1st time hombuyer program

[DivineDiva]

I have been working with a first time homebuyer organization since Oct. I have managed to pay off all items on my CR with the exception of a 4 1/2 year old repo with a bal of $4k. The first time homebuyer counselor said Countrywide would approve a mortgage without me paying off that last item because of the age and the $$amt. Is this true? The CA who has the repo is willing to settle for 30%. While paying off the items on my credit report I managed to save up a little less than $2000. If I pay off the repo I won't have downpayment money or money to pay for inspection. I started out with a score of 511. It's not much better now - 532. Paying the repo and waiting another 6 mos is not an option. I've been living in a family members basement since Oct with my two kids and it's starting to get ugly. I don't want this to come between us. Any advice?

[workinninetofive]

First of all, I hope it gets better. Maybe FirstSource will read. There is some kind of rapid scoring for mortgages. Again, not sure how it works. I do hope things get better. Good luck.

[firstsource]

I can understand how hard it must be with your living situation, and how much you want "out".

I don't deal with CW, but have put in an inq. to their sales rep. I don't believe that they have a program for 100% financing with under 560 scores.

What you might consider is finding someone that would be willing to sell you their home and get 80% now, and 20% in 3 years or so. Depending on the area you live in, you might be able to find someone like that.

Other option is that you arrange a "lease to own" deal. Many times this is a win-win, in that you are able to have "Your own home", and the sellers are able to get their house payments made, to someone that is going to treat their residence wonderfully well, because it is THEIR home.

I will let you know when I find out more about CW's programs, or if one of the other LO's here, that knows their programs, will post a reply.

Charles

[firstsource]

This is what I got from the salesperson at CW. So I think that you may be misunderstanding what they said. (How was that for being PC?)

"need at least a 560, the only way to get 100% w/550 is run thru website as an A deal, Coventional, loan program is Conf 30 FNMA EA I. thru this program (a side not my b/c side) you must source and season funds for 60 days and have 2 mos reserves, must escrow, full doc only, and MI."

This was good for me to know, but most of my clients don't have the $ that they require.

Charles

[DivineDiva]

Thanks Charles, this was very helpful. However, I'm not understanding the mortgage lingo. What is

loan program is Conf 30 FNMA EA I

and 2 mos reserves of what?

I met with my housing counselor this afternoon and he referred me to an LO at Countrywide. He seems very confident that CW will pre-approve me, although at 7%. We'll see what happens. I called and left a message with the LO as soon as I got back to work. I'll let you know what happens.

Thanks for the kind words from all. I could be worse off. I'm lucky enough to have family members to put me up. Some people don't even have that. I was the victim of domestic violence and could have been forced to stay where I was or have to go to a shelter with my kids. "That which does not kill me will only make me stronger." It's hard, but it could be worse. I've paid off over $7000 in debt in the past 4 months. I'm putting my kids in house come hell or high water!!!!

Thanks all.

[firstsource]

Please keep us informed as to what the LO says, I want to confirm it on my end, as I still don't see that they can get you a 100% loan with your scores, but hope they can.

Charles.

[bad credit man]

I have been working with a first time homebuyer organization since Oct. I have managed to pay off all items on my CR with the exception of a 4 1/2 year old repo with a bal of $4k. The first time homebuyer counselor said Countrywide would approve a mortgage without me paying off that last item because of the age and the $$amt. Is this true? The CA who has the repo is willing to settle for 30%. While paying off the items on my credit report I managed to save up a little less than $2000. If I pay off the repo I won't have downpayment money or money to pay for inspection. I started out with a score of 511. It's not much better now - 532. Paying the repo and waiting another 6 mos is not an option. I've been living in a family members basement since Oct with my two kids and it's starting to get ugly. I don't want this to come between us. Any advice?

iam in same boat almost as you did you get your home. I live with family and I cannot take it anymore. My credit scores are in the low 500s my ex wife credit has been put on my cr I've talk to mortage co and I was told I could get a home loan but the rates would be high and I would need a high downpayment. I will be my soon 3reports soon to seen what I need to to to get a better score. Anybody got advice of what I sould do.

[bad credit man]

I have been working with a first time homebuyer organization since Oct. I have managed to pay off all items on my CR with the exception of a 4 1/2 year old repo with a bal of $4k. The first time homebuyer counselor said Countrywide would approve a mortgage without me paying off that last item because of the age and the $$amt. Is this true? The CA who has the repo is willing to settle for 30%. While paying off the items on my credit report I managed to save up a little less than $2000. If I pay off the repo I won't have downpayment money or money to pay for inspection. I started out with a score of 511. It's not much better now - 532. Paying the repo and waiting another 6 mos is not an option. I've been living in a family members basement since Oct with my two kids and it's starting to get ugly. I don't want this to come between us. Any advice?

iam in same boat almost as you did you get your home. I live with family and I cannot take it anymore. My credit scores are in the low 500s my ex wife credit has been put on my cr I've talk to mortage co and I was told I could get a home loan but the rates would be high and I would need a high downpayment. I will be my soon 3reports soon to seen what I need to to to get a better score. Anybody got advice of what I sould do.

[DivineDiva]

bad credit

I contacted a LO at Countrywide on Friday. He pulled my credit report while we were on the phone. My score has gone up to 550. He had me fax him some documentation (most recent paystubs, bank statments, W2s, etc.) which I sent on Monday morning. He didn't say he couldn't do anything for me which I am hoping is a good sign. I'd like to think he would have told me on the phone if he couldn't do anything. I'm hoping to hear tomorrow or Thursday. I'm going to the 1st time homebuyer workshop on Saturday and my housing counselor said if I am preapproved by then, he'll give me the go ahead to start looking at houses.

[bad credit man]

I hope everything works out for you. I know how it is living withfamily. I going thur a divorce and its not easy keep you're head up again good luck.

[bad credit man]

I hope everything works out for you. I know how it is living withfamily. I going thur a divorce and its not easy keep you're head up again good luck.

[DivineDiva]

bad credit

Thanks, you keep your head up too. There's no motivation like living with someone else's three kids under the age of 12! Plus your own under the age of 4. The worst part is that my sister wants me gone as bad as I want to be gone. I keep tellng myself that my house will be my reward for my patience and I will appreciate it all the more.

[DivineDiva]

Countrywide said I'm one point shy of being approved for 5% down. Aaarrrggghhh! There are two small items that have been paid but the CRA has not updated my report. I'm hoping getting those updated will be enough. I'm using county settlement help which is $6000. Pray for me!