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The effect of credit crisis on FHA Mortgages?

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WannaHouse
Valued Contributor

Re: The effect of credit crisis on FHA Mortgages?

GFE: Good Faith Estimate is one of the documents that an applicant(s), under RESPA guidelines, is supposed to receive within 3 business days of an application. The GFE is an estimate of what the closing costs of the applicant’s mortgage. The important fee section to look at on a GFE is the 800 series fees as those are lender/broker fees.

Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 11 of 18
Anonymous
Not applicable

Re: The effect of credit crisis on FHA Mortgages?

hi mickie, i am post bk too 1 year discharged exactly 9/12/08..have 3 trade lines all paid on time since opened them just 2mos after discharge. reason for bk is my husband losing his job almost every year and unemployed 4 to 6 months with no benefits, so i am kind of always trying to recover since my job is solid for 11 years but i cn't really do it myself. With the tax returns it shows there all the unemlpyment benefits paid to him. Will this be enough reason for an extenuating circumstance for us to be able to apply through FHA even if only 1 year from discharged?. Thanks.
Message 12 of 18
Anonymous
Not applicable

Re: The effect of credit crisis on FHA Mortgages?

We did get the GFE.  He sent that with the entire application to be signed.  It seemed reasonable enough.
 
The reason for our BK was job losses and med bills.  And with job losses came evictions and and utility costs, repos, and everything under the sun.  I had to write a Letter of Explanation on why we needed to file BK. 
 
Hoping to get a response the end of next week, or the beginning of the next.  Going rounds with our Landlord, he doesn't want to fix anything still.  And rather than coping, my husband started calling him again.  So here I am anxiously hoping for a yes.
Message 13 of 18
Anonymous
Not applicable

Re: The effect of credit crisis on FHA Mortgages?

I don't know.  I would think that your husbands inconsistent work history mixed with the BK would kill the deal for at least another year. I could be wrong.  You could ask Dallas or Shane.  As long as there have been no lates since the BK, once the tradelines are a year old you may be OK, what are your FICO scores, etc.  (BTW, if sub 580 midscore I doubt it will work out) 
Message 14 of 18
Anonymous
Not applicable

Re: The effect of credit crisis on FHA Mortgages?

Well he has continously working from 1997 to 2004 and till almost end of 2005 when his company closed out for business that is the start of the on and off , because he accepted works as a temp or contractual to just keep it going but on the same line of work. Anyway, I haven't tried getting my fico score becuase I am waiting to get my free credit report this coming 26th of Sept and will see what my credit score is, although the last time I took Exp is 616, and with one of my credit acct has Equi for
617, don't know trans. Thanks mickie.
Message 15 of 18
Anonymous
Not applicable

Re: The effect of credit crisis on FHA Mortgages?

Sinker,
 
Be sure to NOT tell your landlord that you will be moving out if he doesn't make the repairs. If he knows of the consequence, he might get everything fixed within 2 weeks. I know I would.
 
Inform him of the repairs request, written or otherwise stated in the lease. Then tell him verbally that it is no big deal, and whenever he gets around to it, will be fine with you.
 
Go this route, and I can almost assure that it will not be done within 2 weeks.
 
This method is somewhat questionable from a moral and ethical standpoint, but it is legal, and will get you out of the lease. It is up to you as you are the one that needs to sleep at night.
 
Hopefully for your sake, he has done something to you that is borderline ethical, that you can justify in your mind your intention to walk from your lease in this manner.
 
It's a tough world out there! Sometimes you have to play hardball to survive!  
 
 
Good Luck -D


Message Edited by D_Morris on 09-21-2008 08:43 PM
Message 16 of 18
Anonymous
Not applicable

Re: The effect of credit crisis on FHA Mortgages?

I am having so many problems with my landlord that I don't know what to do.  My dishwasher doesn't work, won't drain and I have a sour smell coming up out of my sink.  I have no cold water in my bathtub.  My air conditioner is locking up even on a cool day.  All my electrical outlets need to be replaced, and I think we have a mold problem in the bathroom and we think he attempted to paint over it.  I could go on and on about problems but I would be all day.  Alot  of these problems were included in our move in inspection but he has made no attempts to fix anything.  And it just keeps falling apart.  Our biggest problem though is the dog next door, and the lease says "absolutely no pets".  My son is afraid of dogs and we have to limit our time outside.  We have a privacy fence but the dog barks as soon as we open the back door.  And that is the end to our attempts to go outside. 
 
But he will be hard pressed to do everything in 2 weeks.  He lives in another town, works a full time job, and refuses to pay anyone to do anything.
 
Can someone please explain to me that if you have to have the state pay your rent how can you afford to take care of a dog?
Message 17 of 18
Anonymous
Not applicable

Re: The effect of credit crisis on FHA Mortgages?


@Anonymous wrote:
Can someone please explain to me that if you have to have the state pay your rent how can you afford to take care of a dog?

Everyone makes their own choices in life. I've seen homeless people with pets. It doesn't necessarily mean the dog is well cared for.
Message 18 of 18
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