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New Contributor
Posts: 72
Registered: ‎03-30-2013
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A Little Confused...Kinda Upset...Advice Needed

Ok - so I read a few older posts here about Embrace Home Loans. Heard mostly good things about the programs they offer for FHA and lower credit scores. So I call them up and let them know I'm looking for a preapproval to purchase a home. I'm looking to build with Ryan Homes and need a preapproval before we can get started.

 

He says:

We don't do construction loans

 

Me:

Not looking for a construction loan, looking for a preapproval.

 

He says:

We don't do that. You have to have a property to work with.

 

Me:

Well if I was purchasing an existing home and working with a realtor who required preapproval to shop with. You couldn't do that?

 

He says:

Nope we can't do that.

 

Me:

Well can you at least tell me your FHA score guidelines.

 

He says:

580 with 10% down and 660 to get 3.5% down

 

Me:

660??? Is that your lender overlay requirements.

 

He says:

No that's a FHA rule

 

Me:

Really, I didn't happen to see that on FHA's website, are you sure?

 

Hey says (with tons of bass in his voice):

It's the rule go lookup it up

 

Me:

Ok is there someone else I can speak to??

 

He says:

Call back in and you'll get someone else

 

Are you freaking kidding me??? I'm I crazy or was this crazy. Or is he right?? Any advice would be greatly apprecited!!!

 

DH: 614 TU 624 EQ - Chapter 13 will be discharged soon - last payment made in March/2013

Me: 599 EX  - 614 TU - 561 EQ - Chapter 13 dismissing 8/2011

 

I have a student loan in default that's in the process of consolidation. Additionally, they are reporting 120 lates for the entier year of 2012 and part of 2011 in error. The loan defaulted in 2009 so they are suppose to get that fixed with the bureau. I also have 3 collection accounts that will be removed by end of week. I then have a tradeline that started reporting as a new installement loan in 2009, when it was actually included in my BK in 2007 so they have sent a request to EX to have it removed. Hope to see that come off in a few days. Lastly, I have two judgements reporting from back in 2007 that I am willing and will payoff.

 

Andy ideas??


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
New Contributor
Posts: 72
Registered: ‎03-30-2013
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Re: A Little Confused...Kinda Upset...Advice Needed

I know this is a long....post - but any help would be much, much appreciated!!!


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Frequent Contributor
Posts: 353
Registered: ‎05-01-2007
0

Re: A Little Confused...Kinda Upset...Advice Needed

Sounds like he works in a call center and does not really know what he's talking about.  With a comment like the one he's made, I would have asked for a supervisor.

2011: EQ 580~
2012: EQ 620~
2013: EQ 641, TU98 645, TU04 635, TU08 635, EX 648 (lender)
Closed on first home 4/25/13.
Regular Contributor
Posts: 171
Registered: ‎04-30-2012
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Re: A Little Confused...Kinda Upset...Advice Needed

Call them back and tell them you are looking for an FHA loan for a new construction home.  Then let them know you are basically purchasing an existing home, not previously occupied. (I think that is how a new construction home is notated on the FHA loan application).  I know it doens't make sense when it is worded that way, but you are going to be buying an existing home because it will be completed when you purchase it.

 

I ran into a similar issue with my lender, they told me they don't do construction loans, just end loans.  I told them I knew that, then they issued me a pre-approval, then told me to contact them again when I am approximately 45 days from closing....which I am doing now....


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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New Contributor
Posts: 72
Registered: ‎03-30-2013
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Re: A Little Confused...Kinda Upset...Advice Needed

Thanks for the advice. I was a little thrown off. I did later speak to someone else, because I called back as he suggested I should and they gave me more accurate information.


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
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