02-06-2013 11:01 AM
So I am talking with three diffeent lenders as I am shopping for my loan. We've been emailing. I have a one-on-one appt with 2 of them on Saturday. The one who doesnt hold office hours on the weekends (or after 430pm during the week!) is telling me that all charge-offs must be paid & closed prior to closing. I've been asking each othem so many questions and detailing info on our credit profiles for 5-6 days already and this woman just told me this..... Ugh a little discouraged.
If this is true, than I might as well hold off on apping for a home for another year. Me and DH are in a pyament plan with his 2 CO's from 2006 &2007. [18K and 20K.] We've been paying them off for about 5 months now. With the payment plan, it wont be paid off for at least another 6-7 years, but we planned to squash it in under 12 moinths with our windfall payments (as we did my 2 chargeoffs in 3 months - originally estimated at 3 years of repayment)
Thinking about cancelling my one-on-ones with the other 2 lenders for saturday. i am just terribly disappointed and a bit discouraged. We can only go with CERTAIN lenders in order to receive 3% of purchase price from the city we live in. so I only have 6 lenders to choose from if we want that benefit. but UGH, im starting to re-think this....
02-06-2013 11:14 AM
OMG those are huge. Yeah I dont think anyone would give you a mortgage with those bad boys sitting there.
Yea tell me about it!! .. Auto loans from when he was 18 yrs old form Good ol Navy Fed. And of course the man hadno GAP insurance when the cars were totaled.
02-06-2013 11:19 AM
02-06-2013 11:39 AM
02-06-2013 11:48 AM
What do you mean you can only go through certain lenders for 3% purchase price? Is that a downpayment or a credit? Those CO's are really old...I am surprised they are still bugging out over those. Don't give up. Provide some more info so we can see if we can help you.
To receive the 3% Assistance form the city -- they'll give us $6000 for downpayment/clsoing costs assistance ona $200K home.
Our downpayment through the MassHousing programis only 3% so thats BIG help!
And yes, the COs are really old. And we've been paying to the CA for a few months in order to get this paid off. We really believe in paying all the debts that we incur, no matter how stupid we were when the debt was incurred.
I am just unsure what the other lenders will say. this one lender is flat out saying that theymust be paid off before closing or they wont touch us. I am worried that the others will soon follow suit.
We havent apped for anythng yet for fear of this very reason and we wanted to just ask them to see whatthey say before we take a HP.
02-06-2013 12:53 PM
02-06-2013 01:01 PM
Okay, that makes sense. Are you sure the city will only allow you to go through 3 lenders? Do they have a website that you can go to find a list of lenders?
I know how important that assistance is. We wouldn't be closing later on today without the assistance of our local housing authority and it enabled us to be able to get a much larger house. Does your local housing authority have any programs that may be similar or possibly even better?
The city only allows u to go through a list of 8 lenders - 3 of which Im scheduled to meet/talk with this weekend since their websites were the most intuitive and I could understand what their programs actually were.
I know nothing about any better porgram than the one that we are in with the 3% assistance.
02-06-2013 01:36 PM