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Message Edited by aapostrophe on 01-23-2008 04:26 PM

Message Edited by aapostrophe on 01-23-2008 04:26 PM
Message 1 of 10
9 REPLIES 9
Frequent Contributor

Re: hi shane- can you stand another question?

Smiley Happy with your score I know some one can do it , it easy for them . if you want just let me know I'll give you phone number , they'll take care for u good , friend of mine score only 587 still get town house 300000 last years .
Message 2 of 10
Valued Member

Re: hi shane- can you stand another question?

whats you're friends income/reserves if you dont mind me asking?


Message Edited by CreditJunkie on 12-11-2007 07:17 PM
Message 3 of 10
Frequent Contributor

Re: hi shane- can you stand another question?

Smiley Happy 40000 / year .
Message 4 of 10
New Contributor

Re: hi shane- can you stand another question?



dangphuocloc72 wrote:
Smiley Happy 40000 / year .


WOW  
 
Your friend must have had a large down payment.
Message 5 of 10
Frequent Contributor

Re: hi shane- can you stand another question?

Smiley Happy none . no down payment . rate 8%
Message 6 of 10
Valued Member

Re: hi shane- can you stand another question?

Rate is a little high but still crazy for that income. I make about 55k a year, and will have about 3% to put down when I go house shopping next year, also will be looking in the 250-300 range. Hope I get a good deal.
Message 7 of 10
Community Leader
Super Contributor

Re: hi shane- can you stand another question?



aapostrophe wrote:
I am in love with a house that has an asking price of 165,000 in Richmond, Virginia.  Saying I can get it
for 155,000 - 160,000, could you tell me if I could qualify on my own? Property taxes would be approx, $1450  and home insurance approx. $336.   I would be a 1st time buyer, am married but his credit is not good. (low 500's)
 
Real Ficos-  TU 675,  EQ 674,  EX 657  (they should be higher after a $1054 payment is reported)
 
Gross yearly income- 44,492
 
Assets-  $18,497 in 401(k)   (including a 2400 loan that i pay back to myself)
              $3111  in a single brokerage mutual fund
                  $200  in a company stock fund  
 
Upcoming cash inflow-  will get back about $4400 from tax return in February and approx.  $3000
               company bonus paid out in March.
 
Debts-  no car payment,  student loans deferred until 2011,  have Amex with $400 owed/ $1000 CL,
Credit Union Visa with $1600 owed/ $5000 CL,   Hooters card $0/1000,  Juniper  $0/300,  Cap1 $80/$1500,  Credit One, $67/ $750.    I am paying the Cap1 and CredOne off balances today.   There was a Dell computer account which was $1054/  $1500  that I paid off, but has not updated yet on reports.
 
Baddies left-  One Paid collection showing on all 3 CRS's for $215, first reported in 2006 but is older. 
One Victoria's Secret account for $264 that is over the reporting time limit, has been removed from TU and EQ, is in dispute at EX, but currently showing something like 35 lates since god knows when up till the present.  This will be removed as I have docs which show exactly how old it is.  
And one utility collection for $289 from 2003 which isn't actually mine and was removed from EQ and EX, but was somehow verified for TU.  redisputing that one currently. 
 
My mother has very kindly offered to pay any upfront/closing costs with her home equity line so that I don't have to sell out my stock.  This would be considered a gift.
 
I am interested in the VHDA loans such as Flex 100, FHA Plus,  Flex Alt Advantage,  also FHA and Conventional.  This house is in their federally targeted area where qualifiers may be relaxed also.
 
1) Could I qualify for the loan amounts with my income? 
2) Knowing that the Dell payment of $1054 will most likely increase my score, should I absolutely wait
to get a pre-approval until that posts  or is 674 mid score good enough right now and could be reviewed later in the loan process.
 
Thanks!  and please let me know if I can provider more info.

Sorry I didn't see your question before.

The only loan program that would permit your mother to give you a gift for the closing costs & any upfront costs, without you contributing at least 5% down, would be FHA or Fannie Mae's MyCommunity or Freddie Mac's HomePossible.  Fannie Mae's Flex 100 (or any other Flex program from Fannie Mae) requires you to contribute 5% of the sales price before you can get gift funds of any amount.  MyCommunity & HomePossible have income limits, which you can find at https://www.efanniemae.com/sf/refmaterials/hudmedinc/index.jsp (I've already checked and yours is within the limit), and FHA has a loan limit, which yours is definitely under.  So all of those 3 should be options for you.  I'm not sure about the FHA Plus though, looks like it's a specific program for VHDA.  For the normal FHA loan program, a 3% down payment is required, however there are down payment assistance programs from the county/city that can cover that, as well as Nehemiah (www.getdownpayment.com) can be used.  The down payment assistance programs from the city/county usually have income limitations though, and they go by the household income, so if your husband is living with you they'd consider yours + his income and it'd need to be under a certain amount.  Nehemiah doesn't have income restrictions.
 
Guess the only thing that would be left to find out is what your payments are on the credit cards, deferred student loans.  FHA doesn't consider payments on deferred loans with no payments for the next 12 months, but Fannie & Freddie's loan programs do.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 8 of 10
New Member

Re: hi shane- can you stand another question?



Message Edited by aapostrophe on 01-23-2008 04:29 PM
Message 9 of 10
Community Leader
Super Contributor

Re: hi shane- can you stand another question?

Community Accommodation is a good program if you are eligible for it.  The big thing is your income can't be more than 80% of your county's median income, or if it is, you must purchase in a low-to-moderate income census tract.  It looks like your income fits, so you needn't worry about the location of the home.  It's an 80/20 combo program, so it does 100% financing... and without any mortgage insurance.  Doesn't require collections/charge-offs/judgments to be paid either.  You look fine for FHA as well.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 10 of 10
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