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03-07-2012 02:05 PM
And remember, 5 years ago, people were going nuts over anything under a 5%!!
03-07-2012 02:12 PM
Very true, int he scheme of mortgage rates, 4.25% is still fantastic. Thanks for the reminder to be positive!!
03-08-2012 02:15 PM
I just received an email from the loan processor and our loan is going back to the UW first thing in the morning for a second review to see if the conditions are satisfied and what info/docs are still needed. The processor seemed to think that this would be a quick process and we would hear back tomorrow afternoon if/what is still needed to put the final stamp of approval on our loan. Yay, so excited!
03-09-2012 05:29 AM
Oh MB, I am so glad to hear that!! What a difference two weeks make!! WHoo Hooooooo!!!
We are still waiting on our dang RR!!! This has been nightmarish! But it will still all work out in the end, so it is ok!
03-09-2012 06:43 PM - edited 03-09-2012 06:48 PM
That's awesome! You are giving me some hope. My mid is a 597 currently. Unfortunately I bought into the TrueCredit gimmick, and I have been applying for mortgages and looking for houses with what I thought was a 720 mid. What a rip-off. I soon found out that it was a 597 mid... Yeah...
I too am going with First Guaranty Mortgage Corporation (they are getting a lot of good word of mouth here so far!)
So, I spent a lot of time looking at options and judging whether or not it was worth it to even keep trying right now... And after a lot of thought, I ended up applying yesterday with FGMC. I sent in my initial docs (about 50ish) today. I'm already on pins and needles... because the house we found is perfect for us and right where we want to be.
Our LO seemed to think that my information looked OK (totally to my surprise). I have never paid rent late, but did pay the landlord in cash for about half of the year... so word to the wise, pay for your rent with checks, or in some way you can document. I'm not sure if this will end up being a problem or not, so wish us luck..
The rest of my collections were from when my wife and I were both laid off from our jobs at the same time, only 5 months before our son was to be born. It was traumatic. We have been good for the last two years though roughly, but our scores haven't moved much. My credit utilization reported last at 26%, so I will be paying this down to 19% next week. I hear that anything under 20 will put you in a better position. My scores are 585, 597 and 631.
Another issue that is haunting me every minute is that T-Mobile rolled two of my accounts into one, but neglected to move the balances together too. The account that was no longer, had a balance on it that I did not know was sitting out there. I received no letters... and no calls, even though they did definitely have my number. I pulled my credit last week and guess what...? a new account in collection. It was like being punched in the stomach. I immediately called and paid it... and the CA and Tmobile kept telling me that the other would be responsible for the reporting... so basically its going to remain on my credit. I have paid every collection I have ever had in full, and am hoping that they will understand that this was something that was somewhat outside of my grasp (I should have paid more attention, lesson learned). I don't want to dispute it yet because FGMC is going to make me withdraw my disputes before closing if we get to that point.
I will let you guys know when i hear back from the First Guaranty Underwriter. Do you think this will sink me? All collections are reporting at $0 (called them all on my own and paid each in full last year) and I have not had a late payment on any installment loan or credit card since two years ago. My front end DTI will be 17%, back end will be 33%. My car is 5 payments from being paid off and i don't intend on buying another soon. I have a lot of student loans, but none are late and I included the estimated payments from the loan servicers in the packet to the LO and also figured this already in my back end DTI.
Its going to be a looooong weekend. I really hope the house we like doesn't get a contract while we are in this process. I'm hoping for the best.
03-09-2012 09:10 PM
Please dont dispair, I was exactly where you are one year ago. Is there anyway that you can wait until your CC report the lower utilization? My experian score was on 11/12/2011 529, I PFD 3 collections on 12/12/2011 my score went to 580, I paid my utilization down to 30% my score went to 645, I paid my utilization down to 10% my score went to 667. I really took me an additional year to get my student loans out of default and I broke my bank in paying off all my bad debt. I got preapproved for a USDA Gaurantee Loan and have place and offer on a foreclosed home that surprisingly the sellers agreed to pay for $7,000 in repairs. Now that I am under contract I have to wait for the appraisal then off to the underwriters.
Here are the monitoring services I use February 29 2012:
True Credit (690) Credit Karma (690) Lender Pull (695)
Experian Plus (667) Lender Pull (646)
Equifax (644) Lender Pull (644)
03-10-2012 07:09 AM
03-10-2012 10:04 AM
I am praying that your scores will rebound quickly, with my experience the Transunion and Equifax scores are pretty close to what my lender pulled. I see that you have paid all your adverse accounts in full, if the tradelines are still registering on your credit file as paid at $0 then call and ask them to delete the trade line. I am a customer of TMOBILE and I hate them but unfortunately I am under contract for another year. They quoted me with one price and I only paid that price for one month then received an outlandish one the second month for data usage, by then it was to late and the only way to change the plan is pay for early termination. You may have to pay the recent collection prior to closing, if the amount is affordable to you see if they will PFD with certified mail. It take approximately one month for them to update at the credit reporting agencies, but have known to update immediately. I think there is a statute of limitations on all utilities I will research and find the time frame for reporting, you deserve every happiness.