Mortgage Advice/Help

svtthis · ‎12-10-2014

Hello All,

Me and my fiancee are wanting to buy a home but just not sure If we can. I am hopeful that you guys will help us steer us in the right direction.

Me

Income: 33k

Credit: BK7 in 2012 and foreclosure included in BK7 overall score 630ish

Stable Job I have been there for 4+ years work for a grocery chain

Fiancee

Income: 25k

Credit Very good no derogs, One credit card has 80% util 2 others zero balance. One car loan all bills paid on time. 660 credit score

Stable Job she's been there for 10 years and works for the same grocery chain

She also just sold her primary residence last year. So no firtst time buyer for her

We are looking for 100% financing So probably usda. Suggestions/Advice/Comments?

Anonymous · ‎12-10-2014

I'm surprised your #s are in the 630s, so you have something to work with. You might have a shot on the FHA side. Alot will depend on the price of the house you wanna buy. Is your plan to just get in a house, build a equity, work to improve your numbers, and then upgrade homes?

FWIW see what they say on a house note, prolly won't be y'all's dream house, but you already know that. They might hold their nose and give ya shot LOL, never know. If they shoot ya down, ask what it is you need to fix, and go to work on it. If you don't have a CC, find one and demonstrate you can handle it. When I did that my score shot up 25 pts before I even charged my first chili dog (no onions) with it.

Once you get in a house just employ the stuff you have learned here, in the short time I've been lurking here helped me. I'm currenyly building a house, and stuff I've picked up here has really helped. Some folks here take this stuff really serious LOL. Make payments on time and build a equity, and when the stars align look to upgrade homes. Its not a bad plan.

mynameainttracy · ‎12-10-2014

Was your foreclosure completed and if so how long has it been since title was out of your name?

svtthis · ‎12-10-2014

I think it was completed but not 100% sure. If it was completed it was in April of 2014. How do I find out if it was?

StartingOver10 · ‎12-10-2014

@svtthis wrote:
I think it was completed but not 100% sure. If it was completed it was in April of 2014. How do I find out if it was?

Go to the county's tax website where the property was located and look up the deed. You should be able to see a copy of the deed transfer from ou to the bank. It may be labeled "Certificate of Title" or something else. It won't be labeled warranty deed.

svtthis · ‎12-10-2014

Shows it listed as 5/3/13 certificate of title. What does that mean?

StartingOver10 · ‎12-10-2014

@svtthis wrote:
Shows it listed as 5/3/13 certificate of title. What does that mean?

That is the date that your property officially transfered from you back to the bank.'

Normally if you are getting an FHA loan 3 years is needed from the date of transfer before you can get a new mortgage and longer for conventional. However, there may be an exception now since you have filed and been discharged in 2012. Let me check into it because there has been a recent change, but I need to get the details.

svtthis · ‎12-10-2014

@StartingOver10 wrote:
@svtthis wrote:
Shows it listed as 5/3/13 certificate of title. What does that mean?
That is the date that your property officially transfered from you back to the bank.'
Normally if you are getting an FHA loan 3 years is needed from the date of transfer before you can get a new mortgage and longer for conventional. However, there may be an exception now since you have filed and been discharged in 2012. Let me check into it because there has been a recent change, but I need to get the details.

Ok thank you for all your help!

StartingOver10 · ‎12-10-2014

Well, good news for you!

Take a look at this thread in the stickies: http://ficoforums.myfico.com/t5/Mortgage-Loans/BIG-changes-to-Fannie-Mae-s-policy-regarding-mortgage...

Long and short of it - Fannie Mae will use the bankruptcy waiting periods rather than the foreclosure waiting period. The waiting period for Fannie Mae is 4 years from your BK discharge date. It used to be that they would go from your foreclosure date so that does save you some time.

svtthis · ‎12-10-2014

@StartingOver10 wrote:
Well, good news for you!

Take a look at this thread in the stickies: http://ficoforums.myfico.com/t5/Mortgage-Loans/BIG-changes-to-Fannie-Mae-s-policy-regarding-mortgage...

Long and short of it - Fannie Mae will use the bankruptcy waiting periods rather than the foreclosure waiting period. The waiting period for Fannie Mae is 4 years from your BK discharge date. It used to be that they would go from your foreclosure date so that does save you some time.

That's great news! Thank you for sharing that!