topic Re: Plan of attack for financing in Mortgage Loans

Plan of attack for financing

jordanmedical — Sun, 13 Jan 2013 23:54:05 GMT

Sales contract sign, earnest money put down, Property to be completed in March, Est Closing in mid-Aprill.

Mission: get middle score to 640 (probably going to be EQ bc I have collection being removed from it)

Plan (so far): reduce util. from 80s to 20s (or below) and get final collection removed, GW any lates and GW C/O from 2007

Any advice?

Re: Plan of attack for financing

tooleman694 — Mon, 14 Jan 2013 00:11:05 GMT

My advice, stop playing with fire.........

How old is that collection.

Re: Plan of attack for financing

MovingForward_2012 — Mon, 14 Jan 2013 00:21:48 GMT

+1, you don't want to resurrect an old collection. A lot of times you can qualify with an old collection if you meet the score requirements.

Re: Plan of attack for financing

tooleman694 — Mon, 14 Jan 2013 00:28:26 GMT

That is not what I ment. The OP has a mid 500 score and signed a contract and put down earnest money. This is not good at all. You could lose it.

Re: Plan of attack for financing

MovingForward_2012 — Mon, 14 Jan 2013 00:34:13 GMT

Oh! I didn't know he had a 500 score. :-| How long is that contract? Check your Contract to see how long it is as that is typically when you have to reclaim your earnest money. Did they let you sign a contract without being preapproved?

Re: Plan of attack for financing

jordanmedical — Mon, 14 Jan 2013 01:05:48 GMT

Mid score is 548, I am working with preferred lender of builder, everything already pulled and reviewed. Lender advisedly of what to do and with rapid restore believes util will bump my score where it needs to be. Lender recommended only signing contract for a new construction so I have a few months to accomplish this.

Contract has a financing clause so I get my money back if I don't get full financing approval.

Re: Plan of attack for financing

jordanmedical — Mon, 14 Jan 2013 01:02:29 GMT

Also collection is almost 2 years old but they report monthly. They have already agreed to pfd

Re: Plan of attack for financing

tooleman694 — Mon, 14 Jan 2013 01:38:05 GMT

Is it your only collection?

If that is your last collection and you pay off the cards, I think you have a good shot. If you have other collections, I dunno.

Re: Plan of attack for financing

tooleman694 — Mon, 14 Jan 2013 01:39:35 GMT

Do you have any other lates or charge offs in the last 2 years.

Re: Plan of attack for financing

jordanmedical — Mon, 14 Jan 2013 01:59:11 GMT

Yes that is the last collection. I do have a late on an old walmart card that I am trying to goodwill- they agreed to delete one but left another (I am pleading for the other), I havent had any lates in a year. Last late before the wally was in early 2011.

Only C/O is from 2007.

Re: Plan of attack for financing

MovingForward_2012 — Mon, 14 Jan 2013 02:08:34 GMT

How many credit cards do you have that you are paying as agreed? Any auto and/or student loans?

My builder's lender (UAMC) required a 660.

Re: Plan of attack for financing

jordanmedical — Mon, 14 Jan 2013 02:20:22 GMT

They are all listed in my signature (cc). Student loans are paid as agreed too. No auto loan.

640 is what my builder lender requires :-)

Re: Plan of attack for financing

MovingForward_2012 — Mon, 14 Jan 2013 03:01:00 GMT

I can't see your siggy cause I'm on my phone right now. I'll check back when on my laptop. :-)

Re: Plan of attack for financing

jordanmedical — Mon, 14 Jan 2013 03:16:08 GMT

Oh lol,

Cap1 Secured, CapOne Cash, NFCU Secured, NFCU cashRewards, NavCheck LOC, Wal-Mart, Sam', Amazon, Apple Barclay

Re: Plan of attack for financing

tooleman694 — Mon, 14 Jan 2013 04:01:37 GMT

If you had no other baddies, I think it would be a go. But since you have something from 2007 still holding you down, id say its a big maybe.

Any idea why your TU is sooo high but the other 2 are so low.

Re: Plan of attack for financing

jordanmedical — Mon, 14 Jan 2013 04:10:27 GMT

I thought that was weird too that my TU is so high. EQ is the only one with a collection left so I get why it is lower. EQ has the most inquiries from a year ago, apt apps and utilities app all pulled EQ or EX so maybe it's inquiries. By March those fall off score.

Re: Plan of attack for financing

tooleman694 — Mon, 14 Jan 2013 04:20:20 GMT

Highly unlikely its the INQs, I have a crap ton and my scores are pretty good. Maybe it is the last collection.

Will be cool to see what your EQ score does when it comes off.

Re: Plan of attack for financing

hackgizz — Mon, 14 Jan 2013 06:11:43 GMT

I can Tell you that my last CO when it got remove

my EQ Score when Up By 48 poins

Re: Plan of attack for financing

tooleman694 — Mon, 14 Jan 2013 14:14:08 GMT

But did you have any other baddies on your report.

Re: Plan of attack for financing

JM-AM — Mon, 14 Jan 2013 14:59:41 GMT

Bring down UTIL first.

Debt will play a big part in approval once your scores reach their minimum requirement.