topic i think i'm ready to give this a try!!! in Mortgage Loans

i think i'm ready to give this a try!!!

sewmuchdebt — Thu, 22 Mar 2012 18:28:26 GMT

i haven't posted in quite a while...but i've been lurking.

i think i'm ready to go and see if i can get prequalified for another mortgage.

may 2012 will be 4yrs since my foreclosure(previous fha loan):chapter 7 bk was discharged 8 2009 (2yrs and 8mos ago)

i would like to go fha again. i think i've satisfied at least the basic minimums as far as credit rebuilding go:

1.opened 2 credit card accts 8/2009 (pay on time since opened)

a. card A limit 900:balance is 177 payment 25/month (waiting to report 0 balance)

b. card B limit 700:balance is 181 payment 25/month (waiting to report 8.25 monthly fee)

2.opened 1 installment acct 10/2010 (pay on time since opened)

a.limit 3000:balance 2200: payment 127/month

my credit scores are EQ: 698 (3/19/2012) and TU:665 (3/22/2012) i expect these to bump up a little once those balances update

i have 12yrs with same employer: monthly income 3500

i have been renting and can verify last 3yrs easily with leases/cancelled checks/receipts

i can qualify for 5000 downpayment assistance (need 620 middle score and only have to contribute 1000 of my own funds)

i do have pension funds i'm hoping i can use as reserves.

with all that being said: does anyone think i can qualify? around how much?

there is one foreseeable problem; there is (1) acct on my report that was included in my bk that has the dispute notation. i don't have any open disputes. 1st resolution collection acct.i initially disputed them after they were not reporting as IIB in 2009. resulted in the notation being added.then i tried to have the notations removed several times to no avail.(as late as 1yr ago) i don't know what else to do regarding this acct this notation appears on all three CBRs.

i'm not fully clear if this would fall under the new fha guidelines regarding collections or not.it dates back to may 2009: 0 balance IIB.every time i call the CBs they want me to open a dispute.at this point i don't want to do that and end up with the same outcome.

any and all advice will be appreciated :o thanks

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Fri, 23 Mar 2012 09:45:28 GMT

**update**

i found out i was preapproved for 140,000!! i have read so many posts, talked to so many people, and asked so many what if questions that i had actually scared myself into not applying. but i'm glad i did it. i knew exactly what was in my files and it actually made me look pretty smart when the broker came back and verified everything i put on the application. this forum has been my credit lifeline. i was surprised though that my TU score came back higher at 693 and my EX was 692. my EQ was spot on at 698:womanvery-happy:

Re: i think i'm ready to give this a try!!!

harmstrong523 — Fri, 23 Mar 2012 11:02:59 GMT

Congrats! So are you going to look at houses this weekend? :smileyhappy:

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Fri, 23 Mar 2012 14:48:51 GMT

i've been looking at houses for 3yrs. lol! i've got some potential places lined up. a great realtor in place. gonna do some more neighborhood ride- thrus and probably start my search next week while everyone else is working.:smileylol:

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Sat, 24 Mar 2012 14:22:36 GMT

now that i'm preparing for the house-hunting stage, i'm finding it to be a bit overwhelming.i thought i would sit back and let the realtor do all the work but i can't seem to stay off this darn computer!! lol. even when the realtor sends me listings, i have to drive by the house first to see if i actually want to live in the neighborhood. i see so many houses that i like. i'm trying to narrow down my preferred neighborhoods. i do know my comfort zone though and because of that i'm looking at staying around the 120,000-125,000 range instead of maxing out the 140,000.

Re: i think i'm ready to give this a try!!!

Repo-ed — Sat, 24 Mar 2012 14:24:57 GMT

Doing a lot of zillow.com searches?

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Sat, 24 Mar 2012 14:46:31 GMT

zillow, realtor.com, yahoo, and i'm also on the agent's website.

Re: i think i'm ready to give this a try!!!

boomhower — Sat, 24 Mar 2012 15:51:48 GMT

sewmuchdebt wrote:
now that i'm preparing for the house-hunting stage, i'm finding it to be a bit overwhelming.i thought i would sit back and let the realtor do all the work but i can't seem to stay off this darn computer!! lol. even when the realtor sends me listings, i have to drive by the house first to see if i actually want to live in the neighborhood. i see so many houses that i like. i'm trying to narrow down my preferred neighborhoods. i do know my comfort zone though and because of that i'm looking at staying around the 120,000-125,000 range instead of maxing out the 140,000.

#1 rule of home buying is you can change the house but you can't change location. Location, location, location!

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Thu, 03 May 2012 16:36:16 GMT

**so here's my update**

i found a great house. turned out that someone was already under contract with it:smileysad:

i kept looking but nothing compared to the one i really wanted. 3 weeks went by.

the contract on the house i wanted fell through:smileyvery-happy:

i submitted an offer.officially under contract on 4/24.

appraisal has been done, home inspection done. insurance lined up (they do their own inspection too)

my loan is with the processor. told me to be patient cause she has a lot of files on her desk:smileyindifferent:

i'm ok waiting.still have things to do

put in my notice with my apt (90 day mark) got my homebuyer class scheduled (using dpa;required)

i did get gfe( had to read shane's sticky to understand it though:great info)

so now i wait. my estimated closing date is may 31 or jun1:smileyvery-happy:

Re: i think i'm ready to give this a try!!!

JusdoNit — Thu, 03 May 2012 20:19:27 GMT

Glad to read it's turning out well for you:smileywink:

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Fri, 04 May 2012 13:21:58 GMT

thanks JusdoNit!

i need every well wishing i can get. i forgot how stressful this homebuying process can be. i've been reading everyone else's posts to keep from worrying about my own situation.

Re: i think i'm ready to give this a try!!!

webhopper — Fri, 04 May 2012 13:32:38 GMT

Good luck! You seem to be on the ball. I also did drive by's in the neighborhoods to see if I could see myself living there. I grew up in the country, so at a minimum the neighborhood had to have mature trees in order to feel like home. There was one house in a golfing community, but the more we went by the neighborhood, the more we decided that it wasn't a good fit for our family...

What you're doing is called due dilligence, and its actually a good thing!

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Fri, 04 May 2012 13:42:15 GMT

webhopper, thanks.

i've seen that term in some of the documents i've signed. didn't know it could actually apply to me.makes me sound so smart! :smileyhappy:

Re: i think i'm ready to give this a try!!!

firsttimemama — Fri, 04 May 2012 15:37:27 GMT

Congrats!!!! I hope you have the keys to your new home in your hand SOON!

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Fri, 04 May 2012 19:04:55 GMT

thanks firsttimemama,

hope everything goes well for you in your credit rebuilding also.

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Mon, 07 May 2012 17:44:31 GMT

well i hit my first bump in the road...

2 weeks ago i got an email from my broker's assistant about additional documentation needed.my bank statement for april???

april wasn't done yet so i assured her i would get it to her as soon as i received it in the mail.

this past friday i check my bank account online and i notice a returned mail fee (5.00) from my bank debited to my account.wth???

so i call and verify my addy and phone numbers and all that good stuff.csr reverses the fee and apologizes and says i'm all squared away.

i called again today just to make sure i'm going to receive my statement on time because i don't want this to hold up the process.csr tells me the mail flag is still on my acct.what???now bank says i need to call back in a couple of days to make sure the flag was removed.

are u kidding me? i already have to wait 2 months for my statements!!!! (they don't mail them out every month anymore)

i've been getting all my mail just fine until now (bank won't tell me what mail got returned. i know it wasn't my statement, probably some junk mail for insurance)

:smileyfrustrated:

Re: i think i'm ready to give this a try!!!

FrugalRican — Mon, 07 May 2012 18:00:07 GMT

Can't you just ask the CSR or teller to print you up the activity for April.

Sometimes they don't need the "official" statement you get in the mail... as long as it has your monthly activity for April and it has the bank's name on it somewhere plus your information with the account number, you should be good to go... of course, YMMV, you might want to ask your MB if this is ok.

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Mon, 07 May 2012 18:03:52 GMT

i just got off the phone with my MB and it is ok to send in printout from the bank. i will still need to send in original statement once i get it though.whew!! MB has always stressed original docs front and back copies.even if page is blank.so off to the bank i go.......zoom!!!

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Thu, 10 May 2012 05:33:46 GMT

sooo....my loan is now in underwriting!!! got my fingers (all twenty of them) crossed that my conditions won't be too bad.

Re: i think i'm ready to give this a try!!!

sewmuchdebt — Fri, 18 May 2012 22:07:48 GMT

loan processor contacted me with my conditions from underwriting today!! there were 6 of them. 2 they already had. 2 we determined i didn't need. and i got the other 2 faxed off. so let's see how this next round goes.