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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Update....Found a house we love

Soooo......I posted a while ago about a Fannie Mae Homepath property that we wanted to purchase.  Listed at $207k with $7800 yearly taxes.  We tried offering $115k but the listing agent lost the listing that day and Fannie Mae will now only sell the house via auction.com.....we moved on......found a home we love this past saturday and put in an offer monday.  OFFER WAS ACCEPTED! 4bed/3bath townhome for $185k with 6% sellers assist.  It is in the same neighborhood my husband and stepson lived in before we got married and literally walking distance from my stepson's old school (which is so much better than the school he is in now).   Thats the good news.....not so good news: a collections acct for an old ATT bill popped up after we were preapproved.  After exhausting all other options, I had no choice but to pay the collections company (they wouldn't do a PFD) and now I wait for my letter stating that I am released from the debt.  I told my LO immediately and he said "take care of it asap".  THANKS! when I told my realtor, he happened to be in his office so he asked the in house Wells Fargo rep while I was on the phone and he said the release letter should be fine.  I have really been stressing about this.....my mid score was right at 640 and I know it took a hit.  Does that matter at this point or will the fact that the debt has been paid and I have documentation proving that take precedence???? Also wondering when my credit will be pulled again....our pre-approval was dated for Oct. 1. 

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Valued Member
hendersj31
Posts: 42
Registered: ‎09-18-2012
0

Re: Update....Found a house we love

I will try to give you what I know.  FHA loans wil lallow lower than 640.  I have heard some in my area (Houston) that will go down to 560.  So you may have to change loan types if the credit score becomes an issue.  I have to assume your score has dropped.  Maybe even a lot.  As far as preapprovals go they can be good for up to 90 days.  I know a few lenders who only do them 30 days at a time so you will have to ask your LO to be sure. 

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Update....Found a house we love

It does depend on where you get your loan.  Mine was pulled once.  They said that's all they needed.   Never did a second pull.  Hopefully you will have the same luck!


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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Update....Found a house we love

Thanks...we really don't want to do FHA.  VA allows 6% SA and the sellers have already agreed to that.  I guess all I can do is pray about it at this point and hope that our LO understands...At least he is abreast of the situation.

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Established Contributor
sccredit
Posts: 951
Registered: ‎09-14-2012
0

Re: Update....Found a house we love

FHA allows for 6% seller's assist.  My lender pulled all 3 of my reports about 8 different times throughout a 60 day escrow

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Elcid89
Posts: 567
Registered: ‎10-04-2012
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Re: Update....Found a house we love


vabound wrote:

Thanks...we really don't want to do FHA.  VA allows 6% SA and the sellers have already agreed to that.  I guess all I can do is pray about it at this point and hope that our LO understands...At least he is abreast of the situation.


Question: Homepath is usually distressed properties that Fannie Mae is trying to clear off of its books. By distressed, I mean that they tend to have problems.

 

My concern for you is that these homes are going to be less likely to pass a VA inspection. Failing that will bring the entire VA process to a grinding halt in a hurry. Be sure that there are no deficiencies that will derail that.

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Update....Found a house we love

We are not purchasing the Fannie Mae home.  We found something else, however this particular fanne mae home is inamazing shape and has already been rehabbed.  

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Update....Found a house we love

After talking with our realtor, we decided to meet with two other LO's he reccomends before meeting with the LO we got our pre-approval from.  Our current LO had an extensive conversation with my husband about my issue with the new collections and wasn't very helpful but in the same breath told us to come in on Monday to sign loan docs.....I think we should explore other options first.  In the meantime, I went on the rebuilding your credit board and found three threads specifically about this collection agency.  Many people here have emailed certain contacts there and had the accounts deleted.  I have already paid the account but I figured it wouldn't hurt to email these contacts as well and request that they delete the account from my reports.  I expressed to them the urgency of the situation being that we are trying to buy this house.  I am hoping they will take pity on me and delete since I have already paid anyway.  My husband is so optimistic but I haven't been able to dream with him about our new home because I am so stressed about this situation. 

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: Update....Found a house we love


vabound wrote:

Soooo......I posted a while ago about a Fannie Mae Homepath property that we wanted to purchase.  Listed at $207k with $7800 yearly taxes.  We tried offering $115k but the listing agent lost the listing that day and Fannie Mae will now only sell the house via auction.com.....we moved on......found a home we love this past saturday and put in an offer monday.  OFFER WAS ACCEPTED! 4bed/3bath townhome for $185k with 6% sellers assist.  It is in the same neighborhood my husband and stepson lived in before we got married and literally walking distance from my stepson's old school (which is so much better than the school he is in now).   Thats the good news.....not so good news: a collections acct for an old ATT bill popped up after we were preapproved.  After exhausting all other options, I had no choice but to pay the collections company (they wouldn't do a PFD) and now I wait for my letter stating that I am released from the debt.  I told my LO immediately and he said "take care of it asap".  THANKS! when I told my realtor, he happened to be in his office so he asked the in house Wells Fargo rep while I was on the phone and he said the release letter should be fine.  I have really been stressing about this.....my mid score was right at 640 and I know it took a hit.  Does that matter at this point or will the fact that the debt has been paid and I have documentation proving that take precedence???? Also wondering when my credit will be pulled again....our pre-approval was dated for Oct. 1. 


WOW I thought my property taxes were high at 1.14% things are diff in my neck of the woods.... Congrats 

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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Update....Found a house we love

I found some great info at the rebuilding your credit forums about the CA that was reporting on my CR.  I emailed the contacts that were given to me on Saturday and this morning I received a letter stating that all information pertaining to this tradeline would be removed from all three credit reports!!!! Hallelujah! So now we are putting together all of our paperwork for our loan application and scheduling the inspection.  Hopefully my score will go back to where it was before this madness!

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board

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