cancel
Showing results for 
Search instead for 
Did you mean: 

I need mortgage brokers to weigh in here on FHA help

Secretagentmanne
New Member

I need mortgage brokers to weigh in here on FHA help

Heres the deal, 

You know the story. Lost my job. Put my family into a downward spiral... I lost my car to reposession. I just couldnt catch up...

As it stands 

I have a $7,000 charge off from 10/17 for the car

I have another $10,000 in chargeoffs from various credit cards.

Believe, it or not, this is down from what it had been.

 

That said... I have worked really hard to get my score up to where it needs to be. And it has been a very painful and laborius process. 

My scores are now 503-564-571

This is about 100 points up from where they were a year ago

I have two active tradelines that have been paid for 24 months on time.  

I have no been employed by the same place for 3.5 years.

I have been given multiple promotions and my salary is now over 125,000 dollars

 

My debt to income ratio is basically nil because of my high income and lack of credit card use....

 

I know, I know I need to get to 580... but ultimately I am looking to move on a house sooner rather than later. Is there any chance the ASU approves me due to income and DTI fo the 10% down.

 

Can any brokers out there tell me where to go or look.  BTW need to be licensed in NH/ME/MA one of these...

 

Also I will gladly accept others advice. 

11 REPLIES 11
kc0039
Established Contributor

Re: I need mortgage brokers to weigh in here on FHA help

10% down and at least 6 months of reserves and you might have a chance of buying a home.

Licensed in IL
Message 2 of 12
Secretagentmanne
New Member

Re: I need mortgage brokers to weigh in here on FHA help

Yep... thats not an issue. I just need to kno wwith and from whom. 

Message 3 of 12
kc0039
Established Contributor

Re: I need mortgage brokers to weigh in here on FHA help

I have loan officer friends who are licensed in those states. If you'd like, PM me your contact information and I'll see which one has the program that will fit your needs and can help you cross the finish line

Licensed in IL
Message 4 of 12
Secretagentmanne
New Member

Re: I need mortgage brokers to weigh in here on FHA help

Will do... 

 

If anyone has a better deal please let me know! I would ideally like to find an FHA lender who will do the 10%.

Message 5 of 12
VALoanMaster
Valued Contributor

Re: I need mortgage brokers to weigh in here on FHA help


@Secretagentmanne wrote:

Will do... 

 

If anyone has a better deal please let me know! I would ideally like to find an FHA lender who will do the 10%.


I would look at ways to bump your scores with a rapid re-score to put you into a better position of getting approved.

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 6 of 12
Secretagentmanne
New Member

Re: I need mortgage brokers to weigh in here on FHA help

Yep. I can understand that. However. Short of getting things removed. Not much room for a rapid restore to do much.
Message 7 of 12
VALoanMaster
Valued Contributor

Re: I need mortgage brokers to weigh in here on FHA help


@Secretagentmanne wrote:
Yep. I can understand that. However. Short of getting things removed. Not much room for a rapid restore to do much.

You'd be surprised. 

An easy re-score option actually kills 2 birds with 1 stone.

The bad thing about charge offs is they can turn into collections so you'll end up with 2 derogatory hits on credit for 1 account. 

The good news is you can settle a charge off for pennies on the dollar & not only improve your scores but also stop that account from being sold to a collection agency.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 8 of 12
DGOATS1
Regular Contributor

Re: I need mortgage brokers to weigh in here on FHA help

If CO reporting monthly still just pay them all off and scores will go up more

Not sure if your monthly housing and food costs but your income should allow you to wipe out that debt in 6 months, 4 if aggressive.

But if you need the home quicker that may not be an option
Starting Score: 652/644/654 (March 7) and spouse 649/647/602
Current Score: 725/726/719 (Jan 7 and my spouse is 731/715/721 (Jan 7)
Goal Score: 720


Take the myFICO Fitness Challenge
Message 9 of 12
JVille
Valued Contributor

Re: I need mortgage brokers to weigh in here on FHA help

Those Charge Offs will turn into ugly collections the minute a couple Mortgage Lenders do a HP coded as Mortgage Inquiry.
They need to go away.... as in paid off, negotiate for the best deal you can.
Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.