Just put a bid in ....OMG

[Anonymous]

We just put a  bid in on a house. waiting to see if its accepted.

House for 147,000  we are putting 40 grand down.

My hubby's income is about 4 grand per month

We ran into trouble a few years ago because he got ill, but we paid everything all off in the last year.

His score is still a 551 because he does not have a Credit card in his name, but he has a car loan that has been paid every month on time for the last 8 months.

What about utilities?  i was on a PIP plan and now owe them back money..I have been paying the full amount for of each bill and have been biting away at the balance but we still owe some.. will that be a deciding factor? will I have to pay that off?

Does it sound like our chances are decent...I am going FHA and the mortgage guy led us to beleive that we are pre approved..thats what the realestate guy told us..but I do not have a preapproval letter.

[Anonymous]

just an added note.... I am assuming that he did the FHA scorecard...he told me how high i could go on a loan.

[fishbjc]

With 40k down I'm thinking you will get approved!!! 

[Anonymous]

thanks for the positive feedback, but what do you think about the utilities? do they look at them, can i transfer service witha balance? Does anyone know about this?

[fishbjc]

Assuming, for the sake of argument, that you owe arrears of $500 on electricity and it's in your name.  When you move, open the account up in your husbands name.

I know when my sister owed $$$, she changed apartments and she was able to change the service owing a balance.  This is in Ohio.

[Anonymous]

that is what my husband said to do, but i do  not want it to come back and haunt us.

[Anonymous]

You should pay the electric company the amount you owe them. Opening an account in another name to avoid paying them isn't a good idea. Eventually they will put you in collections and hit your credit.

If you have $40,000  as a down payment, do the right thing and take care of that bill.

I  

[Anonymous]

Maybe i need to clarify what i am asking..lol my fault, I am so nervous I am typing like I am talking...just rambling away and making no sense. OK, we are/were on the PIP program in Ohio, I am making my month payment on time and adding more to it to pay off the arrears. If i pay for 12 months they forgive 33% of my bill, If I pay for 24 months on time they forgive 50% and after 36 months with on time payments they forgive all. Will this

put a monkey wrench in my loan?  I am paying my month bill in full not the PIPP amount and i am working on the arrears.

[WannaHouse]

Well, It might hurt you if you do not have the 3 trade lines. Without those, they may want to check your utilities to see how well you pay your debts.

The BEST person to ask about this is the loan person. They will know for sure.

You have a very hefty down payment, so maybe that will outweigh the other stuff?

Message Edited by WannaHouse on 01-19-2009 09:35 PM

[fishbjc]

pinkpink:  re-read Laurie's post.  In no way did she say that she is going to avoid paying the utilities.  Nor did I suggest that she open them in husbands name to avoid paying them. 

Laurie:  I completely understand the PIP program and understood your post.  If you've paid the utilities ontime through the PIP program you should be fine.

Our loan brokers should be around soon to fully answer your questions.  They're wonderful!