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Everything posted by ybrew

  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.
  16. My payment is about .82%. Taxes are high, interest rate is low and insurance is relatively low with a relatively high deductible. I would say estimating 1% will get you in the ballpark.
  17. The sales person would be the one to connect you with the right folks to get a refund (the builder's admin office). Hopefully this discussion is for naught.
  18. don't ask the LO. She wouldn't know. Will you get the earnest money back? Doubtful. Will you get the design center money back? Doubtful. I put $2k earnest on a house in Dec 05. Also put down $500 for design center upgrades (builder threw in 20K at design center, I chose 21K worth of stuff, and had to put 50% down of the 1K overage. I canceled in march 06 before construction even started. I got back the $500 design center money, but lost the 2K earnest. It sucked, but when we canceled, we can canceled because we found something much better (larger, closer, more upgrades, cheaper, better quality, better neighborhood) and we were more than willing to lose the 2K. Yeah, I fought it (a little) but the contract I signed said the 2k was non-refundable. Fighting it got me the $500 back. Fighting it further would likely have proven futile.
  19. I'd be fine with a 30 day late on day 31. No one should accept a 30 day late when it's paid on day 29. Credit bureaus cannot report inaccurate info. There shouldn't be any wiggle room in that at all.
  20. How is that legal? It's NOT 30 days late. It's 28 days late. The mortgage company is reporting inaccurate info and the credit bureaus are reporting inaccurate info.
  21. Well, yeah, the late payment fee is whatever rules are in place in each individual contract. I'd have to pay a late fee if my payment were made after the 16th of the month (Day 1-16, no late fee, days 17-28,29,31 would be a late fee). But if you made Feb's payment on March 1st, then Feb's payment in a 28 day month would be made on the 29th day, within the 30 day late reporting period. I've not had to try this with my mortgage, and God-willing I won't ever have to, but if I thought I was going to be 30 days late or so, a phone call BEFORE day 30 explaining the situation sometimes helps to avoid getting the credit ding. It certainly can't hurt. Won't always help, but it could.
  22. That seems ripe for a lawsuit. The credit reporting agencies need to report ACCURATE INFORMATION. Reporting a mortgage is 30 days late when it's only 15 days late is NOT accurate.
  23. Both matter. Many lenders won't touch you if your last two years is spotty. Derogs in the past year are a sure way to get declined. Score will determine rate. clean two years will help determine approval. But loan programs that aren't score driven (VA for example) will look more at the 2 year clean record.
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