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Looking for 103% or 107% with reputible lender


dasani08810
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Hey,

Ok, I think I have my scores as good as their going to get for the next few months. Here's my situation:

Income: 80k

Time on job: 1.5 years; same line of work, 9 years

All three FICO's are 700+ but not quite 720 yet. May just reach there after I pay off all my CC's this month.

My debt to income is now less than 8% including CC's SL's and Auto.

My utilization is at 15%

No "baddies" in last two years. I have a 120 late from 5/2002; but I have a letter from the lender stating that I was in forbearance during that time. I can spend the time to have it removed, but I don't think it will affect me on getting a mortgage.

I could have about 12k by August, but my lease is up at the end of June. I would rather pull the trigger now than risk the rates going up.

If I close at the end of June, I should have about 6k available for closing. But, I would rather go 107% and roll costs into closing. I'm looking for a "handymans special" to by a bit below market and improve to increase the equity in a short time frame. I have all the talents necessary to make that happen.

Any reputible lenders with a good track record that would have that for someone in my situation?

Thanks

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Hey,

Ok, I think I have my scores as good as their going to get for the next few months. Here's my situation:

Income: 80k

Time on job: 1.5 years; same line of work, 9 years

All three FICO's are 700+ but not quite 720 yet. May just reach there after I pay off all my CC's this month.

My debt to income is now less than 8% including CC's SL's and Auto.

My utilization is at 15%

No "baddies" in last two years. I have a 120 late from 5/2002; but I have a letter from the lender stating that I was in forbearance during that time. I can spend the time to have it removed, but I don't think it will affect me on getting a mortgage.

I could have about 12k by August, but my lease is up at the end of June. I would rather pull the trigger now than risk the rates going up.

If I close at the end of June, I should have about 6k available for closing. But, I would rather go 107% and roll costs into closing. I'm looking for a "handymans special" to by a bit below market and improve to increase the equity in a short time frame. I have all the talents necessary to make that happen.

Any reputible lenders with a good track record that would have that for someone in my situation?

Thanks

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Few Comments,

You may have a problem with the mortgage late, if it shows up as a 120 days late, some lenders will treat that as a Foredlosure, some won't. So if you can have it removed from your bureaus, I would suggest that you take the time to do that.

Depending on the area you live/want to buy in, most of the time you can get a discount on the sales price of the home, and instead of having the price reduced, have them give you a "sales concession" in that they pay your closing costs. Depending on the lender, that can amount to 3 to 6% of the sales price.

Lastly, Most traditional lenders will only lend on homes that are in "average" or better condition. If the home you are considering purchasing needs just cosmetic work, no problem, but if it needs serious things to be repaired, you may have problem getting your home financed.

Charles

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Thanks Charles.

I would like to clarify that the 120 day late comes from a student loan and not a mortgage. Sorry for not clarifying that. And, with that, I have a letter from Sallie Mae that I was in voluntary forbearance during the time they are reporting that I was 120 days late. Apparantly, the CRA's won't accept the letter as is and it takes an act of congress to get Sallie Mae to correct their reporting. Sure I could sue and all that, but that takes time and I really want to go ahead and pull the trigger now before the rates go up.

The property I'd be interested in would be in liveable condition and I would guess at least average. My intent would be to use the extra from a 107% to throw on an addition to the home and do the premo upgrades as soon as I move in. I.E. Tile instead of linolium, marble instead of formica, stone fireplace, jaccuzzi tub, etc etc. I have years of experience in the building trades and am quite able to do that kind of stuff. My plan would be to pour about 20k in materials and a bunch of sweat to increase the equity in a shorter time than just the average appreciation.

My main interest is in finding a lender with a good reputation that has that type of program. I would rather have a recommendation from someone that has had personal experience with a lender, than waste my time and have credit report inquiries by taking "shots in the dark" with some of those game playing mortgage brokers. I'm looking for a broker that plays for real, from the bottom line, from the start.

BTW, the area I'm looking in would be in the Philly or Allentown PA area.

Thanks,

Danny

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