Coming Clean

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  1. Thanks for the information - I figured that I probably would have a better shot with my CU. My sister and I do have different last names, but I thought disclosing that in my letter with the application that we are sisters would make the transaction easier and move the approval through faster. Especially since we both belong to the CU and do the majority of our banking there. And she is the reason I was able to join the CU as she use to be a State employee as well - she's retired now. Again thanks to you both for the advise and thanks Goose for letting me know the termonogy for the sale. I hope buying from a relative makes the process easier. I'll keep you posted
  2. I'm looking to purchase my sister's home from her and I was wondering what the opinions are on going to a credit union for a mortgage as oppose to a mortgage broker or bank. My score is okay (683), I don't have a down payment, but I have been banking with them for a number of years and they are suppose to have a good first time homebuyers program and a first time state employee program (of which I am). The rate for these programs as advertised in the monthly newsletter is 5.25%, plus they will give $1,000 toward closing, which I suspect would be low because my sister and I will not need the assistance of a broker to do the sale. The price my sister and I have tentatively agreed upon is well within my budget as I do not have no other debt but my car loan at this point. I would like to buy now as oppose to waiting to gather a down payment. What are your opinions, ideas on the deal and perhaps how to make it very much a win win situation? Also do you think a letter with my application explaining the sale would be a good idea. Thanks
  3. I recently tried to settle one of my debts with a collection agency and I included the following statement -as per this website: "I would also like to request, in writing, that no telephone contact be made by your offices to me. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter." Well to my surprise the collection agency called me at my home to indicate that they were not going to accept my settlement and wanted to offer me a different one - which I could not accept. My questions is because I specifically asked them not to contact me by telephone, can I file suit or at the very least indicate my right to file suit because of this violation and seek to perhaps get a settlement after all? Unfortunately I did not get the name of the person who contacted me, but I did make note of the date and time. So another question would be should I call them back to find out this individuals name or should I just send a letter indicating my intent to file suit. Thanks
  4. I'm trying to determine if I should do a settlement on an account, but I want to know about accounts aging off your credit report. Do they age off according to the date reported, date of last activity, date of last payment or date of first delinquency? What is my seven (7) year date?? Thanks
  5. Thank you jq26, this is exactly what I'm trying to find out. Am I utimately paying more??? In your example amortgageman: "Let's say you find a home that you want to purchase listed for $150,000. When you put in your offer you may ask for $145,000 purchase priceand seller agrees to provide 6% down payment assistance through Nehemiah Corp. The seller may counteroffer with $150,000 and agree to the down payment assistance, or not. It really depends on the seller, and how much they are willing to compromise. If you are needing DPA, then this will be your sticking point, otherwise, you go to the next home. Now let's say you accept their counteroffer, and agree to the $150,000 with down payment assistance. Nehemiah now provides you with documentation that qualifies for your 3% down payment requirement, and the remaining three percent can be used towards your closing costs on the mortgage." I am still confused as to what my final mortgage number is. If I except the final $150,000 and Nehemiah's 6%, when I sit down at closing what is my loan balance. Is it $145,500 (after 3%) or is it $154,500 (with 3%). Or am I totally missing it. It's not that I need a DAP, but I'm trying to determine if it will benefit me to get one. Thanks everybody for your input. I have another question about dealing with a stubborn builder, but I'll start another thread for that. "
  6. I am so confused about these programs, which claims that they are providing assistance to the home buyer without any out of pocket funds from the home buyer. But really isn’t the home buyer paying the funds and even interest. The way these programs had been explained to me is that let’s say you agree with a buyer to purchase the home for $100k. You obtain a loan for 100% and use a DAP of 3%. But now instead of borrowing $100k you end up borrowing $103k. Is that the way it works? I always thought the downpayment meant reducing what you owe not increasing. Why would I want to pay $3k plus interest for 30yrs just to get assistance? Then it really isn’t assistance if I have to end up taking out a bigger than needed loan, just to get a little help. This really ends up being of no help. Perhaps I have this all wrong, can someone kindly enlighten me. I’m trying to determine if it’s worth going for a DAP and the best way to go about it.
  7. In what market is 30% standard I live in a small town in NC, a state in which they say the market is remaining steady. Housing prices have not budged even though the homes have been on the market some 6-9 months. There is a house that I'm interested in the started at $162000 and then reduced to $159000 and has been on the market for 6-9months According to the county the market value is $112199 and the owner bought it in 2001 for $135500 What would be a good offer = 30% is $111300 that just doesn't seem right
  8. I sent dv in 2004 and 2006. I also disputed both with all credit reporting agencies in 2007.
  9. One is from an online college in which I withdrew in time not to charged and can prove it (which I did) And the other occurred because someone in my apartment complex recieved my mail and ordered items in my name. I proved it to the complany where the merchandise was bought from, and they were satisfied. But my old bank refuse to take it off my account, because those charges put the account over and I refuse to pay the overage.
  10. I have tried twice with the debt validation letter to two of my creditors with no response from either one and no removal from my credit report. I also wrote to the credit reporting agencies and still no removal. What is my next move? Neither one of these debts are valid. I'm trying to get a first time home mortgage and want the best rate possible. These items are dragging my score down. Should I put a note in my credit reports about them? Help!! I would like to make a move soon.
  11. you're right, they are not the same. i didn't think about that. I have not check with other FHA loan providers, but I will now. But can I also contact FHA to check with them to be sure I am getting quoted the right rate. And with the rates coming down, I would think I could get a lower rate. My scores are okay and rising. thanks so much, you are very informative.
  12. I was told by my broker that I can get a FHA loan and that that would be the best type of loan for me. Which I agree, but why when I asked for the interest rate she told me 6.875% and I went to the website and it said 5.875% (at that time - it's 5.75% now - Why the extra 1% shouldn't I be getting the 5.875%? How do I know when I'm not getting taken for a ride? Wouldn't I be able to afford more of a house with the lower rate?
  13. Thank you all for your responses. I think I'm starting to understand a little better. Except that a house just came on the market today, and its roughly in the same area (just a couple of blocks away in another subdivision). It's a 4brm/2.5bath, 1770 sq ft and it's going for $136500. Why the big difference? The other house has been on the market since 6/07 (maybe 5/07). I think I might want to go for the one that came on the market today. Do you think I can start low like $127K?? Also...... "the next 6 months is a grat tiem to buy IMO" - What is a IMO?? "Some sellers might be upside down in what they owe on the loan" - What does this mean?? My area has a lot of inventory with about 5/6 new subdivision and at least 2/3 within my range. Plus alot of older homes are coming on the market too. The location is ideal because we are midway between Durham/RTP NC and Greeensboro NC. So should I wait or make a move within the month?
  14. I'm interested in purchasing this home, but I'm wondering about the price of it and if its priced too high. I've done some research and saw where the home was purchased by the seller for $166k in Feb '05 and the current assessed value on it is about $162k. The seller currently has it on the market for $189k, and it's a 4bed 2 1/2bath home, approx 2286sq ft in a small NC town not to far from Greensboro. Average homes in that area are selling for about $171k. Can anyone help me to understand how home sellers determine the price of their homes and give me an idea of how much would be a good offer? I am a first time homebuyer and qualify for up to $195k, but I don't want to get a bad deal when I could get a better deal. Thanks
  15. All these programs sound great and perhaps really do help people. My problem with them is that they are not true gifts because ultimately the home buyer is paying for this gift. Correct me if I wrong, but this so-called gift will work it's way into the price of the mortgage loan. They in no way provide the homebuyer with the same type of help if they themselves were to put down the same amount of money. For example: If you purchase a home for $100,000 and receive a gift of 3%, instead of taking out a mortgage for $100k you are taking out a loan for $103k to compensate for the seller having to contribute the gift through the Hart program for example. Same as adding closing cost to the amount of the loan if you ask me. Whereas if you yourself was to do a 3% down payment you would be applying for a $97k loan - big difference. I could be wrong - help me to understand because I'm looking to buy my first home in 2008 and could really benefit from some assistance.