topic Re: CityWorth Mortgage? in Mortgage Loans

CityWorth Mortgage?

Anonymous — Tue, 25 Jul 2017 01:56:07 GMT

I've been working on my credit a lot in the past year and have begun gardening. I received a "pre-approval" letter from this outfit called CityWorth Mortgage. Are letters like this really worth the paper they're written on? I'm certainly intrigued, and interested, but loathe to experience another disappointment at this stage.

Re: CityWorth Mortgage?

StartingOver10 — Tue, 25 Jul 2017 16:06:10 GMT

No experience with them. Their google reviews are mixed. What is your mortgage score and do you have an easy file?

Re: CityWorth Mortgage?

me12345 — Tue, 25 Jul 2017 18:08:05 GMT

Not worth a thing....This is just marketing

Even if they did a SP for your scores, a Mortgage loan has too many variables to factor in to do ligitimate "Pre-Qualified" mailers, and certianly NOT "Pre-Approved" mailers.

Thanks,

Re: CityWorth Mortgage?

Anonymous — Tue, 25 Jul 2017 18:14:30 GMT

Thank you for your responses. I'm going to order my mortgage score just so that I can get a real number to work with. I'm new at this, so I'm not sure how tough my file would be. Based on the info I've gathered so far, I think I will dispose of the letter I received and continue gardening for a while.

Re: CityWorth Mortgage?

me12345 — Tue, 25 Jul 2017 18:21:54 GMT

These are my tips for FHA qualifying from an earlier post....I hope it helps

This is the 5 simple rules of qualifying for an FHA Mortgage

1. No Foreclosures within the last 3 years (2 years for BK)

2. At least 2 years employment history.

3. DTI no more than 50% of Gross income (total consumer debt + new house payment)

4. FICO scores of at least 620 or higher with no liens or judgments

5. 3.5% of purchase price for down payment. (This can be gifted)

That's it...if you meet the above criteria then you will qualify 99% of the time.... Its that simple.

Thanks,

Re: CityWorth Mortgage?

Anonymous — Wed, 26 Jul 2017 21:25:01 GMT

These are my tips for FHA qualifying from an earlier post....I hope it helps This is the 5 simple rules of qualifying for an FHA Mortgage 1. No Foreclosures within the last 3 years (2 years for BK) 2. At least 2 years employment history. 3. DTI no more than 50% of Gross income (total consumer debt + new house payment) 4. FICO scores of at least 620 or higher with no liens or judgments 5. 3.5% of purchase price for down payment. (This can be gifted) That's it...if you meet the above criteria then you will qualify 99% of the time.... Its that simple. --------------------------------------------------------------- This certainly simplifies things. Thanks a million.

Re: CityWorth Mortgage?

Spider07 — Thu, 27 Jul 2017 21:35:44 GMT

@me12345 wrote:
These are my tips for FHA qualifying from an earlier post....I hope it helps

This is the 5 simple rules of qualifying for an FHA Mortgage

   1. No Foreclosures within the last 3 years (2 years for BK)
   2. At least 2 years employment history.
   3. DTI no more than 50% of Gross income (total consumer debt + new house payment)
   4. FICO scores of at least 620 or higher with no liens or judgments
   5. 3.5% of purchase price for down payment. (This can be gifted)

That's it...if you meet the above criteria then you will qualify 99% of the time.... Its that simple.

Thanks,

so what happened in the other 1% of people that met those 5 rules? Why were they denied?

Re: CityWorth Mortgage?

me12345 — Thu, 27 Jul 2017 23:28:31 GMT

@Spider07 wrote:
@me12345 wrote:
These are my tips for FHA qualifying from an earlier post....I hope it helps

This is the 5 simple rules of qualifying for an FHA Mortgage

   1. No Foreclosures within the last 3 years (2 years for BK)
   2. At least 2 years employment history.
   3. DTI no more than 50% of Gross income (total consumer debt + new house payment)
   4. FICO scores of at least 620 or higher with no liens or judgments
   5. 3.5% of purchase price for down payment. (This can be gifted)

That's it...if you meet the above criteria then you will qualify 99% of the time.... Its that simple.

Thanks,
so what happened in the other 1% of people that met those 5 rules? Why were they denied?

Just like everything else, nothing is "Sure" thing, especially when it comes to Mortgage Pre-qualification... But meeting the above requirements is as close as you can get.

I've had cases where they met the above requirements, but had not filed tax returns, or where they have filed tax returns, but not paid the liability, or just have other credit issues where we could not get an AUS approval.... Nothing is guaranteed, but 99% is still good.

Thanks,