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Derogatory removed! But my score TU score dropped 11 points

Valued Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

With a two year perfect track record of meeting your billsand a high rent, you could probably get a mortgage through NACA in 6 to 8 months.  They don't go by scores.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 21 of 28
Frequent Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

Thanks for the info, dont you have to live in an approved area tho? 



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Message 22 of 28
Valued Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

They have 31 offices, many cover whole states or more.  There are a lot of misconceptions.  NACA is not for lower incomes only, they just have an upper limit (by market area) on the home price.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 23 of 28
Frequent Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

So they do not limit you?


Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Message 24 of 28
Valued Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

You really need to go investigate the program at naca.com.  I don't know where you're located, but you can read about it oon their website and then your first step would be to go to a workshop.

 

In my area (Maryland) the upper limit house prices is around $360K.  I paid $278K for my new home.  All I needed for closing was the inspection fee and escrows (taxes and insurance).  They paid all closing costs and loaned 100% on a 30 year fixed basis.  I pay less than I was paying for rent.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 25 of 28
Frequent Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

really???? i am by baton rouge.  how much approx did u need to come up with? i have some saved now.  i am paying 1100 a month for rent so i know i can afford a house payment.  i hate paying someone elses mortgage. i make ok money 60 k a year. i am still paying down collection .y debt is 20 k. zorry typing from phone..



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Message 26 of 28
Valued Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

Your office would be New Orleans.

 

I paid about $400 for the inspection, a year's insurance (less than $300) and sic months taxes.  So less than $4000 all in.  FHA I would have needed over $11000 to close and had a $250/mo PMI payment.

 

The way they work is if you want a larger payment (principal + interest + insurance + taxes) than your rent you have to show you can save the difference every month.

 

I really urge you to look at the website and consider going to a workshop.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 27 of 28
Frequent Contributor

Re: Derogatory removed! But my score TU score dropped 11 points

ok i will check it utm  thank u. i still mneed to get thek to reemove a collection from this year...



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Message 28 of 28