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Long story short...I started working on my credit a few months back....when i found the fico forums i had a 522 credit score with a ton of garbage on my reports. I did some lurking/research and started on my credit repair...I was able to get it up to a 660+ across all three reports and was able to find a home, get preapproved for a FHA loan 2 months ago and make it through manual underwriting today!! I never thought i would have made it but MyFico forums made it very easy for me. Just wanna say thanks to all the people who contribute...im already looking for rental properties and i didnt even close yet...
why did it take so long to go thru MU?
@jabrah wrote:Long story short...I started working on my credit a few months back....when i found the fico forums i had a 522 credit score with a ton of garbage on my reports. I did some lurking/research and started on my credit repair...I was able to get it up to a 660+ across all three reports and was able to find a home, get preapproved for a FHA loan 2 months ago and make it through manual underwriting today!! I never thought i would have made it but MyFico forums made it very easy for me. Just wanna say thanks to all the people who contribute...im already looking for rental properties and i didnt even close yet...
it took 2 months for the offer to be accepted, get the inspection done, etc....the actual MU took about 2 weeks..longest 2 weeks of my life
if it werent for this site i wouldnt be at the place i am...
Congratulations!
Good job lurking and researching. It is so nice to see somebody who is actually willing to come, read, learn, and actually be willing to do the work
Too many people are looking for the Easy button. Credit repair and rebuilding takes time and work...but it is so worth it in the end. It's also very humbling...my husband and I can testify to that.
You say you're looking at rental properties? I used to be a real estate broker and had quite a few rentals. My priorities and life went in another direction and I sold them off through the years. Can't quite get it out of my system, however, so we bought one in 2008 and are about to close on another one on May 1. Both are single family rentals. Be aware that the credit process for investment property can be pretty stringent. It's good that you've done all the work on your credit that you have. Good luck!
Two months! My bid was accepted on a Friday, the following Monday was inspection, the following Wednesday was appraisal and contract. Appraisal should be in tomorrow and if all goes well off to underwriting.
That seems like an awfully long time.....
it was a painful two months....but what made it worst was the fact that i had (and still have...) little to no patience...LOL
im glad your deal went smooth....i was hoping mine would have went quick but i guess they all cant be like the ones I watched on HGTV..haha!
Thank you!! That easy button is the worst button anyone can ever use...paying someone to do your credit repair is the completely wrong thing for anyone to do....a little reading coupled with research/conversaitions on this website and that so-called mountain became a molehill...
Thanks for the advice on the rentals....we have to setup our own retirement plan these days...my job wont do it for me so my personal investments need to be stepped up 100%...i figure it will be a good thing to get addicted to, as long as my moves are calculated and properly thought out...
Thanks and wish you the best as well with the properties...