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Hi all,
With all the horror stories on here about the loan process, can anybody recommend the best loan company. As of right now both our scores are high 600's according to TransUnion reporting on Walmart. We am looking for a house around 150,000. I would have 30% down and I have never been in the military. I just paid off all our credit cards and defaulted school loan. Most of my credit cards have not updated yet as I just paid them off last week and the school loan yesterday to the collection agency. I have 2 medical bills and a repo on my credit report from 2012 showing 0 with charge off, I did a settlement with the collection agency. Is the medical bills going to affect my score? Any help will be greatly appreciated.
@cjane1 wrote:Hi all,
With all the horror stories on here about the loan process, can anybody recommend the best loan company. As of right now both our scores are high 600's according to TransUnion reporting on Walmart. We am looking for a house around 150,000. I would have 30% down and I have never been in the military. I just paid off all our credit cards and defaulted school loan. Most of my credit cards have not updated yet as I just paid them off last week and the school loan yesterday to the collection agency. I have 2 medical bills and a repo on my credit report from 2012 showing 0 with charge off, I did a settlement with the collection agency. Is the medical bills going to affect my score? Any help will be greatly appreciated.
Hi Cjane1,
With 30% down you'll want to go with a conventional mortgage like Fannie Mae or Freddie Mac but should also explore other options where you put less money down just to make sure. For example: I just ran numbers today for a client comparing the monthly payment & the break even point for an option with 3% down VS 20% down & it turns out it would take them 10+ years to recoup the extra down payment if they saved the difference between the 2 payments.
Does that make sense?
Feel free to PM me for help or if you have any other questions.
Hey there!
Where do you live? Do you have an agent your currently working with? What are your some of your goals during this transaction - Quick close? Communication? Excellent rate? Ample loan programs available? Depeninding on your answers, I can help you decide which is the best route in terms of choosing a lender.
Any reason you want to put 30% down? For convetntional, I always recommend the minimum 5% or max 20% (never more since your cash can be used elsewhere for a greater benefit). It will 30 days for you credit to reflect your current payments and you will see a boost in your score if it was a signifacnt payment. Medical collections lenders do NOT have to count against you.
Sorry I replied under my husbands acct but I am CJANE1. I am close to 50 and my husband is 51, we don't want a house payment after 65. We are first time home buyers in Texas, and we have no idea what we are doing. The farthest I have gotten is looking on the internet and what we can get for the money we want to spend.
This would be more of a finacial advisor question but if putting down a bigger down payment or investing as much as we can for retirement and making additional payments on our loan?
@srob67 wrote:Sorry I replied under my husbands acct but I am CJANE1. I am close to 50 and my husband is 51, we don't want a house payment after 65. We are first time home buyers in Texas, and we have no idea what we are doing. The farthest I have gotten is looking on the internet and what we can get for the money we want to spend.
This would be more of a finacial advisor question but if putting down a bigger down payment or investing as much as we can for retirement and making additional payments on our loan?
Hi Cjane1,
I'm in Texas as well. I would say you definitely need to meet your financial adviser to determine where you should put your money to work for you. My personal opinion would be to put as little down now as you can comfortably afford & invest the rest & then when the time comes for you to retire, pay off the house if your financial adviser thinks it the best use of your money.
Does that make sense?
Unless you need your payment really really low, I would avoid putting that much down. No more than 20% if you ask me. In fact, as a lender and a homeowner that survived the mortgage melt down, I always tell my clients to guard their money, only put down enough to have a comfortable payment. Please feel free to contract me if you have any additional questions.