Mortgage Loans

[SingleWithThree]

CRUISELADY!!!!

How old are the collections they told you not to worry about?  I have many "old" collections and I would just like to have an idea about which ones they might require me to pay.  How old is the Cap One they are making you pay off?

Thanks in advance!!!

[CruiseLady2008]

NACA did not require me to pay any COs.  I started paying 2 Cap One's 4 months ago on a six months payment plan.  The counselor told me that she would not have done it because it was more than 2 yrs old.  However, because I have started the payment plan, I have to pay them off because if I don't I they would reage and this would give me problems.  I only have 2 more payments, so it's not too bad.  I told her that I was worried about my score, that's why I paid off.  She told me that I should not have worried about it.  Anything that is more than 2 yrs old they don't want you to touch.  So, that's the rest of the CAs and COs on my account. 

I just need to fly under the radar right now.

The only discrepancy I noticed was EQ and EX scores were the same with myFICO and the model they use:  EQ Mortgage.  TU credit score was way off.  MyFico was 611 and theirs was 566!  That's big difference!

[bunny44]

CruiseLady, if you don't mind me asking, how much money did they tell you you need to close?  Is it just the schock payment for 3 months or is there an additional total amount to close?  Some people have been told to save like $7000, and that would set me back a while.....

Bunny

[CruiseLady2008]

I have to save $4800 total - $2700 for Shock and the rest for reserve.  I only pay $600 for rent but want to qualify for $1200-1500.  So, this is why my amount is high, shock is $900 if I don't use my retirement amount.  I don't pay much for rent.  Right now, I have my appt set to have the money by the end of Jan, but I am hoping to have the Shock by the end of Dec.

My counselor was very knowledgeable and patient.

[teton]

Not a good start. I went through rush hour traffic through two construction zones to get to my first appointment tonight. When I got there, found out they had moved several miles away about two weeks ago. I made my appointment about three weeks ago. You think they would let people know where to find them??????????? I had even called earlier this afternoon just to make sure I had the appointment time right. Since they had moved recently, you'd think they would've said something like, "Do you know we are at a new location?" Sheeesh! 

[CruiseLady2008]

Teton,

Sorry to hear this.  How did everything else go?  What type of info did they tell you and how long before you can qualify?

[teton]

I went on home and called to reschedule. If I had gone on to the new address, I would've been over an hour late and didn't want to take the chance they would tell me I was too late for my appointment. I have an appointment for next Thursday. I hope this isn't an omen, though.

CruiseLady, my situation is almost identical to yours. I pay $600 a month now but the homes I am interested in would be $1200 - 1500 a month, depending on property taxes and homeowner's association fees. I almost have $5000 saved but will probably end up putting most of that to paying off my car to reduce my DTI. So that means I need to save a couple thousand more for the payment shock and reserves. Since I am looking to move around March or so, I think this is doable. Thanks for sharing your info...it has given me hope! 

Message Edited by teton (because I really do know how to spell) on 10-23-2008 07:44 PM

Message Edited by teton on 10-23-2008 07:46 PM

[RichRaven]

    This thread offers so much great information and I'm so glad I started it because it'll help so many of us achieve our dreams. Please continue to post and keep our dreams alive. Thanks all and we truely do appreciate your help. The dream of owning a home will inspire us when times test our patience. This is a great program if we follow through. When we think we may give up don't and always remember the glass is half full. NEVER EVER GIVE UP ON YOUR DREAMS. Remeber John F. Kennedy...."we never do things not because they are easy but because they are hard." The American dream is and will continue to be built on hard work. Though the housing crisis tries to steal the dream of home ownership hard work always wins. Our country was built on hard work and dedication. We will survive this and provide for our families and the future. Remember..."each one teach one" and we will gain and learn from others. This thread will help many because of our help and knowledge. Please continue to post.

Message Edited by RichRaven on 10-23-2008 11:05 PM

[SingleWithThree]

QUESTION RE RESERVES:

I was wondering what is typically considered "reserves"?

Are they looking at you having two months worth of payments saved?

How do they come up with this calcuation?

Anyone know?  Any help with this would be very much appreciated!

Thank you!

[brighterday]

Mortgage reserves will be 1-2 times your monthly mortgage payment and is determined by your payment shock (the difference between your projected mortgage payment and your current rent). If payment shock is less than $300, one month of reserves is required. If payment shock is greater than $300, two months of reserves are required.  If you haven't already done so, you can use the mortgage calculator on NACA's website under the "Members" menu.

Hope this helps!