topic Re: MORTGAGE in Mortgage Loans

MORTGAGE

Anonymous — Sat, 15 Sep 2007 15:27:55 GMT

My middle Fico score is 590. Can please someone tell me what lender would approve me for 75,000 house?

Thanks

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 19:50:28 GMT

How much do you have to put down?
Do you have 12 months of documented rent payment history?
How many open trade lines do you have?

When was your last late payment?

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 20:29:20 GMT

Thanks for your reply. I can put 10 percent down. I dont have any late payments for last 2 years. I make over 75,000 a year.

Thanks

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 20:59:28 GMT

2 years of clean payments and a 590?

Any Collections??

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 21:04:23 GMT

Best FHA UW guidelines link I could find.

http://www.comunitylending.com/loanlib/FHA/FHA_Underwriting_Guidelines.htm

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 21:28:09 GMT

yep I have 7 collection accounts almost 2 years ago.

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 22:27:45 GMT

http://www.mortgage-mn.com/alternative_lending.html

Has anybody used that website for mortgage. It is wells fargo website and it says they can approve for a loan even if u have open collections. tax liens and credit score as low as 500..

Thanks

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 22:36:27 GMT

Thanks Tim for the link, It does have a great information. I am renting place from my friend. So I dont have any certain date to pay rent. I do pay through bill pay but different date every time. How can FHA check that I am paying rent on time?

Thanks

Re: MORTGAGE

Anonymous — Sat, 15 Sep 2007 23:51:28 GMT

I would be get a back dated rental agreement together.

Get the payment history, canceled checks, what ever you have together before the app.

They may want the CA's paid- Go talk to an FHA lender.

I am sure some experts will chime in anytime now..

Re: MORTGAGE

Anonymous — Sun, 16 Sep 2007 00:10:53 GMT

Thanks for your reply Tim. You are right. I talked to local FCU and they told me that can finance my mortgage loan if i pay all the unpaid collections. But it will be a long process. First I will have to pay all the collections then I have to notify all the CRA'S. It might be like 2 months process. What do u think?

Re: MORTGAGE

Anonymous — Sun, 16 Sep 2007 05:32:47 GMT

They just need proof of payment - Does not mean it needs to show paid of the CR.

You might be able to put the $ in an escrow acct to be paid by the CU on closing.
This will save you from them backing out on the loan and you already paying the CA and getting the score drop.

Re: MORTGAGE

Anonymous — Sun, 16 Sep 2007 12:52:00 GMT

Thanks for your reply Tim. Do you think paying the CA would drop my score?

thanks

Re: MORTGAGE

Anonymous — Sun, 16 Sep 2007 14:06:09 GMT

I have a collection with capital one. I owe them around 1900 dollars. As everyone knows by now I am applying for a mortgage. I just received a letter few days ago from CA about capital one charge off. I want to know that if I make a payment plan with CA. That is enough proof for mortgage company that i am making payments or I have to pay in full?

Thanks

Message Edited by ashabbir1 on 09-16-2007 07:06 AM

Re: MORTGAGE

Anonymous — Sun, 16 Sep 2007 17:53:26 GMT

@Anonymous wrote:
I have a collection with capital one. I owe them around 1900 dollars. As everyone knows by now I am applying for a mortgage. I just received a letter few days ago from CA about capital one charge off. I want to know that if I make a payment plan with CA. That is enough proof for mortgage company that i am making payments or I have to pay in full?
Thanks

Message Edited by ashabbir1 on 09-16-2007 07:06 AM

You are gonna have to ask them.
My Gut feeling is NO- They are going to want it paid.

Re: MORTGAGE

Anonymous — Mon, 17 Sep 2007 05:55:44 GMT

well my best advice for you is go to your lender and find out if they can do rural development loan.

good luck .