers them. I've heard the same of Fannie Mae and FmHA which are only two of many other options you have for mortgage financing. Although you are not looking to buy until next summer, you really need to get started now because you'll find the options overwhelming, and you want to get the best rate possible. Every little fraction of a percentage point can mean thousands of dollars in savings. Check to see if there is a homebuyers' club in your area. It costs very little, if anything, to join one. These clubs replace the mortgage broker in that they have already explored all the options out there, and they do offer all the classes and seminars available. You'll find out things you never even thought of, and they work. They help you with every step of the lengthy process, so that you will obtain the very best rate possible, saving you a pile of money, and getting you into the best home possible. It's best to join as far in advance as you can, so that when next summer gets here, you will be ready. If there's no homebuyers' club even within driving distance, it's definately not too early to begin dealing with a mortgage broker. Even if you have no clue as to which home or price range you're looking for, you will have removed all the roadblocks and headaches in advance. All you'll need to do in the summer is pick out a home and shop for your new curtains! I wonder if there's a way to do a housewarming party on this board. We need to figure out that one between now and next summer because you're going to be one hell of a success story! Remember where you were when you first started posting on this board? Just look at how far you've come and where you're going. It's all been worthwhile! As I've said many times before, I'm an old woman, and I just KNOW these things ;-)
Thanks so much Doris Yes I will look into all those things and I realize I need to start soon. Yes I am working hard and I know it will pay off. You always give me such encourging posts, and I appreicate it very much You have always given me hope and support and that means alot Mom
