@DallasLoanGuy wrote:sounds like 600 is that lenders guidelines.$40k down? that is LARGE!!!!!did they run you thru automated underwriting? are they stifling your approval until you get over 600?ask them the hard questions.
Actually, he said "580" specifically, but when I mentioned that we should be median 600-620 by next month (or August at the latest), he said that it would be "no problem."
How is $40K large?? That's only a tad above 20% isn't it? The sale prices of the homes we're interested in is about $190-200K. Don't get me wrong ... if we could get away with paying a tad less and keeping more in reserves, we definitely would. Optimally, we'd love to get by with, say, $35K ... but I didn't think with our scores and lates that we could.
And no, he didn't run us through ... I specifically asked him not to. Figured an inquiry would hit our scores and we REALLY want to hit past 600 ASAP. I told him EVERYTHING. About the 120+ lates & the 30 day lates (about 4 of those). All combined, we have about 40 lates on DH's reports. :/
TBH, Quicken makes me nervous. Don't ask me why. I guess I just don't see why a big company, especially one that doesn't seem to be very established in the lending biz (what? About 4 years?), would take a chance on l'il ol' us.
Another thing that has me fumboozled is that the homes that we're looking at, in the current market would go for $200K, but were about 2 years ago valued at $500K (yes, our local area has been hit THAT hard). Will that be taken into consideration? Or will the LTV be taken at the CURRENT value??
I honestly don't know WHAT to ask. I know they can't give promises (though this guy seemed almost willing to, which scares me, since he didn't actually PULL our reports) and I'm not looking for promises at this time. Right now, we couldn't possibly be embroiled in the nutroll of buying. Hubby's due to leave for almost the entire month of July. And there is NO way I can do this on my own. :/
But again, with a 578 median and the recent lates, I don't think we'd even hope to qualify.
Okay, Dallas ... I think I definitely qualify as the dumb kid in class!! o_O
What do you mean by "file?" I hate to bother you with this stupid question and I know I can always Google it, but you don't act condescendingly and I don't see you BSing anyone (unlike a few people I've talked to personally here lately)!!
We've got $23K left on a $52K SL (consistent lates enough on to be 120+, but paid up for the next two months), $1600 left on a $8K car loan (4 30 day lates -- about as recent as 4 months ago), three COs from circa 2005 (paid in FULL at the same time it charged off), and one medical collection from 2004 that's been paid off.
According to our FICOs, what's hurting us is the recent lates. As well as the lingering COs (again, from 2005). Hubby's FICOs are EX 528 (cause they haven't updated our accounts from TWO months ago yet!!), TU 600, EQ 578. We expect them to go up higher once more accounts update with good info.
Our income is $90K/year, 7 years at present employer (DoD civilian) 14 years in industry, with $10K in TSP, $40K to plunk down. We have no other reserves, though, but we're working on it. We were planning to put ALL $40K on the loan.
IF we stay current on all of our bills for the next 4 months and have no surprises (collections to pop up), what do you think our chances are? It would be, basically, 6 months of solid history (no lates). Or are we still tanked?
Oh, also, in the 8 years of renting (at least, with a renter than can show documentation/proof) we've never been late! And hubby has a BoA Government Travel Card that while it doesn't report to the CRAs, they will issue us a letter of credit stating that in 7 years, we've never been late! His CL with them is $4K, but will jump to $10K in a couple of months.
Would that constitute a file?
What do you mean by "file?" I hate to bother you with this stupid question and I know I can always Google it, but you don't act condescendingly and I don't see you BSing anyone (unlike a few people I've talked to personally here lately)!!
We've got $23K left on a $52K SL (consistent lates enough on to be 120+, but paid up for the next two months), $1600 left on a $8K car loan (4 30 day lates -- about as recent as 4 months ago), three COs from circa 2005 (paid in FULL at the same time it charged off), and one medical collection from 2004 that's been paid off.
According to our FICOs, what's hurting us is the recent lates. As well as the lingering COs (again, from 2005). Hubby's FICOs are EX 528 (cause they haven't updated our accounts from TWO months ago yet!!), TU 600, EQ 578. We expect them to go up higher once more accounts update with good info.
Our income is $90K/year, 7 years at present employer (DoD civilian) 14 years in industry, with $10K in TSP, $40K to plunk down. We have no other reserves, though, but we're working on it. We were planning to put ALL $40K on the loan.
IF we stay current on all of our bills for the next 4 months and have no surprises (collections to pop up), what do you think our chances are? It would be, basically, 6 months of solid history (no lates). Or are we still tanked?
Oh, also, in the 8 years of renting (at least, with a renter than can show documentation/proof) we've never been late! And hubby has a BoA Government Travel Card that while it doesn't report to the CRAs, they will issue us a letter of credit stating that in 7 years, we've never been late! His CL with them is $4K, but will jump to $10K in a couple of months.
Would that constitute a file?
look. to be blunt.... think about it. you cannot ask an underwriter to overlook lates of 6 months old when guidelines call for 12 months clean history(for manual underwrite). you might get an approval thru automated... but i doubt it. but you have a slim chance if debt ratios ar low and you have good cash reserves.
Wonderin wrote:
Okay, Dallas ... I think I definitely qualify as the dumb kid in class!! o_O there are no dumb questions
What do you mean by "file?" loan ap & credit report I hate to bother you with this stupid question and I know I can always Google it, but you don't act condescendingly and I don't see you BSing anyone (unlike a few people I've talked to personally here lately)!! flag those posts... the moderators dont like that crap either
We've got $23K left on a $52K SL (consistent lates enough on to be 120+, but paid up for the next two months), $1600 left on a $8K car loan (4 30 day lates -- about as recent as 4 months ago), three COs from circa 2005 (paid in FULL at the same time it charged off), and one medical collection from 2004 that's been paid off.
According to our FICOs, what's hurting us is the recent lates. As well as the lingering COs (again, from 2005). Hubby's FICOs are EX 528 (cause they haven't updated our accounts from TWO months ago yet!!), TU 600, EQ 578. We expect them to go up higher once more accounts update with good info.
Our income is $90K/year, 7 years at present employer (DoD civilian) 14 years in industry, with $10K in TSP, $40K to plunk down. We have no other reserves, though, but we're working on it. We were planning to put ALL $40K on the loan.
IF we stay current on all of our bills for the next 4 months and have no surprises (collections to pop up), what do you think our chances are? It would be, basically, 6 months of solid history (no lates). Or are we still tanked?
Oh, also, in the 8 years of renting (at least, with a renter than can show documentation/proof) we've never been late! good news on manual underwrite. automated approval will not require rent to be verified And hubby has a BoA Government Travel Card that while it doesn't report to the CRAs, they will issue us a letter of credit stating that in 7 years, we've never been late! His CL with them is $4K, but will jump to $10K in a couple of months.
Would that constitute a file?
dont get your hopes up.... the 120+ lates are all but impossible to overcome. especially when you add the other acounts with lates.