Iotaman Posted February 16, 2005 Report Share Posted February 16, 2005 Hello all,First Thank you everyone for all the help over the years in getting stuff straight on my CR. Now to my problem at hand. I decided last year when I got married it was time to purchase a home. I got wind of a New construction being built for $189,900. The builder would pay closing cost if I used his approved lender. So I gave the broker my info(social, income, etc) and my wife's info. I got pre approved for an FHA for $200,000. But I had to pay of a collection Chrg off and 2 minor collections.Now in January I entered into contract with the builders agent and gave $1000.00 dollars earnest and have a date to close April 30. Around Jan 10 I got a call "we got a problem" my gas card and my cap one reported a late in jan which surposedly knocked my score really low and then the bombshell we found out my wife's mother got a hold her social security # and racked up over $3500.00 in overdue phone and long distance bills. She still has a pretty high rating but i can't put her on the loan without having to pay those off "I guess"Me,I am completly debt free except for my college loans. I paid my xcross country bank card off $1936.00 on a $300.00 card, an old cable bill $373.00 and an unknown car insurance bill from when i switched $93.00. As far as my lates I have disputed them Equifax deleted my whole trade line of sunoco and the other three removed the late as far as i can see with the online report account histories. I'm in the process of disputing my late with cap 1 now. Currently as of my PG scores in which i've enrolled in the monitoring and i haven't seen any movement my scores are eq=566 ex=574 tu=601..I know this will change when the CRA update those collections to paid I hope. My question is where do i stand with this lone now..1) I may half to carry it myself which I don't have a problem, but will i lose my shot at an fha and half to go with a 80/20 or what other programs are there...some info on me, I make $50,000 a year and been at the same job for 5 years and a college grad, my wife makes around $30,000 been employed about a year and a college grad..any info would be appreciated Link to comment Share on other sites More sharing options...
choiceworthy Posted February 19, 2005 Report Share Posted February 19, 2005 ... and then the bombshell we found out my wife's mother got a hold her social security # and racked up over $3500.00 in overdue phone and long distance bills. She still has a pretty high rating but i can't put her on the loan without having to pay those off "I guess"...This will be an issue with any program offering a decent rate. Are you prepared to take legal action? I would get it going as soon as possible. At the very least I would demand the phone company who is reporting the derogatory information to produce documentation immediately or remove the information from the credit bureaus. You need to prove to the credit bureaus it is not your debt and you have no time to waste. Link to comment Share on other sites More sharing options...
Iotaman Posted February 19, 2005 Author Report Share Posted February 19, 2005 Update..I have paid all delinquint accounts on my credit report..I went ot Myfico and puleed all three of my scores and they all have jumped up. I am going to apply for the same fha loan by my self. It's looking like at the moment I'm looking at a middle score of 608 may be higher when the CRA finish updating all my derogs to paid and my credit card balance to 0. Anywho, The property i'm purchasing is for 189900 my 2003 w2 stated around $56000 and this year I made $49000. I gues my lo is going to use my 03( at least thats whats she said) Does anyone with knowledge in this area forsee any issues with me getting re approved and financed heres the mort @ 5.5% 1,410 mo (taxes,insurance, mortgage) my monthly reported debt is $350 for student loans..no car, credit card paid off, Gas card paid off, Student loans in deferment never been late Link to comment Share on other sites More sharing options...
firstsource Posted February 22, 2005 Report Share Posted February 22, 2005 One of the important questions that a lender is going to ask is "why are your earnings going down". Some lenders don't ask for 2 years of W-2's, but most do.I would now write out a "letter of explaination" (LOE) it should be short, and generally explain what is happening, and let them know if the downward trend will continue. This is an extreamly important thing to address, and your LO should know this. THere are no lenders that will work from a 2003 W-2 only.Charles Link to comment Share on other sites More sharing options...
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