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CLOSED -- Clueless but I would like to buy a home - USDA Direct

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Contributor

Re: Clueless but I would like to buy a home


@RaiderFan1987 wrote:

We paid off his LOC $1500 balance to knock his utilization all the way down but kept a small balance on his other cc $300 limit of like 7% utilization. We were hoping that would help. Were planning to have a repull again in 2 weeks.


What are you using for credit pulls ? My fico 8s are exactly the same as my mortgage scores. I use credit check total for fico scores and before I received my mortgage scores from navy fed, I paid $5 for experian's mortgage score.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 31 of 122
Established Contributor

Re: Clueless but I would like to buy a home

So I've hit upon a slight wrinkle. In order to get my doctor's letter, she said she would give it to me at my next annual exam. I have not seen her in almost 3 years. I have insurance but she's not in my network so I would have to pay her out of pocket. And I've been going regularly to my new doctor so I really don't need her services.

 

I kind of feel like I'm being extorted. Smiley Sad

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 32 of 122
Established Contributor

Re: Clueless but I would like to buy a home

So my last wrinkle was smoothed out today. I saw my doctor and she gave me the letter for my extenuating circumstances. I made sure I completed my application, had all supporting documents, got my money order for the credit pull, and postage paid envelope. So after I met with her, I went straight to Staples, made myself a copy of everything and then went to the post office and mailed my loan application off ! 71 pages ! I feel like I did something. Smiley Very Happy

 

Now, I will give the rep no more than a month to approve my loan and send me a certificate of eligibility. I may go ahead and start home shopping. Another MFer said he went and shopped after submitting his loan. He had a list of 25 homes so by the time he got his approval, he knew which one to pick. It moves the whole process along quicker. I've already been playing with the USDA eligibility map and saving homes on Trulia.

 

I'm doing this ! Smiley Happy

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 33 of 122

Re: Clueless but I would like to buy a home

From my understandings, the Georgia Dream program is a down payment assistance program that offers up to $5000.00 in down payment assistance, $7500 if you’re disabled, work in public service, or in the medical field.
I believe there are income limitations and you have to go thru one of their participating lenders.
From what I’ve been told is that the money does not have to be paid back unless you sell or forclose on the home. It is attached to the deed as a silent second mortgage.
Message 34 of 122
Frequent Contributor

Re: Clueless but I would like to buy a home

Following the story Smiley Happy


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694
Gardening since 9/7/17 Aiming for a mortgage October 2019
Message 35 of 122
Established Contributor

Re: Clueless but I would like to buy a home


@ApeHangerGod wrote:
From my understandings, the Georgia Dream program is a down payment assistance program that offers up to $5000.00 in down payment assistance, $7500 if you’re disabled, work in public service, or in the medical field.
I believe there are income limitations and you have to go thru one of their participating lenders.
From what I’ve been told is that the money does not have to be paid back unless you sell or forclose on the home. It is attached to the deed as a silent second mortgage.

Thanks so much for enlightening me. I have a friend who would qualify for that program. 

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 36 of 122
Established Contributor

Re: Clueless but I would like to buy a home

So I have a noob question for home  buying - should I use a realtor and who pays them ? I am guessing that a realtor will have access to more property databases than trulia or zillow. I'm also a hands on person so I don't need someone to drive me around nor do I want to wait on someone to drive me aroound. How does this process work ?

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 37 of 122
Member

Re: Clueless but I would like to buy a home

Traditionally the seller pays the commission to both realtors, but it's negotiable.
I do recommend a realtor for a few reasons. Yes they have access to more listings than Zillow or Trulia. Also they have more knowledge - like on what houses are overpriced, how to negotiate repairs, and things like that.
Since you already about you don't have a lot of knowledge on home buying, a realtor could save you from buying a bad home or getting ripped off.
Message 38 of 122
Member

Re: Clueless but I would like to buy a home

Also, Realtors are bonded, so sellers are way more comfortable letting them into homes. You never want to view a house with the sellers or their agent there - it gives them too much leverage when they see by your expressions or conversations what you like or don't like. And they sure aren't going to let you wander their house alone, because you aren't bonded and they worry you might steal their stuff.
Message 39 of 122
Established Contributor

Re: Clueless but I would like to buy a home

Thanks, Ninjagrrl ! Great advice.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 40 of 122