ybrew

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About ybrew

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  1. ybrew

    We Closed!!!

    Congrats! Feels great, doesn't it!
  2. check out www.naca.com they're not for everyone, but depending on the price of the house, you can't beat their rate - currently at 5.75% 30year fixed 100% financing with no closing costs, no money down - just the cost of a couple of credit reports. If they're in your area, it's worth your time to at least check out a seminar.
  3. how did you get upside down like this? just curious.
  4. Read all the fine print on the reverse mortgage. in a nutshell, If the house is worth 100K, she might be able to get 60K. when she dies, the heirs (you) can either pay back the 60K in a single transaction or get a loan to pay it back (mortgage), or you can simply walk away and let the bank have the house. Your mom will never be kicked out of the house, but when she dies, the bank gets it if you don't pay it back. The way I look at it - no one is entitled to an inheritance. Your mom shouldn't feel obligated to leave the house to anyone. Rather, she's 74 years old. she may only get 60K for a 100K house, but she gets to live rent free (still needs to pay taxes and insurance I think) and she gets to enjoy the money while she's alive and she needs it. It makes a lot of sense in a lot of situations, but read all the fine print and make sure you understand it. This might be one of those situations where I'd recommend a lawyer look at the papers to explain everything and make sure everything's in order.
  5. 620 is the new 580. Look at the front page of myfico.com Look at the table that shows "for a 216K 30-year fixed rate mortgage.." The bottom score they show is 620. It used to go down to 580.
  6. I'm thinking she's just trying to make a quick buck and bully you into paying. She probably does this routinely and probably collects from many uninformed clients. I'd threaten to report her. I'm not certain I would actually report her. I guess it depends on how snotty she gets with you.
  7. Did you authorize her to pull your reports? Did you agree, even verbally, to pay for the pull? If you didn't agree to pay, call her and tell her you never agreed and won't be paying.
  8. Check out naca - www.naca.com Great rates, no costs (well, $25 for a credit report), not score driven, some minor catches, but might be worthwhile for the rate they offer. I'd look at their website and go to a seminar if they're in your area.
  9. How soon are you looking to buy? If it's great than 3-4 months, he probably ought to get an orchard card to help his score. If less than that, he probably ought to piggy back on more of your cards. Regardless, your scores are doing pretty good. I'd talk to other lenders.
  10. What are your scores? You only have 2 baddies? How many good ones? Maybe it's time to talk to another lender.
  11. I'd try to go through a single lender. The lender would make more money on the loan and would be more willing to work harder to get the loan to go through. I just think it'd be A LOT simpler to work with a single lender. But.... This is two separate properties. I don't know if a single lender is the best way to handle this. Without knowing any of your situation, details, income, costs, etc, My advice would be to buy your primary residence and THEN worry about a rental property. But again, I don't know all the details and I'm not a real estate expert.
  12. If you do this on the up and up, I think you can count 75% of rental income in your income sheet. Meaning if the 4 units rent for $4000 total, and you make $4000 monthly, your monthly income to use to qualify for both properties would be $7000 - $3000 (75%) of the rental income and $4000 for your regular monthly income. Your interest rate on the rental should be higher regardless since this is not your primary residence. If you initially said you would live in one of the rentals, then you probably got a rate quote lower than it should be. If you go in buying two properties, obviously both won't be your primary residence.
  13. One lender approved you for the rental and the other lender approved you for the primary residence? And you didn't tell lender a about the primary residence and you didn't tell lender b about the rental? If I'm reading that right, then, That's mortgage fraud. don't do it.
  14. I'd recommend shooting for a 620 mid score to buy. Also take a look at naca (www.naca.com). Not score driven and great rates. Some catches, but I recommend going to at least one seminar. (Full disclosure - I went to 1 seminar, my house was over their max price limit and I did not go with naca)
  15. Problem with that is 30 days is not a month. You don't get to make up new meanings for words and neither do the cra's or mortgage companies. 30 days is 30 days. Some months are 28 days. Some are 29 (ever 4 years). Some are 30 and some are 31. Months vary, but 30 days is ALWAYS 30 days.