https://ficoforums.myfico.com/t5/Mortgage-Loans/Help-In-Credit-Mortgage-Limbo/m-p/502663#M43040 <P>Six months ago I bought a probate property for $74K, which appraised for $134K. The Estate Administrator just wanted to get rid of it. So to close quickly, I financed the home with a Hard Money Rehab Lender because of all the equity, and to rehab it. I made $17K worth of improvements, and now owe $90.5K on the home. The loan was a 6 month interest only loan, which I planned to refinance into a straight rate/term 30yr fixed loan, as it is my principal residence.</P><P>&nbsp;</P><P>Six months ago I was told by lenders that I would have to let the loan season for six months before refinancing for full appraised value. I had a BK and some collections on my credit report. The BK fell off in March 09, and I have since paid off all the collections. I've even had some of them deleted. I went to refinance and I was about 30 points shy of the new minimum FHA 620 FICO score. I was also told that now banks want the loan to season for 12 months instead of 6 months. Mind you I was not even trying to pull cash out...just a straight rate/term loan. I do not qualify for the new mortgage relief program, as I am not in default or upside down.</P><P>&nbsp;</P><P>I have a very good job and income to cover a 30yr/ $90.5K mortgage, which lenders have stated, but my issue now is the seasoning requirement and my FICO score being a bit short. I have extended my hard money loan for 4 months, as all payments have been made on time. My SUV was paid off in February and the only debt I have is student loans, all in good standing, but I was told by lenders to open a couple of secured credit cards and pay them on time, to help improve my score. Hmmm...Go into debt, to get qualify for more debt???</P><P>&nbsp;</P><P>Anyway, I have put my house on the market, as I may walk away with $30K if it sells before the ballon payment comes due in late September. I have also opened a secured credit card account. With all these recent mortgage/ credit requirements, are there any other options for me to keep the house?&nbsp;</P> Wed, 13 May 2009 15:49:27 GMT Anonymous 2009-05-13T15:49:27Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Help-In-Credit-Mortgage-Limbo/m-p/502663#M43040 <P>Six months ago I bought a probate property for $74K, which appraised for $134K. The Estate Administrator just wanted to get rid of it. So to close quickly, I financed the home with a Hard Money Rehab Lender because of all the equity, and to rehab it. I made $17K worth of improvements, and now owe $90.5K on the home. The loan was a 6 month interest only loan, which I planned to refinance into a straight rate/term 30yr fixed loan, as it is my principal residence.</P><P>&nbsp;</P><P>Six months ago I was told by lenders that I would have to let the loan season for six months before refinancing for full appraised value. I had a BK and some collections on my credit report. The BK fell off in March 09, and I have since paid off all the collections. I've even had some of them deleted. I went to refinance and I was about 30 points shy of the new minimum FHA 620 FICO score. I was also told that now banks want the loan to season for 12 months instead of 6 months. Mind you I was not even trying to pull cash out...just a straight rate/term loan. I do not qualify for the new mortgage relief program, as I am not in default or upside down.</P><P>&nbsp;</P><P>I have a very good job and income to cover a 30yr/ $90.5K mortgage, which lenders have stated, but my issue now is the seasoning requirement and my FICO score being a bit short. I have extended my hard money loan for 4 months, as all payments have been made on time. My SUV was paid off in February and the only debt I have is student loans, all in good standing, but I was told by lenders to open a couple of secured credit cards and pay them on time, to help improve my score. Hmmm...Go into debt, to get qualify for more debt???</P><P>&nbsp;</P><P>Anyway, I have put my house on the market, as I may walk away with $30K if it sells before the ballon payment comes due in late September. I have also opened a secured credit card account. With all these recent mortgage/ credit requirements, are there any other options for me to keep the house?&nbsp;</P> Wed, 13 May 2009 15:49:27 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Help-In-Credit-Mortgage-Limbo/m-p/502663#M43040 Anonymous 2009-05-13T15:49:27Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Help-In-Credit-Mortgage-Limbo/m-p/502685#M43044 <P>you dont have to go into debt. just having the cards will help.</P><P>also, getting any old/inaccurate info off will help too.</P><P>lender will likely extend again if you need the 12 months.</P><P>&nbsp;</P> Wed, 13 May 2009 16:25:44 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Help-In-Credit-Mortgage-Limbo/m-p/502685#M43044 DallasLoanGuy 2009-05-13T16:25:44Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Help-In-Credit-Mortgage-Limbo/m-p/510472#M44245 Thanks DallasLoanGuy. Tue, 26 May 2009 21:16:51 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Help-In-Credit-Mortgage-Limbo/m-p/510472#M44245 Anonymous 2009-05-26T21:16:51Z