Heya, Mom, Ok, I just wrote him an email (Don) and we'll see what happens. Do you know anything about this...I was looking at some Colorado lenders and they say they can give you pre-approval (not qualify) using a new system that looks at your scores in 30 minutes..if we have time, it'll take a few hours. Are there really lenders who are now just using the scoring? Anyone else know?
Hey C. I think you can get an initial pre approval through your scores. It sounds like this company uses an automated underwriting system, which just means a computer system runs your reports, if there is anything negative the computer may reject it and then you will have a "human" look over your reports. I think if one has great credit, then the computer system is fine to go with, but if you have any negatives that need explaining, it's best to have the manual underwriter doing it. I went through Freddie Mac back in October, they used automated system, it didn't automatically accept our application b/c my hubby has an unpaid collection, I was told that had to be paid first before they would run it again, I don't remember that exact term used, but I didn't get a denial or approval at the time I got something in between, just can't remember the term they used.
My hubby has 2 unpaid collections (see dispute I just posted )...both are not his...I hate to pay what isn't his to get the approval..ugh... As for the info, I understand. That helps explain the situation...Our credit scores are reasonable for mortgages but there are other factors so that helps me a lot. We got 2 offers over a year ago from lending tree before we corrected the errors on the report...after reading here, I'm glad we didn't pursue those..whew! Please keep me informed of your situation, Mom...do you think you will be going ahead soon?
Hey C, I went to his mortgage site and filled in the application, but we had previously discussed not pulling my reports at that time. I had an earlier merged report that I made a copy of and sent that to him, just made some changes as he accessed our situation from that.
What exactly is a good enough score for a mortgage? I thought only clean reports with very high scores could get a mortgage. It never even crossed my mind that in my lifetime I would ever own a house. I still don't think it will ever happen because after bills being paid, there's nothing left for us to save, but what sort of credit score do you need?
Shirley, My understanding is that there are many programs out there to fit the needs of almost any buyer and their circumstances. I've found a lot of information at www.bayhouse.com in the forums under Real Estate(financial). Even a quick search of the internet will show you that there are lots of programs available even with little or no down. Now, I'm just saying what I've learned..so others may have more info.
There are so many programs out there today, virtually anyone can get a mortgage, your rates and down payments depend on your credit. And believe it or not, it is much easier to qualify for a mortgage than a credit card, credit cards are unsecured and there are more risks involved.
As an industry insider I can tell you there are programs out there that you can qualify for with less than a 500 score. Also, there are a lot of 100%(no down payment) programs that go as low as a 580. Find a good broker and they'll be able to locate these lenders for you. Hope the info helps. CF
Listen to CF This is where I received alot of very valuable knowledge about mortages, and picked his dear brain tremendously LOL. Mom
Listening to CF Hi, CF, I'm listening...I'm in a situation where I need to get a loan before July. I'm a teacher and I want to change districts but want to use my 3 years with this district. Hubby and I had FICO's in the mid-600's. The hardest thing for me is who to choose...I hate this... And, we might or might not have a settlement for a down payment....that is also a difficulty...it's so close to settling but oh, so far, if you know what I mean. Finally, we have a chap. 13 filed in 96 but dismissed in oct 99. Sigh...so much to figure out..
Re: Listening to CF Don't worry about the district change. It sounds like you are staying in the same line of work. You'll be OK as long as you're not in a probation period with the new district. I'll research the BK requirement for a couple of 100% progarams and post the results here. CYA soon CF
Re: Listening to CF Wow, did I mention that you are awesome! I appreciate the info..thanks a million!
What I tell you I told you CF was awesome, CF has always been helpful to me in the past Glad he stopped by, funny I was going to mention him to you LOL Mom
Re: Gonna listen to Mom, too OK!! Here's the scoop. I wish I could tell you who our bank is but I would get killed here. After a chapter 13 you must have 36 months since the filing date and it must be discharged. You'll have to provide a satisfactory pay history on the BK and have 4 open trade lines. One of those trade lines must have at least a $5,000.00 balance to show you can handle a major account. If you have these minimums and can show 12 months worth of payments on your rent you should be good to go with the 100% financing. Your rate will depend on your score(minimum 580.) Let me know which state you are in and I will look for a good broker for you or if we're licensed there one of our in house Loan Officers may be able to help you. I would offer to do it myself but I'm not in that end of the business. E-mail me at cforney@premierloans.com and I can provide you with a little more detailed info. My server is probably going to be down until monday so don't think I'm ignoring your e-mail. Hope this info helps you out. Good luck and happy house hunting. CF
Re: Gonna listen to Mom, too P.S. If you have money to put down the credit requirements are a lot easier. CF
Re: Gonna listen to Mom, too Hi! Just wrote you! Gave you some more info... well, that settlement will tell us a lot, it seems...c'mon..laywer man..hehehe I thank you so much for your help...that was great!! ...and very appreciated
Re: Gonna listen to Mom, too No problem. Like I said earlier it will probably be monday before I respond. Hang tough and we'll chat soon. CF
