topic Re: Help a First time Home buyer !! in Mortgage Loans

Help a First time Home buyer !!

Anonymous — Fri, 07 Nov 2014 23:05:18 GMT

I am looking at purchasing the home( family home, I have taken payments over for about 3 years ago)

I pay roughly 800 M/O Home is worth 120-140K

Had a lender HP of Equifax which was a 661 ( my ficos on here are 669 EQX 714 TU 703 EXP)

Lat year I claimed about 34K and on track for around 30K this year.

I pull in roughly 50-60K NET but the rest is written off in business expenses.

I am a full time employee at a privately owned store.

My DTI I around 25% as of yesterday with the lender pull.

I have 0 DEROGS on my CR

1 (120 day) Late payment 4 years ago, when one of my student loans was changed from one lender to the other and I didn't stay on top of it.

Since it is a family home we are going to get it at a good price depending on the estimates, as my grandmother owes roughly 70K on it.

So should would be assisting in extra costs/seller assistance if needed for Down payment etc...

Zip code is 29461

Single family home

First time home buyer as a primary residence

I am wondering If I am even eligible, I would assume I am.. but from what I read this can be a NIGHTMARE trying to get a mortgage.

So any suggestions/ recommendations with what lender to go with.

I am currently a member of;

Navy federal CU

And Heritage trust federal CU

Either of which I would go with, but I heard navy fed is VERY hard to deal with...

THANKS in advance!!

Re: Help a First time Home buyer !!

Legal_Girl — Fri, 07 Nov 2014 23:13:21 GMT

I went with Navy Federal for my VA loan and they were absolutely the best.

My mid score at that time was 709, No Lates, No Collections (Paid or unpaid), No Baddies at all. My Income was a little over $70K and my DTI was high teens or very lo 20s. Can't recall exactly but it was very low. Never had a problem and was in underwriting for only 1 hour and then got the Clear to Close right after the hour was up.

I know others have had problems here and there with home loans thru NFCU but mine went smoother than I could have imagined. There were no surprises in my CR's, my employment history with my current employer was right at 3 yrs. I have 2 direct deposits that go into NFCU each month, 1 goes to Flagship checking and the other to Savings. So I don't know why others had problems and why I didn't. From my experience, I would certainly recommend them, but as they say, YMMV.

Re: Help a First time Home buyer !!

Anonymous — Fri, 07 Nov 2014 23:22:25 GMT

yeah I am on the ropes, as I have a 15K LOC with NFCU and a 5k CC Both with 0 balances...

My total available credit is about 28K and My balances across all is about 400$ or 1-2% I believe.

I have one auto loan for 19K About370$ MO

and student loans about 180-200 a MO

just to add some mroe to the initial post!

Re: Help a First time Home buyer !!

Legal_Girl — Fri, 07 Nov 2014 23:34:05 GMT

25% DTI is good...

NFCU also has a first time home buyer plan thru, wow I can't remember the exact name, but I believe it is Realty Plus. I assume it is available thru the US. I used it even though I had owned homes before but it has been about 8 years since I sold the last one. Anyway this program is one where they set you up with a Real Estate Agent and once all is said and done and you close, several weeks after closing, they will deposit a set amount of $$ in your Share Draft Account. The amount is depended on the Purchase price of the home, but I got near $1,000 deposited into my savings just because I used that program.. Plus Navy Federal sent me a $200 Prepaid Visa Card as a Thank you for doing my mortgage thru them.

Please keep us posted on your journey. I hope all goes very smoothly for you!!!.

Re: Help a First time Home buyer !!

Anonymous — Sat, 08 Nov 2014 00:02:34 GMT

Well I am a fan of them and I will give it a shot! Lets see what they say and will keep you posted!

Of course I am always for more info, ideas, experiences and expertise!

THANKS a ton!