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InFlorida
Joined: 21 Nov 2007
Posts: 6
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| Posted: Wed Nov 21, 2007 9:23 pm Post subject: I need help... |
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Ok, brand new to the whole buyer thing...renter...I pay $1500/month now...so that is usual and customary w/ no snags. We have awful scores, but for the most part the past 2 years are good...2-3 credit cards each - on time. I just got a car loan last year - on time since. FICO is around the 555 - too many inquires :oops: trying to get pre-qual. I found a home in the $185k ballpark. Our DTI is good. I have W2's and bank statements...so I guess that is stated income...? I have been refused by the UW @ the builder for an FHA, but they wouldn't tell me why ... offered to give loan to broker @ GMAC...I still want to keep options open. I have no $ to put down (hoping for Ameridream, etc) this was not a planned event, but prices are going down in the market...My dad is gifting the closing costs - so trying to take it easy on him. HELP!
ETA -
State: FL
Loan amount: $185k
Property Type: Single-Family
Other Documentation:
Full doc - not sure what this is...
Stated - I have W2's & payck stubs
Bank Statement - I have these.
FICO Score: mid score 555 - after everyone's pulled it to prequal us - that didn't help
LTV Ratio: % (Loan to value) What FHA allows - 97.75%
Occupancy: Owner-Occupied
Loan Purpose:
Purchase - First Time Homebuyer |
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uptight mortgage guy
Joined: 23 Nov 2007
Posts: 30
Location: WV
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| Posted: Fri Nov 23, 2007 4:32 pm Post subject: |
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it is likely they are not using non traditional forms of credit to increase your trade lines. If you recently had a forecloseure, that could be a big barrier. Take under consideration that large collections might be problem.
Also, what are the balalnces on your cards? Lower them to around 30% of the available credit limit and your scores should rise.
There are lots of other reasons you could be getting a decline, just this should give yu a start to get back on track. I would suggest you request an FHA loan with another lender and go from there. |
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InFlorida
Joined: 21 Nov 2007
Posts: 6
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| Posted: Fri Nov 23, 2007 10:39 pm Post subject: |
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| No bankruptcies or foreclosures. |
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uptight mortgage guy
Joined: 23 Nov 2007
Posts: 30
Location: WV
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| Posted: Sat Nov 24, 2007 4:01 pm Post subject: |
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| Do your W-2's and bank statements support your claimed income? |
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InFlorida
Joined: 21 Nov 2007
Posts: 6
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| Posted: Mon Nov 26, 2007 1:22 pm Post subject: |
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| Yes. :D |
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InFlorida
Joined: 21 Nov 2007
Posts: 6
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| Posted: Tue Dec 04, 2007 4:05 pm Post subject: Alright! |
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| So, we got the loan - had some stipulations (proof of rent payment and letters of explanation) - turned those in and the loan board approved it. They ordered the appraisal and title search once we got conditional approval...I have no idea how long that takes? What happens "behind the scenes" and how long does it take to close once all docs are to them?? |
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sithburns
Joined: 12 Nov 2007
Posts: 20
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| Posted: Tue Dec 04, 2007 11:47 pm Post subject: |
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It only takes a week to two week once appraisal and title are done.
What loan program did you wind up using? FHA? |
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InFlorida
Joined: 21 Nov 2007
Posts: 6
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| Posted: Wed Dec 05, 2007 12:19 pm Post subject: |
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| Yea, the 30 year fixed rate FHA loan. |
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uptight mortgage guy
Joined: 23 Nov 2007
Posts: 30
Location: WV
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| Posted: Thu Dec 06, 2007 12:39 pm Post subject: |
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| Good for you! I'm glad it worked out for you! |
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InFlorida
Joined: 21 Nov 2007
Posts: 6
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| Posted: Thu Dec 06, 2007 12:54 pm Post subject: |
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| Thanks...me too. Was getting kind of nervous. We've got everything done - waiting on appraisal to come back so they can submit to UW. She's been involved the whole time so no biggie. We're hoping to close by next Friday. |
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