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Valued Contributor
Posts: 2,297
Registered: ‎08-25-2011
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Re: We closed WITH Charge offs! It can be done!

If you have some equity in your other home, you can get a new FHA loan.

Regular Contributor
Posts: 146
Registered: ‎12-04-2012
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Re: We closed WITH Charge offs! It can be done!

We do not have any equity :smileysad:

Regular Contributor
Posts: 146
Registered: ‎12-04-2012
0

Re: We closed WITH Charge offs! It can be done!

We could possibly come up with the $ to pay down our current mortgage to 80%, but our contingency for the new build is up on Friday so there is just not time to do anything like that.

 

Plus I thought FHA was even more strict about recent late payments, especially for student loans.  Am I wrong?

Valued Contributor
Posts: 2,297
Registered: ‎08-25-2011
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Re: We closed WITH Charge offs! It can be done!

Home buying really is the worst experience in life. It never was this hard to get it done.

Valued Contributor
Posts: 2,297
Registered: ‎08-25-2011
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Re: We closed WITH Charge offs! It can be done!

With the lates, its gonna be an underwriter call.

 

If the underwriters Husband forgot to take out the trash the morning your loan is underwritten you could get denied. Their call.

 

Thats why your loan officer needs to reach out and make sure its ok.

 

If your ratios are low and you have reserves that will probably go a long way.

Regular Contributor
Posts: 195
Registered: ‎01-05-2012
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Re: We closed WITH Charge offs! It can be done!

From my experience, no lates in the last 12 months. Also no delinquencies on Federal debt. (maybe would apply to your student loans?) I agree with Tooleman. This process is STRESSFUL!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Regular Contributor
Posts: 146
Registered: ‎12-04-2012
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Re: We closed WITH Charge offs! It can be done!

Ahhh, see now you are giving me hope when I was ready to give up.  The lender and the builder are the same company (or under the same corporate umbrella I guess).  We are doing a guaranteed lease on our current house and needed to go through their lender in order to make that work.  I can't imagine that she wouldn't try her hardest to get this through, we have signed contracts, finishes all chosen, deposits made.  A big pile of dirt sitting between 2 homes that are now almost done.

 

My credit is great, until all this I thought my husband's was better than mine (it was when we refinanced in 2011).  So the payment history to back up my claim that this was a one time mistake is there.  We do have decent reserves and good dti, if we pay down some cards that would be even better.  Now I just need this freaking lady to call me.  I want to know today if I should waste my time anymore and stop dreaming about the beautiful house we already planned all out :smileysad:  1/4 mile away from my sister and nieces and nephews.  BOO

Regular Contributor
Posts: 195
Registered: ‎01-05-2012
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Re: We closed WITH Charge offs! It can be done!

Ditto to what Tooleman said again. We had over 8 months in reserves and really low DTI. My LO didn't tell me (but I never could get a hold of him to ask), but another LO told me that would help a lot, and it did.
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Valued Contributor
Posts: 2,297
Registered: ‎08-25-2011
0

Re: We closed WITH Charge offs! It can be done!

I wouldn't wait for the call from the loan officer, I would be calling them now. You want to hear an answer today. And you need to get the rapid score to happen ASAP.

 

You will need to pay down the cards and have that reported, and have them correct the state of the student loans showing current. Its gonna take a few days to get that all done.

Regular Contributor
Posts: 146
Registered: ‎12-04-2012
0

Re: We closed WITH Charge offs! It can be done!

I have called the LO and left voice mails, emails and left a message with her Production Assistant (I was shaking and almost crying, this sucks so hard) to call me asap.

 

She has the statement from ACS showing account is now current  (and also pre-paid now somehow, which really makes me raise my eyebrows but I am not calling ACS again).  She asked for that last week and I gave it to her then.  She wanted to wait on another statement for a credit card we paid down a few weeks ago.  Gave her that today. 

 

I do not know what else to do other than wait for her to call me.  I have the most gigantic pile of work to finish and all I can think about is this huge mess.  And scmami I am so sorry to completely hijack your thread!


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