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Mortgage Advice in Fairfield CT CHFA

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yomellamoFICO2013
Regular Contributor

Mortgage Advice in Fairfield CT CHFA

Hi fellow ficoers

I am in the process of getting a pre-approval for a $250K mortgage in Connecticut.

I just applied with Wells Fargo (Lender  FICO is 660).Since I started rebuilding my credit about a year ago, I did not get an automated approval (Already submitted all documents to an underwriter at WF). I am also intriged about going with a mortgage broker and a local bank (which could help me get a better rate and terms)

I am looking for a 30 year conventional or a FHA. I have read that Connecticut has several first-time buyers programs through CHFA ( Connecticut Housing Financial Autority).

I have about $15000 (which I would like to distribute for down payment and closing costs).

It is getting a little  too overwhelming because everyday I read, I found something new.

Any specific advised about going with only one lender ? Any Connecticut members that can chip in on my quest or share their experience in the past year ?

 

Your help is appreciated. Any recommendations for brokers or lenders, feel free to PM me.

 



CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)
Message 1 of 4
3 REPLIES 3
BrianB_The_Loan_Professor
Valued Contributor

Re: Mortgage Advice in Fairfield CT CHFA

They should have shared with you why you didnt get the automated approval? What was it - 

You wont get a better term shopping around but you may save some money and possibly get a better rate 

It sounds like you are already working on a manual underwrite - but why? Is there something that can be fixed and get you that automated approval?

Not all banks will do a manual underwrite so being in a position where you can get the approval may open more doors

 

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 2 of 4
yomellamoFICO2013
Regular Contributor

Re: Mortgage Advice in Fairfield CT CHFA

Thank you for your reply. I forgot to mention that I did not get an autoapproval due to past issues with my credit (which are for the most part resolved), except for an outstanding judgement from 3.5 years ago. I was told by the LO that I should get into a payment plan to address the judgement (either by paying it off or sending proof of a payment agreement). I am working on contacting the company that holds the judgement against me to work something out.

 



CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)
Message 3 of 4
ShanetheMortgageMan
Super Contributor

Re: Mortgage Advice in Fairfield CT CHFA

That is correct on the judgment, in almost all situations it'll either need to be on a payment plan or paid off.

 

CHFA DAP is a good program if you are eligible, as the interest rate on the DAP usually matches your 1st mortgage rate.  The drawback is that there is a $200 application fee & you need to complete a homebuyer education class.  You are also subjected to the recapture tax depending on how long you own your home.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 4
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