improvescore Posted June 27, 2003 Report Share Posted June 27, 2003 Things are lookin up! :robin:I was pre-approved yesterday by 2 different lenders for $250,000 for a home loan.Here is the deal:80/20 loan 1st @ 5.625%2nd @ 7.75%Zero down - just pay closing costs They pulled my credit reports, and told me I am considered "A" credit. The interest rates are a little higher because of "no down payment". They are faxing me my pre-approval letter today. I applied for $250K just to see if I could qualify. They said no problem.My wife and I are still in shock. We will be house hunting all weekend.I could not have imagined doing this 6 months ago, but thanks to all of the help on this board, our dream is becoming a reality. Thanks again everyone! :robin: Link to comment Share on other sites More sharing options...
marisakay Posted June 27, 2003 Report Share Posted June 27, 2003 Congrats!!! that's awesome!! we made an offer on the house we want and still waiting for a decision, hopefully I will have good news to give you all later!Congrats again!!! Link to comment Share on other sites More sharing options...
sisflomi Posted June 27, 2003 Report Share Posted June 27, 2003 Congratulations improve, that is great to hear!!!!Marisa, thats wonderful for you too. I can't wait to hear if they accept the offer. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 27, 2003 Report Share Posted June 27, 2003 Congrats, that is wonderful news, #) I definitely felt the same way when I got the news that we where approved, SHOCK, of course, we did not have anything packed, so the moving experience was - chaotic to say the least, lolHave you picked out your house? Link to comment Share on other sites More sharing options...
improvescore Posted June 27, 2003 Author Report Share Posted June 27, 2003 Thanks everyone. We are still on cloud 9. We have a house in mind, but haven't made an offer yet. Still looking...there are so many homes on the market right now in the Dallas area. Almost too many to choose from. My wife just got the fax from the lender that we can show for pre-approval. We'll be doing some major house shopping this weekend, so I'll keep you all posted on what we decide to do.marisakay, keep us posted and let us know when they accept your offer.kb9tbg...we dont' have anything packed either. Dread that part.Thanks again for the support! Link to comment Share on other sites More sharing options...
Capepuffin Posted June 27, 2003 Report Share Posted June 27, 2003 CONGRATULATIONS improvescore! Your scores look great too! I am so happy for you and DW! Link to comment Share on other sites More sharing options...
grantjeffries Posted June 27, 2003 Report Share Posted June 27, 2003 Wonderful news Improvescore but it does beg the question though about the reporting status for:(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more; (2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or (3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more. Shouldn't a loan amount of $250,000 or a credit report for a salary of $75,000 pull all the negative info from the past regardless of the 7 year reporting period? Has anyone experienced this when applying for a job or a loan? Link to comment Share on other sites More sharing options...
blueranger Posted June 27, 2003 Report Share Posted June 27, 2003 Yes, I have experienced both... I have applied for loans with a score of 589/615/610 and I was preapproved and then they say things like we need you to pay off all these CA's or we need you to get copies of your last 12 months rent payment checks. In fact I was preapproved last month and then after the smoke settles they say by the way we need canceled checks....So even with preapproval there are still hoops to jump through.....Yes, I started a job last year with a security clearance and the governtment pulled my credit report all the way back to 1980..... and i had to explain ever item to them.. they investigated me for 18 months... it was tough and I thought I would not get the job but finally I got a set of orders......So in a situation like that all the deletes and other things are right there on the report and you have to explain it all....I figured that would happen so I listed everything I could remember so if your totally honest then that goes a long way too....I went BK in 1987 they even went back and pulled that..... The Moral to all this is that "EVERYTHING IS NOT AS IT APPEARS" But you can still make it happen610/615/589 #) Link to comment Share on other sites More sharing options...
grantjeffries Posted June 27, 2003 Report Share Posted June 27, 2003 Blueranger what was the reason they knew about the CA's? Were they deleted from your credit report but showed up because the requested amount of the loan was => $150,000? Were the CA's just listed as a bad tradeline to begin with? Or were there hard inquiries that tipped off the mortgage company that you had outstanding accounts? Link to comment Share on other sites More sharing options...
Waxworks Posted June 27, 2003 Report Share Posted June 27, 2003 With my scores as of right now, I know better than applying for a Mtg, but I will pull my FICO on Tuesday (7/01), and see how much it went up (or down), and go from there Link to comment Share on other sites More sharing options...
kb9tbq Posted June 27, 2003 Report Share Posted June 27, 2003 <blockquote>Originally posted by bluerangerYes, I have experienced both... I have applied for loans with a score of 589/615/610 and I was preapproved and then they say things like we need you to pay off all these CA's or we need you to get copies of your last 12 months rent payment checks. In fact I was preapproved last month and then after the smoke settles they say by the way we need canceled checks....So even with preapproval there are still hoops to jump through.....Yes, I started a job last year with a security clearance and the governtment pulled my credit report all the way back to 1980..... and i had to explain ever item to them.. they investigated me for 18 months... it was tough and I thought I would not get the job but finally I got a set of orders......So in a situation like that all the deletes and other things are right there on the report and you have to explain it all....I figured that would happen so I listed everything I could remember so if your totally honest then that goes a long way too....I went BK in 1987 they even went back and pulled that..... The Moral to all this is that "EVERYTHING IS NOT AS IT APPEARS" But you can still make it happen610/615/589 #) </blockquote>Ok, you are the very first person, I have seen to report this - so no matter what you clean up or delete (it don't matter if you go for these high stake loans / insurance / employment offers. Would my guess be right that your actual credit history did not extend much beyond 1980? I woud imagine it pulled in everything you had. So the moral of the story, for those who would have incorrect data - is that you don't nessasarily want it deleted (cause they will later see it again & it will still be incorrect). So you want to correct the information, then if you can deleted for getting by on regular things. But if you happen to have one of these reports pulled on you, then you know for certain the info was corrected in the end.That is a tricky thing there, so if you are playing for high loans and the sort, this regular credit repair - is only false hope to some, that will have a very unfortunate suprise later on.Then if you deleted incorrect data - later on you will have to face getting it corrected & this will be harder for sure.The creditors will See everything ever reported on you don't matter if you deleted it or that it expired off the usual reports, cause these special reports will pull it all back in.[Edit by kb9tbq on [TIME]1056739413[/TIME]] Link to comment Share on other sites More sharing options...
laura66 Posted June 27, 2003 Report Share Posted June 27, 2003 So for any JUMBO loan, it doesn't matter? Doesn't the underwriting still go by your current scores? That seems to be discrimination. Say you had a few bad years 8 years ago but pulled it together since? Are they going to hold the stuff from 8 years ago against you? Link to comment Share on other sites More sharing options...
grantjeffries Posted June 27, 2003 Report Share Posted June 27, 2003 <blockquote>Originally posted by laura66So for any JUMBO loan, it doesn't matter? Doesn't the underwriting still go by your current scores? That seems to be discrimination. Say you had a few bad years 8 years ago but pulled it together since? Are they going to hold the stuff from 8 years ago against you?</blockquote>That is what I am trying to find out. I will start a new thread. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 30, 2003 Report Share Posted June 30, 2003 Bump Link to comment Share on other sites More sharing options...
improvescore Posted June 30, 2003 Author Report Share Posted June 30, 2003 Well, after house hunting all weekend, my DW and I made an offer today on one we fell in love with. It's a 2 story, 4 BR/2.5 ba, just over 2600 sq ft. with a back yard to die for. A pool, spa, built in grill and a gazeebo. Now it's nerve racking time...the waiting is killing me...almost as bad as waiting to hear back from a DV or dispute.We should hear something back by tomorrow or Tuesday. Link to comment Share on other sites More sharing options...
marisakay Posted June 30, 2003 Report Share Posted June 30, 2003 I am with ya improvescore....we hear back tomorrow about our counteroffer. I have tried to keep it out of my mind but u know how that is:)anyhow, wishing you good news!!! Link to comment Share on other sites More sharing options...
kb9tbq Posted June 30, 2003 Report Share Posted June 30, 2003 GOSH - that is a whole lot of house there, swimming pool :boggle: That is the only thing I am missing from my house that I really really wanted, but no the DH had to have a 4.5 car garage. Not much yard left without the garage having to go, snicker, lolGood luck on getting your house, I don't think I want to even ask the price tag on that baby, ~0 most likely drop right over. Link to comment Share on other sites More sharing options...
improvescore Posted June 30, 2003 Author Report Share Posted June 30, 2003 Thanks marisakay. My thoughts are with you...hope you come back with good news tomorrow.kb9tbq, this house is pretty big for us, but we've been living in a townhome for 3 years since we moved to Dallas, so we are ready for some breathing room. The house we left in Louisiana was about that size. Never had a swimming pool though, so that would really be a treat...it is so hot here now...could use a cool dip.I'll get back to ya'll when I get a counter offer or acceptance. Link to comment Share on other sites More sharing options...
karmicways Posted June 30, 2003 Report Share Posted June 30, 2003 How come you didn't apply for an FHA loan? With the down payment gift programs available, you would get into a loan at the current FHA rate. If your credit is that good, why would you go for the 7.75% on the secondary lien?? Link to comment Share on other sites More sharing options...
improvescore Posted June 30, 2003 Author Report Share Posted June 30, 2003 Hi karmicways, I was looking for Zero Down, and this is what they told me I needed to accomplish that. I am not familiar with the payment gift programs through FHA. Can you shed some light on that? Thanks! Link to comment Share on other sites More sharing options...
karmicways Posted June 30, 2003 Report Share Posted June 30, 2003 Yeah, one is called the AmeriDream program. It's downpayment assistance, but you have to have an FHA loan. The URL is: http://www.ameridream.org/content.aspx?page=3I know that we had a lender try to do that secondary lien deal with us, it was going to be 85/15 at 9 and 13%. That's because we have bad credit. It you have good credit, then it would seem to me that the FHA loans are the way to go. The last time I checked, the rates were 5.5%. I don't know what they are now. I know they dropped a bit and then I heard that they starting climbing again by 1/8 point. Link to comment Share on other sites More sharing options...
doublebuchi Posted July 2, 2003 Report Share Posted July 2, 2003 Also, to consider. FHA has max limits. It varies by state. Here in Florida, the most you can finance through fha is $154,000. Link to comment Share on other sites More sharing options...
karmicways Posted July 2, 2003 Report Share Posted July 2, 2003 Ah, I didn't even think of that. You're right, the amount here is also $154,000. It didn't even register when I saw the amount he was approved for. Link to comment Share on other sites More sharing options...
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