Hi, I need to Apply for Mortgage real soon. Here is my Fico: TU: 715 EQ:718 EX:738 Mid FICO: 722 1 delinquent account from 97 with 90+ days late which has been paid in full? I am ready to put down 20% and make about 75000/yr. $500 credit card debt Here is my questions: 1. How much I can borrow? 2. what's the rate I can get? 3. Can I only use my credit to buy the house or Do I have to use my wife's report also. I would prefer to use my report only. Any help will be highly appreciated ! Thanks, Saga
Try this: http://www.mortgage-calc.com/mortgage/howmuch.html If you don't need your wife's income, you can probably keep them from pulling her cr - but state laws vary, so check with a local mortgage broker
I would like to get atleast $260,000 mortgage loan. Do you guys think it's possible with $75,000/yr income and total credit card debt of $500. I am ready to put 20% down for a 325,000 house. Thanks!
Hi Saga, I purchased my home in NJ, for $210,000 mortgage and $239000 purchase price, with a Equifax FICO of 784, with credit card debt of $1700, with an annual income of $65000/=, in January 2001 Hope that gives you some reference point ....
Hi Saga, Bought the house in Jan 2001 ... it was part of new construction then ... so did not bother to prequalify, since construction takes god-knows-how-long, and I knew my credit is/was good, so wouldn't have trouble in getting mortgage. Went for a stated-doc, stated-income loan. Searched the web in a 15-day period for mortgage, and settled on a firm in Pennsylvania for my mortgage. At that time, got a rate of 7% on 30 years, since then refi'ed to 5.625% for 15 years... and haven't re-refinanced since then .... last refinance was in Feb 2003 When I was shopping, one mortgage broker offered me this advice: Keep your mortgage amount (not the purchase price of the home) to not more than 3 to 4 times the annual salary, assuming a 30 year mortgage. Of course, he had in mind 7% + interest rates, so I guess you can stretch it to 4 times annual salary with current rates... so, I think, with your salary alone, you should be able to get a 265000 loan without too much of hassle ... Hope this helps
Thanks again for your reply Lakpr. It's good to hear your encouraging words. This is my first home shopping and I am really nervous. I am also looking for new construction in Mount Olive area in Morris county. I wrok in Midtown Manhattan. I know it will be a long ride to work and back to home but I am ready for it. Wish me luck.
Re: Re: Need help from Mortgage Guru ! I was working in mid-town Manhattan too, 58th St., when I bought my house ... 9/11 threw me out of my job ... 3 months unemployed, but now okay ... what d'ya know ... I work in Morris County now I live in southern Middlesex county, almost bordering Monmouth county, so it was a long journey for me too to Manhattan ... and my current job is as long a commute ... but hey, Home Sweet Home You never get that joy in a rental place If I may offer a little advice, see if you can dispute off the delinquency from 1997 .... you might get lucky .... a clean report is better than one with 1 delinquency You should be all right ... here's wishing you again ... BEST OF LUCK!!
Re: Re: Need help from Mortgage Guru ! I tried to dispute that late. I have been disputing it for over an year now with all three CRAs. but always comes back verified. It seems stuck forever. I just sent goodwill letter to Chase CEO via planet feedback.Let's see it that works.
Re: Re: Re: Need help from Mortgage Guru ! You are a resident of NY now, correct? NY state law requires that negative items be deleted from your report after a 5 year period (unlike the normal reporting period of 7 years for the rest of the country). Then why is a delinquency from 1997 still on your report? Point this out to the CSR and *DEMAND* that this item be removed immediately. Some creditnet member, "breeze" I think, also suggested here that one should opt-out of all CRAs before applying for any mortgage. The theory is that collection agencies and their ilk troll the CRA lists for people with real-estate related inquiries, and cross-check such SSNs with their own databases. Becomes very difficult for the mortgage applicant then NOT to pay the delinquency ... irrespective of whether it was paid already, or if the delinquency is disputed .... the applicant is at the risk of losing his mortgage. I opted-out of all lists permanently. Best of luck
Re: Re: Re: Re: Need help from Mortgage Guru ! Actually, it's paid judgments, charge offs, and liens. If the account falls in one of those categories, shouldn't have been a problem getting it off. The CRA's don't mess around much with that NY law. If this account is still open, and the derog is a 90 day late, at this point, maybe goodwill is the best option. Same if this account is closed but you are a current customer of Chase. If it went 90 days, was not charged off, was brought current, then later closed, and you are not a current customer of Chase, I dunno... I (me personally) would leave it alone and let it get older and older. Every time you dispute, they update the date verified to a current date and make it look like a current derog (it scores like a current derog), so there is a point where you cut your losses in that regard. JMO. Definitely opt out - otherwise you will have bottom-feeders coming out from under their rocks to extort you when you apply for the mortgage. You can't close with an unpaid collection on your report - they don't care what account it is or the real status, they just want money, and this is an easy way to get some of yours. They know your mortgage company will make you pay it, regardless.
Re: Re: Re: Re: Need help from Mortgage Guru ! Thank you all for your replies. This is a old chase account never went chargoff, was 90+ days delinquent and I paid off the whole balance off. I am not a current member of chase. So I thought goodwill is my only option. one questins though: How does the opt out work??? Thanks...
Re: Re: Re: Re: Need help from Mortgage Guru ! I just saw this post....in your situation, if you have over a 700 score and have at least 10% down...you can go through a bunch of different lenders that allow for stated income, stated asstes, and they still give you full doc procing. this is handy when borrowing the money down. Heres the catch, if you are a janitor and claim 120k a year in income..this wont fly...you must have stated an income that is deemed within reasonable realm of your job title. Although I dont like Country Wide RETAIL...if you do talk to a broker....CW wholesale and retail have a program called "fast and easy" that would be perfect for you. You will have to sign a 4506..which is confusing to some. This allows the lender to go back and look at your tax records and see how much money you made. So how can this be stated then? They will ONLY used this 4506 form (even though you sign it at closing) if you default ..they will want to go back and see WHY you defaulted..which is when the tax records come into play. NO you will not be in trouble and YES CW wants you to state your income KNOWING that it is probably because you have slightly less income then you need. Good Luck.
Re: Re: Re: Re: Re: Need help from Mortgage Guru ! Call 1-888-5-OPTOUT Choice (2) is for opting out for 2 years Choice (5) is for opting out permanently Listen through the entire message ... Note: It has been a while since I opted out, so I am not sure about the choice numbers; I *THINK* they are 2 and 5 respectively...
