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Senior Contributor
StartingOver10
Posts: 4,094
Registered: ‎03-06-2010
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Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

You don't need to bring references, that is not how this works.

 

The lender will do a VOE (Verification of Employment) in writing with your employer. There is a simple, standard form your employer fills out and sends to the lender directly (without you seeing or touching the form).

 

In addition to the VOE, you provide tax returns and paystubs. There is also a phone call to HR. The lender will verify your tax return directly with the IRS by ordering transcripts and comparing the transcripts to the tax returns you filed. This is all SOP.

Established Member
laella
Posts: 22
Registered: ‎04-26-2013
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Do you live in NY?

Just wondering

Established Member
laella
Posts: 22
Registered: ‎04-26-2013
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Recently

My credit card provider gave me an increase in my credit card.

I called immediately assuming this was a mistake but apparently it is not.

The CCP stated due to be making my payments on top and over the payment required I was awarded an additional 2K.

I know this may not be alot to most of you but its enough for me.

 

Most important questions are--

1. I dont plan on using it but by having it does this raise my fico score?

2. What if I do not use it at all? And CCP changes to credit decrease. Will this ruin my fico score?

3. Should I have told them I dont want it?

 

I hope you are well.

 

 

Frequent Contributor
kimmiller112
Posts: 467
Registered: ‎04-09-2012
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...


laella wrote:

Recently

My credit card provider gave me an increase in my credit card.

I called immediately assuming this was a mistake but apparently it is not.

The CCP stated due to be making my payments on top and over the payment required I was awarded an additional 2K.

I know this may not be alot to most of you but its enough for me.

 

Most important questions are--

1. I dont plan on using it but by having it does this raise my fico score?

2. What if I do not use it at all? And CCP changes to credit decrease. Will this ruin my fico score?

3. Should I have told them I dont want it?

 

I hope you are well.

 

 


If it was an auto increase (and not customer initiated which could result in HP), it will help your fico score.  It will help lower your overall utilization.  You should use your credit cards every once in a while or the issuer could close them.  Make sure you put a small purchase every 4-6 months.  If you have a credit card that is decreasing the limit that will hurt you in the fact that it could raise your utilization.  

 

Ultimately, if you are 6 months or less away from trying for a mortgage, you do not want any inquiries, so don't initiate any increases, because they will most likely come with an inquiry.  It is ok if any of your cards give you an auto increase.  The best rule of thumb is to take care of everything you have now and don't make any changes.  If you have more than 10% utilization, you need to work on that.  Ideally, having all but one card report at 0 with the other card reporting less than 10% will help raise your score.  Some say (me too) that having that one card report between 1 and 5% gives it even more of a bump up.  

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Established Member
laella
Posts: 22
Registered: ‎04-26-2013
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

It was automatic increase.

I did not ask for one or put any requests in about it.

 

I actually called to question them about it but was told "I was rewarded" that I received an increase for good and on time payments etc.

 

 

Established Member
laella
Posts: 22
Registered: ‎04-26-2013
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

back again

still looking into homes.

not ready to get approval (mortgage loan) but i am working at the funds part right now and hope to go for approval maybe within 6 months from now.

 

i have  more questions.

 

its mentioned to always have 20 percent down of a home.

so roughly if i purchase a home for 250K that would mean

that is 50k

sadly there is no way at this time i will be able to come up with that unless i win lotto or get other financial incentives from my earnings.

 

what are my chances of approval at 5-10 percent down payment?

 

fico 765 and i am living in long island ny where everything is ridiculously priced

Frequent Contributor
kimmiller112
Posts: 467
Registered: ‎04-09-2012
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

You can get a mortgage with less than 20% down. I'm doing FHA with 3.5% down and I'm closing tomorrow morning. Some conventional loans will allow 5% down. When you are dealing with a lower down payment, PMI (private mortgage insurance) will be added in, so your monthly payment will be higher.
Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $5000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
Established Member
laella
Posts: 22
Registered: ‎04-26-2013
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

thanks for the helpful informaton!

 

 

Established Member
laella
Posts: 22
Registered: ‎04-26-2013
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Happy New Year to all

I hope you are doing well.

Still currently saving.

I want to thank you all for the continued support and for answering/helping me with my questions.

 

I have now about 13K saved and still have not went to a lender to apply for the mortgage loan yet.

My FICO scores are 755-761

Still 2 credit cards - Trying to pay down and 1 car payment that I was going to pay off on (I believe roughly 4K is owed) but I am told its best to keep the payments going versus to pay it off.  I have other bills but honestly these above are my main bills. I am not opening any more credit cards or applying for any loans until I do this lender.

I paid by federal tax late but its still paid.

 

I also notice from other reading that its ok to get several approvals of mortgage loans.

Does this make your credit score go down?

 

 

I am thinking this is my year.

I hope anyways

 

 

 

Valued Contributor
notfancy
Posts: 3,679
Registered: ‎11-23-2013
0

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...


laella wrote:

Happy New Year to all

I hope you are doing well.

Still currently saving.

I want to thank you all for the continued support and for answering/helping me with my questions.

 

I have now about 13K saved and still have not went to a lender to apply for the mortgage loan yet.

My FICO scores are 755-761

Still 2 credit cards - Trying to pay down and 1 car payment that I was going to pay off on (I believe roughly 4K is owed) but I am told its best to keep the payments going versus to pay it off.  I have other bills but honestly these above are my main bills. I am not opening any more credit cards or applying for any loans until I do this lender.

I paid by federal tax late but its still paid.

 

I also notice from other reading that its ok to get several approvals of mortgage loans.

Does this make your credit score go down?

 

 

I am thinking this is my year.

I hope anyways

 

 

 


Hi there! For maximum scoring, pay off all credit cards but one of them. One the last credit card let it report a balance between 1 and 9 % of that one card's limit. Though, at this point I'm sure your scores should be good enough that it won't make much of a difference in the loan rate you get. (it will just add a little bit to how much of a loan you can get approved for if I am understanding things correctly.)

 

Home and auto loan inquiries should all only count as one total hard pull on your credit report as long as it is with in a certain time frame ( I've heard 14 days , 30 days and 45 days though so I'm not sure which one is accurate)

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