Mortgage Loans

[mocha82]

My lender is FGMC (First Guarantee Mortgage Corporation)

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Tooliebell wrote:

Congrats!!! That is very exciting news!

Who is your lender?

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[sandieleslie]

Hi Mocha82,

Congratulations on your new home!!!!!

I pray that will be me next year :-)

Blessings to you and your family.

Sandie

[blessed1811]

Congratualatons on your new home.  You worked hard for it. Keep us posted on things are going.

[mocha82]

Thank you Sandieleslie!  Good luck to you!

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sandieleslie wrote:

Hi Mocha82,

Congratulations on your new home!!!!!

I pray that will be me next year :-)

Blessings to you and your family.

Sandie

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[mocha82]

Thank you!  It's all still sinking in.  I'm still completely surrounded by boxes and I'm loving it!

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blessed1811 wrote:

Congratualatons on your new home.  You worked hard for it. Keep us posted on things are going.

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[sandieleslie]

Hi Mocha82,

Quick Question - what all did you have to provide to FGMC's Underwriters?

[mocha82]

A whole lot of everything! lol.  They wanted the usual stuff like bank statements, paystubs, etc.  But they also requested that I write out a monthly budget showing my budget prior to buying my home and what I anticipated it to be after the purchase.  I had to write a letter of explaination for negative items on my report.  Also, they used 4 nontraditional tradelines for my file to beef up my credit scores.  The required a written letter from the creditor showing my payment history for the last 12 mths.  If the acct. didn't have 12 mths I couldn't use it.  AND the day before closing the underwriter called all 4 creditors to verify that my payment history wasx still up to par.  They started out with a list of conditions totaling around 4-5.  In the end, they added about 4-5 additional conditions as i provided documentation, they wanted more documentation.  I was very frustrated with the whole process, but because of my scores, I couldn't be picky.  I still managed to get a good rate of 4.750%

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sandieleslie wrote:

Hi Mocha82,

Quick Question - what all did you have to provide to FGMC's Underwriters?

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[sassymomof2]

Congrats!! I am so proud of you for hanging in there. Enjoy your new home. Thanks for sharing your experience.

[mocha82]

There were times that I wanted to throw in the towel.  Especially when the lender would come back with more conditions.  I enjoy sharing my experience because without the support of everyone else,  I wouldn't have my home today.  I believe in passing it on.  To those of you who have borderline credit scores, don't be discouraged.  I was able to get a loan with a good rate and my scores weren't all that great.  Keep chasing you dream of homeownership.  Hard work pays off.

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sassymomof2 wrote:
Congrats!! I am so proud of you for hanging in there. Enjoy your new home. Thanks for sharing your experience.

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[sandieleslie]

Hi Mocha82,

Thanks for the information, I am truly grateful because it is encouraging to me as I try to get myself ready. I will definitely look into using FGMC too. Did they require a rental verification from you? Also, what is a good estimate of out-of-pocket expenses (downpayment, inspection, appraisal, closing) etc?

I am just waiting for my student loan lines to close before I try for pre-approval to see where I stand.

Right now I am sitting at TU 640 and EQ 557 and my credit card limit just increased and I have a 1% utilization on that.

I notice you said that if the account had less than 12 months history you couldnt use it? What were some of the nontraditional tradelines that they used? Were they only using them for credit scoring purposes? Did they have a limit on how many open lines you should have?

Sorry for all the questions, just trying to see what I need to do to make myself more attractive as a buyer.

Thanks for any info that you can share.

Sandie