FHA repairs question

[frugalQ]

lemmus...i know, i was putting that out there to let you know i feel your pain.

frustrated, they need nerves of steel and a solid game plan.  can you imagine the number of people who just 'decided' to buy a house, started the process not knowing what to expect, and gotten completely blindsided due to lack of preparation?!

[Anonymous]

frugal I have a friend that is going through that very thing.  I keep telling her to do her homework but she is reluctant.  She has a new baby and works fulltime and has some time management issues.  I worry she will run into problems with her student loans.  I am sooo glad I found this community.  It saved me alot of heartache.  Knowing what you need to look like to the bank before you jump in is priceless!

[StartingOver10]

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@Anonymous wrote:

frugal I have a friend that is going through that very thing.  I keep telling her to do her homework but she is reluctant.  She has a new baby and works fulltime and has some time management issues.  I worry she will run into problems with her student loans.  I am sooo glad I found this community.  It saved me alot of heartache.  Knowing what you need to look like to the bank before you jump in is priceless!

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From what I have seen most people can improve their scores and their financial position quickly and easily with just a little bit of research here and in the Repairing your Credit Forum. 

Some of the 'fixes' are very easy. Who would guess that you can increase your score by paying down/off your balances? It isn't something that is immediately obvious. If they just did the research you did then they would save themselves lots of stress during the mortgage process. Plus save themselves a lot of $$ if they have optimized their score first and made sure their bank balances and other financials are okay.

However, what I see happen with some people is 'fear'.  They don't really want to see what is on their reports or they think it is worse than it actually is.  Human nature to not want to face their issues before applying.  I don't know. Better for the applicant to see it and fix it before applying IMO, but it is tough for some people to actually start the preparation process.  

[frugalQ]

SO10,

I tell everyone this exact thing....going through the mortgage process forces you to face your financial demons, and it is a scary process.  however, the rewards are so much greater on the back in....and not just getting the keys.  you put yourself in a much better financial position and if you stay diligent, you will stay ahead of the game.   that's my approach to all of this.  once you get behind it's very hard to catch up.

you need credit for just about everything now.

[Anonymous]

StartingOver10 I started this journey with 18 medical collections and 2 credit card charge offs.  I knew my credit was not good BUT what I didn't know was there are so many ways to take care of these accounts and get rid of them.  Pay some, settle some and beg for mercy on others!lol  That's what I did.  I still have a couple which is why I am going FHA but what is left is not much (DP as well).  I plan to finish this project after closing.  I want a squeaky clean report.  I think that most people feel like their only option is to pay them all and that is just not so.  It would be a perfect world if we could all afford to pay all of our bills all of the time but that is just not the case.  There is nothing shameful in this day and age about admitting you have credit issues.

[StartingOver10]

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@Anonymous wrote:

StartingOver10 I started this journey with 18 medical collections and 2 credit card charge offs.  I knew my credit was not good BUT what I didn't know was there are so many ways to take care of these accounts and get rid of them.  Pay some, settle some and beg for mercy on others!lol  That's what I did.  I still have a couple which is why I am going FHA but what is left is not much (DP as well).  I plan to finish this project after closing.  I want a squeaky clean report.  I think that most people feel like their only option is to pay them all and that is just not so.  It would be a perfect world if we could all afford to pay all of our bills all of the time but that is just not the case.  There is nothing shameful in this day and age about admitting you have credit issues.

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^^^So true. I just wish everyone could see your post and your success. You are almost a homeowner all due to the research and work you put in to get it done.

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:

StartingOver10 I started this journey with 18 medical collections and 2 credit card charge offs.  I knew my credit was not good BUT what I didn't know was there are so many ways to take care of these accounts and get rid of them.  Pay some, settle some and beg for mercy on others!lol  That's what I did.  I still have a couple which is why I am going FHA but what is left is not much (DP as well).  I plan to finish this project after closing.  I want a squeaky clean report.  I think that most people feel like their only option is to pay them all and that is just not so.  It would be a perfect world if we could all afford to pay all of our bills all of the time but that is just not the case.  There is nothing shameful in this day and age about admitting you have credit issues.

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^^^So true. I just wish everyone could see your post and your success. You are almost a homeowner all due to the research and work you put in to get it done.

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Thanks!  Now if we could just get sellers agent to repsond to FHA repairs we could actually meet our closing date of May 4th.  He is killing me with his lackadaisical attitude.  He just responded to the addendum we sent 2 weeks ago and it's been a week since we sent the FHA repairs list and have not heard a word from him.  Re-inspection has to be completed by Wednesday of next week or we will not be closing on time.  I want toi hunt him down and ........I can't say it on here!