07-18-2012 07:31 PM
07-18-2012 07:36 PM
Thank you!!! I feel like I have a golden ticket or something!! Now the hard part...find a place, and get a clear to close....hurdle after hurdle!
You will get there, one step at a time.
Stay focused, and positive!
07-19-2012 04:10 AM
So you got approved for an FHA loan with a recent 30 day late, and a 60 day late within the last 2 years?
I thought it wan't possisble, but I sent my lender a copy of my credit report that I had pulled to do a pre-preapproval so to speak. Once she checked that over, she told me that she saw no issue with getting financed for a new home. I don't know if it is because we have a very good debt to income ratio right now, or our income is good, or what, but i'm not going to fight it! Another thing too is, we plan on doing a new build which is an 8 month process. By the time the house is complete, all the time would pass that would age the lates.
07-20-2012 12:59 PM
I need to work with your lender lol. No, I want to pay off a few things before I even get the courage to apply for a home loan. Feel in some way, that's what I need to do. Something about not wanting to app for a home loan until I have at MINIMUM mid score of 640, at least 8-10% down, and no lates within a year and no derogs over 500. Pretty much afraid of the rejection!
06-11-2013 09:28 AM - edited 06-11-2013 09:40 AM
Just an update to everyone:
Back in April of 2012, we were originally denied on a FHA preapproval. We were shattered, we were broken, but with the help of this site, we managed to take care of business and get on track. We wrote goodwill letters, I asked a collection agency to remove the mark on my report before it ran its course, we paid down our balances, we sought out advice, we received help from people here, and from all of that, we got approved back in July of 2012.
Once we got approved, we signed a purchase agreement on a new construction home on September 2012. We formally re-applied April 6th of this year, and got conditionally approved. We slayed the conditions, wrote some LOE's, and here we are today on 6/11/13 and we are closing today at 4pm!!!
I am so excited as this is the hardest thing I have worked for in my adult life. All the determination, and all the help you guys gave me here are the reason we are going to be able to purchase our dream home!!
The build process was fun, it was trying, it was stressful. In the end, we learned so much about credit, so much about the build process, and so much about the mortgage process. It has been a fulfilling year to say the least. My kids will no longer need to share a room, we will actually have tons of space to entertain, and my personal confidence has skyrocketed from all of this.
If you were ever knocked down, don't give up...press on!! I have been down, but now I am up higher than ever before. Work hard, learn as much as you can, ask for help, and you too can make it happen!!!
THANK YOU TO ALL THAT HAVE EVER RESPONDED TO MY POSTS!!!!!! I could not thank you enough, nor express my appreciation enough!!!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.