I have found a house I really like so here's my current situation. Should I apply now or wait a few months to pay off my cc's. I have 2 current med. collections that should be deleted completely this week. They are posting on EQ. National City Lease owe 2400 9 months left on lease Credit union. owe 3300 payment 221.00 Providian owe 630 1000 cl Cap One owe 920 1400 cl Marshall Fields owe 775 1400 cl Lowes owe 800 1100 cl (closed) I have 2 years on time rental history. Almost lost my house about 2 years ago to bad marriage/divorce. Had to sell to prevent foreclosure Need a low/no down payment Income app. 60,000 a year Scores EQ 640 EX 648 TU 749 Thanks for any advice guys, and gals. I really appreciate it!!!
My one bad account, besides those collections that are going to be off this week reads as follows, I'll put it down as each CRA has it EQ Countrywide Joint Acct. Date opened:3/1998 Date last activity:1/2000 Installment 120+days past due 1 time 60 day 11 times 90 day Settlement accepted on this account ------------------------------------------------ TU Countrywide >Settled less than full balance< Mortgage account/FHA Verified:4/2001 Balance:0 Opened: 3/98 Closed 6/2000 Status as of 6/2000 120 days past due In prior 25 months from date closed 1 time 60 days late 3 times 90 days late Maximum delinquecy of 90+ occurred in 4/2000 ------------------------------------------------- EX Countrywide Funding Corp. Status: Paid in settlement/Foreclosure proceedings started Date opened: 3/98 Installment Date of status: 4/2001 Last reported: 4/2001 Creditor's statement: Acct. legally paid in full for less than full balance Acct. history: Foreclosure proceedings started 6-2000 to 3/01 150 days 5/2000 120 days 4/2000 90 days 3/2000 60 days 2/2000 This all occurred because of a terrrible, terrible relationship. Any advice on this would be greatly appreciated. I have disputed and the only thing to change was that EQ now says 11 90 day lates instead of the previous 13. SORRY this is so long. I just couldn't quite typing....
I suspect your best bet for a low down payment AND conventional rate mortgage will be an FHA loan. They are not score driven. It's my understanding that they require collections to be paid and 2 years of positive credit history. And of course, the income to service the mortgage. Call some mortgage brokers and see what they suggest.
I'm sure I'll have to go with them. I'll be calling someone in a day or so. I just wanted to find out opinions here before I go and get myself a big fat "NO" and inquiry on my report. Also, I was looking to place about a grand toward my balances this month and now am wondering if it would be better to hold on to the money or apply it toward my CC's.
Actually I was amazed. We got an FHA loan with 3 30 day lates less than 2 years old but over 1 year old. I could not believe it since we had a Chap. 7 3 years ago. We went with Wells Fargo. I told them that I was staying with my parents for a month and sent some payments before I left that got there too early and ended up being posted on the previous billing cycle so it looked like I paid twice one month and not at all the next. They said fine and approved the loan. They said it was different because our BK was due to a business loss. I highly recommend them and if anyone is in Washington state they need to see my lender. She got us an amazing rate fixed at 5.9 for 30 years. Kim
If decide you're going to apply the $1K toward the ccs, you will probably get the biggest score bump by dividing it up and getting as many of them as you can below 50% utilization. It definitely helped our scores. Below 50% was a "magic number." DemPooches
I'll shoot for those magic numbers then! I figured it couldn't hurt to send the money to them. I actually want to be debt free in three to six months. Well, no completely, got to keep those lines open
Kozman Before you can try to go FHA you will need to make sure that they are not showing you in anegative $ amount since you had countrywide settle for less than full value. If it is less than the original loan amount you may no be able to qualify for an FHA loan. Good luck fla-tan
I received a 1099C from Countrywide for approximately 4000 dollars for the shortfall. How do I find out before applying if FHA will accept me? I've looked through all of my paperwork and it doesn't appear that FHA paid out anything.
Kozman Also will need to know more about your current debt situation and that is info that should not be placed on a public board. If you wish, email me with contact info and I will call you over the weekend. fla-tan
