Just sent my paperwork in last week.  My CPA offered to do it for me so maybe it helps that a CPA signs it?  Hope so!!   Anyway I'm starting the countdown... of course its a countdown with an unknown end!  I'm guessing around 2 months.  In Florida- through the Atlanta office.   I'll call after the 6 week mark as you all recommend.   Can't believe I finally closed and have the credit coming sooner or later!!! :-D    Love this forum!  You people are great!! ... View more

I remember when your problems started and I'm so glad to see you're happy now! Congrats! ... View more

Hey guys!  I'm so happy to finally be one of the people that are closing.  I've seen everyone else getting to- so its great to finally be here.   Put my offer in last June and closing Friday!!!!!!   The appraisal came in at $135,000 and I paid $95,000 so when values drop a bit I feel confident I won't be upside down!   Now I am going to go look for the tax credit thread so I can get the documents ready!!! ... View more

Hi fellow Friday closers!!!   I can't wait for tomorrow.  Everything is done!   I put my offer in last June so this is a long time coming for a short sale, but worth every penny and day! Thanks to all you folks for helping me through it!  Couldn't have done it without myfico.com people!   Thanks all!!!!!!! ... View more

I feel for you!  This is a tough one, and hopefully you can take a step back and look honestly at the decisions.  Did you know most payday loans run around 200-300% APR?  Most states cap the rate around 300%.  An underwriter knows this, and knows a payday loan is not a sound financial decision unless there were dire circumstances, and there weren't.    This is a great opportunity for you to learn the importance of planning and become a better planner, financially speaking.   Take everyone's advice about the letters and vow to continue improving on managing your finances, including keeping a cushion in your account to avoid NSF fees and payday loans.   Good luck!!! ... View more

Consider calling your local town's housing authority and asking if they offer financial fitness classes.  They often have free credit couseling that is geared towards helping you buy a  home.  Imagine how great the people are here- but as a person dedicated to you and getting you where you need to be for free!   You're doing great taking a step to acknowledge you have to fix this problem- very admirable!  Keep working at it, being honest with yourself about your problem- and the reward will follow.   Good luck!!! ... View more

Here's my 2 cents... if its worth that.   I think that sounds like a great idea.  Wife only means you know the two of you can handle the payments as you are unemployed.  And basing it on her income when the economy is in the toilet is nice- because its fairly reasonable to expect that if she hasn't lost her job yet- she probably won't.   Once you get a job, you will enjoy having such a cushion for savings, paying the loan down faster, kids college fund, etc.  Your budget sounds ample for most regions, but I'm not sure where you are.  Where I am- that would be a great budget.   On the other hand, do you need a house for that much anyway?  Consider spending only what you need to in order to be comfortable and happy in a home for 10 years or so- put the difference in savings and decide if you want to get a larger home down the road.  Perhaps you really need to spend all that budget, perhaps not- just a thought to consider.   I spent less then I could just for peace of mind.  Yet also got a house I could live in for 10 years + if interest rates skyrocket.   I am a "planner" so I can appreciate the long term plan.   I wish you the best!!     ... View more

I waited 7 months for my offer to be accepted.  I offered much lower then the asking price, but I was offering a fair amount, so I submitted it with an appraisal that detailed major repair work needed.   Eventually I got approved, have spent over $1,000 on supplies to do work that easily added $15K to the property just so it can pass FHA, etc. and close.  I'm set to close the 23rd and things look great though!   It will be a great deal and worth the wait!  For a Realtor though, its a  lot of time for pennies.  Can't blame them for steering you away.   Good luck! ... View more

I remember when you started on this forum!  Awww... hehehe    Soooo happy for you!!   Congrats!!! ... View more

I don't have a clue what this means but sure want to find out! :)  I am set to close soon and wonder if this is something I should be doing also.     ... View more

Hi Shane- I got a GFE but it didn't look like that one, but I got it back in August when I put my offer in (short sale).  I'm getting a small loan and using local down payment assistance so I figured the broker may get a little more money that typical because of the extra work.  Just my guess- only seems fair she is compensated for the extra work.  Anyway...   here is the info I think you are asking for.   Purchase price   $95,000 Down payment/closing cost assistance   $15,000 30 year fixed FHA - not sure what interest rate I will get.  Originally 5.5% was on the paperwork but that was August- I am hearing 5% is more like it.  My median score is 703 (699 & 721 are others).   From my GFE   Initial loan amt/ base loan amt     83,600 Total loan amt      $85,266 Loan origination fee @ 1%    $838 PI+MI  484.13+37.41=$522.54 No prepayment, no balloon.  None of the other oddities in that Summary of Your Loan section listed. Processing fee $395 Underwriting fee $200 Admin fee to mortgage company $335 Doc prep fee to mortgage company $150     Page 2 1.)  Origination @1%   $838 2.)  I don't know any of this data ------ Then on my FHA/VA Mortgage Broker Fee Agreement Broker Fees That You Will Pay Directly: App fee: 0 Processing fee: $250 Other (origination @1%) $838 Broker points (1%) $838 Total direct broker fees you will pay: $1926   Broker comp that the lender will pay (YSP not to exceed 4%): $3440.64 (Will I ever get to find out what her YSP is?  I am seeing she shuoldn't get more than 1% or she's just ripping me off at the interest rate)   When I add up the GFE total it comes to 1918, and the new Mtg broker fee agreemnt came to 1926.  Not worried about the difference as much as I am wondering it the Mtg Broker Fee Agreement replaces the costs on the GFE or is it in addition.   And of course I worry I'm getting ripped off.  Nice lady but never judge a book...   Thanks Shane!!! ... View more

Hi all- I am concerned about my interest rate and was reading your post.  I'm wondering if someone can give me an idea if my costs are lining up.  I got the FHA amendment paperwork including the FHA Mortgage Broker Fee Agreement.    I was surprised the numbers didn't really line up with my good faith estimate.  Theres a broker's points fee of 1% on this agreement that I have never seen before, plus the 1% origination I knew of, plus a processing fee which is lower than the good faith estimate was.  They ad up to about the same thing so I'm not sure if I should be concerned.   Anyone want to share what they think?  Or anyone know what the rates are like at the "moment"?   Thanks a million!!!!!!!!! ... View more

Congradulations!!!!!!!   :) :) :) ... View more

The trick is determining fair market value.  I got an appraisal to reflect what the house is worth, minus the cost of the repairs necessary.  And we are talking large repairs- not minor issues.  That's what I offered them.   Here is a link to the Martin County SHIP site.  SHIP is an acronym for State Funded Housing Initiative.  Its a program offered most places around the country.   http://www.martin.fl.us/portal/page?_pageid=337,1703211&_dad=portal&_schema=PORTAL&cid=90&sc=&sid=797&ss=HOUSING   You are always best to do your research online, then call and talk to people.  Ask them what you want to know... "So what's the trick to getting down payment assistance?  You must be an expert working for the county."  Be nice and they are usually happy to help.  See what lenders work with the program and pick one with a great reputation.  Talk to them too.     ... View more

Not a problem!  I am using a city based program, as I am buying within the city limits and meet the income criteria.  Also, previously I was going to use a county based program but it was discontinued.  Where are you?  I could tell you whats available if we are in the same city- doubtful- otherwise call up your county and city.  Tell them you are collecting all the information you can on homebuying assistance and become an expert in what is offered.  While digging- I found I am also eligible for a $15,000 improvement loan at 0% interest.  I was thrilled!   I can tell you this short sale was very difficult and thanks to a great listing agent, we are finally making progress.  He eventually had to go around the servicer- Chase (absolutely horrific at what they do) - and go straight to Freddie Mac, who got on it and fixed the problems Chase caused.  Still- this is going on three months.  I took an easy going approach since the listing agent was very good and bugging the heck out of Chase- all I could do was wait and thank the listing agent.  My offer was about $30K less than list price, but it was on the market a year and I got an appraisal which I sent with it to support my offer.   I was like you- I was ready for a long wait and thought it would be worth a good deal.  Assuming this actually works out- it will be a great deal!  But that is assuming it works out!  hehe- you never know!!  Even if it doesn't, I am glad I waited.  It was a sacrifice I was willing to make to get a perfect house for me.   For my listing agent- its a long time without getting a paycheck and a lot of work for him.  Luckily he's my dad and I did all the grunt work. :)  For the average agent, it is understandable that it takes them so much work and so long.  You need an agent that is a bit agressive and will make sure the listing agent calls the bank daily, weekly, something like that.  If your agent is too sweet to bug the listing agent to bug the bank- it may just sit on someones desk forever- like mine was aparently doing.  If the listing agent hadn't bugged Freddie Mac, I would have never- ever- heard anything.         ... View more

You poor thing.  What a mess! :-)   They know about all the upkeep but not the fire?  Interesting!   You could wait for the inspection, then essentially put them in an embaressing spot if there is any evidence, and if there isn't any- you could bring it up from hearing it from the insurance company, and make your demand.  You sound reasonable to me.  Worth negotiating over, for sure.  Can't get what you don't ask for!  :-)  Good luck!!! ... View more

REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts which are confidential under the scope of agency or non-agency relationships as defined by state law. (Amended 1/00)  (From the Realtor Code of Ethics)     In other words, if they know of it and its material, they can't hide it.  If a Realtor conceals pertinent facts- they are in violation the code of ethics they agreed to.  Like the code says- its not like they have to go hire an inspector or something, but if the seller tells them, "we had a terrible fire but I'm not telling anyone", the Realtor cannot conceal this.  But that is Realtors- not all brokers are Realtors.  A Realtor is bound to a higher degree of integrity, hopefully they follow it.  :-)   Not to argue or anything thougth!  :-)   I would be nervous about what else the listing agent is hiding if I were buying, and would like to be aware of this if I was in the buyers shoes.   Just trying to point out what I would like someone to point out to me.      Especially, as you say, "morally", sure makes you worry what else is lurking.  If I was the buyer- I would be more than willing to spend the extra money for two good inspectors.  I'd want to sleep well at night. ... View more

Yikes... Realtors are required to reveal all material facts.  So if its a Realtor, and if they know, they should have disclosed- repaired or not.  It is also true that the people selling dont need to "attest" to knowing.  But the Realtor follows a code of ethics that a homeowner isn't bound to, and realistically the Realtor may know.    That being said- if the house is fine and you want it- I wouldn't sweat it.  Be warned- houses that have had signifigant fires ever- even a very long time ago- are known to smell of fire on occation.  You'll be sitting there watching TV and think... what on earth is that.  :)    I would recommend two inspectors.  Since this is a big deal- I wouldn't risk an inspector missing something.  They aren't all great- and they are all human.  I would strongly recommend "better safe then sorry".  Don't be wowed by beautiful floors- make sure it is a sound structure and you will sleep well in your new home for many years!  Surely you have seen HGTV when the people realize their inspector overlooked HUGE problems.  I would hate that to be you.   If it is repaired well and properly with no remaining damage evidence, then the value won't be affected.  If they skimped, even on non-structural issues- the value is affected.  But hey- you love the house so do what seems right.   Best of luck.  You are in my thoughts!! :)   ... View more

You do not insure the land.  Will you need to "replace" the land- of course not, so don't insure it.  Often people don't insure the houses foundation either depending on what type of foundation you have (here in Florida with no basements- its more typical that if you have basements or a stilt house, etc.)  You need to only look at replacement cost of the house.  It is different from the purchase price that includes land.  You may want to get an appraisal of the replacement cost.  They are essentially out of a "book of costs".  Construction costs are not going to go through the roof this year- and you will renew your policy annually.  You are buying insurance today for one year - not in 10 years.  Insurance is a money making business so don't let them "fear" you into more coverage then you could possibly need.   Incinva makes a good point about the contents of your home, too.   Good luck!! :) ... View more

Now we just have to see if the House will approve it.  I'm sure they will with such a strong Senate vote though.  Yipee! ... View more

I don't know the answer but congradulations on the promotion!! ... View more

Congradulations on making it this far!  Sounds like you worked really hard just cleaning up the mess of years past.   I sure hope this works for you!   5% sounds like a good rate, too! ... View more

The house needs to vote, but otherwise its pretty much done.  Here's the article.   http://news.yahoo.com/s/ap/us_homebuyers_tax_credit ... View more

Maybe its different in different states, but I know here in Florida you can have a true "backup offer" which requires an addendum to the offer.  As a seller, it seems odd you would sign and lock in a backup when you never know who will come with a better offer.  But they happen on occation.   When and if the first sale falls through, the next contract becomes official.  Here the agent still markets a property after an offer is accepted, but cannot have a competitive offer- just a backup.   Either way it doesn't matter since you cancelled.  Like mickie said- check for the financing contingency.  And get a new realtor.  They should have that clause in there- and if they don't something is wrong.    Good luck!!! ... View more

I love it! Congradulations!!!  You did such a great job with everything.  I really hope you love this house for years and years!! ... View more

There's another myfico.com board for credit cards, as well as improving credit, and they are excellent.  I would say never close a card... ever.  Just get it so that out of 10 cards (for example) you use 1-2 and keep the itilization below 10%.  I went to those other two board when I wanted to boost my score to buy a house- those people are really helpful like the people here.  But don't close a good card, or open any more. ... View more