Swolf Posted April 9, 2007 Report Share Posted April 9, 2007 Hello all,I have been working on my credit for over a year. I went to get a loan and he sent me to trinity credit services. So I paid him $700.00 and he got alot of deletes {35-50}. Yes I had a very bad divorce depression the works and screwed my self bad. So over the last 3 months I have been doing further disputing/building credit and I find out that the sub prime market is dropping out. I finally find a lender Wells Fargo but I have to pay child support arreas off and have a score over 600. Well I have the score and working hard to pay the arrears. I woke up and had another delete, and another one removed as a duplicate from the child support agency. I get a call today from wells fargo and they raised the criteria to 640. I checked my fako's and I am at 615 Middle score. I am so frustrated I just want to scream and give up. Couple that with the Child Support Office giving me the run around and its almost like forget it I will just keep renting. If anyone has any "bright light at the end of the tunnel" that would be greatly appricated.Shawn Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 9, 2007 Report Share Posted April 9, 2007 I feel your pain, literally. SWMBO and I want to buy a home, but if we cannot budge our baddies then we might be renting for still another year. We want to get in a place while we can still afford one in the Puget Sound area. If not, then next year we might have to start shopping for a market with more affordable real estate.You might wanna shop around for a mortgage broker rather than dealing with a bank. I bank with Wells, and I'm pretty happy with them, even gave me a CC. But, they are regarded as a very conservative lender. You would likely do much better with a mortgage broker.You might wanna talk with CIC Moderator firstsource. Link to comment Share on other sites More sharing options...
TheRoadBack Posted April 9, 2007 Report Share Posted April 9, 2007 I agree, check with firstsource. For what I was looking for Firstsource could not help me but even though he didn;t make a dime off me, he guided me in the right direction and I did get what i needed. Good Luck to you and never give up. Remember, where there is a will there is a way!!!!!!! Link to comment Share on other sites More sharing options...
TheRoadBack Posted April 9, 2007 Report Share Posted April 9, 2007 swolf,Do you have anyone that can add you as an au? An au or 2 with long history and low utilization can really help your scores quickly. I don;t know what the rest of you report looks like but just a thought.Again, Good luck! Link to comment Share on other sites More sharing options...
Swolf Posted April 10, 2007 Author Report Share Posted April 10, 2007 Thanks for your replies, it does mean something to know I am not alone. It just really frustrates me to know end that the first broker I went through never told me about paying off the child support. I was working with him for over a year and could have paid it by now. I talked to the child support yesturday and I was late in 2002 by 120 days and its still reporting in Oct. of 05 and March of 06 that I was 120 late again. I disputed that and they stated that it will KEEP doing that till its paid in full then my score drops when I pay it in full. However I did talk them into removing a duplicate TL with Transunion as a consilatition. someonesomewhere - I have spoken to brokers and both are saying they can get me at 90% which here in the tampa area would be roughly 10,000 down which is way to much for us. If I pay the support, insurance, apprasial then I am looking about 5500 if I can get up 5 points on either EX,EG. Trans is my high score at 632, EX 615, EQ 611 and of course those are my FACO's but they are close to each other at last pull. So it is just frustrating to say the least. TheRoadBack- I talked to my mother and she is the only one that would have helped me, however for purposes I will leave it there. not gonna help Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 10, 2007 Report Share Posted April 10, 2007 I have spoken to brokers and both are saying they can get me at 90% which here in the tampa area would be roughly 10,000 downOne thing you might consider, and it's something I'll probably have to do, is pull money from an IRA to use for a down payment.The rules are a bit easier if it's a Traditional IRA.http://www.irs.gov/publications/p590/ch01.html#d0e8223First home. Even if you are under age 59½, you do not have to pay the 10% additional tax on up to $10,000 of distributions you receive to buy, build, or rebuild a first home. To qualify for treatment as a first-time homebuyer distribution, the distribution must meet all the following requirements.1. It must be used to pay qualified acquisition costs (defined later) before the close of the 120th day after the day you received it.2. It must be used to pay qualified acquisition costs for the main home of a first-time homebuyer (defined later) who is any of the following.a. Yourself.b. Your spouse.c. Your or your spouse's child.d. Your or your spouse's grandchild.e. Your or your spouse's parent or other ancestor.3. When added to all your prior qualified first-time homebuyer distributions, if any, total qualifying distributions cannot be more than $10,000.You can still do it with Roth IRA money, but more rules.http://www.irs.gov/publications/p590/ch02.html#d0e10412 Link to comment Share on other sites More sharing options...
Swolf Posted April 10, 2007 Author Report Share Posted April 10, 2007 One thing you might consider, and it's something I'll probably have to do, is pull money from an IRA to use for a down payment.The rules are a bit easier if it's a Traditional IRA.http://www.irs.gov/publications/p590/ch01.html#d0e8223First home. Even if you are under age 59½, you do not have to pay the 10% additional tax on up to $10,000 of distributions you receive to buy, build, or rebuild a first home. To qualify for treatment as a first-time homebuyer distribution, the distribution must meet all the following requirements.1. It must be used to pay qualified acquisition costs (defined later) before the close of the 120th day after the day you received it.2. It must be used to pay qualified acquisition costs for the main home of a first-time homebuyer (defined later) who is any of the following.a. Yourself.b. Your spouse.c. Your or your spouse's child.d. Your or your spouse's grandchild.e. Your or your spouse's parent or other ancestor.3. When added to all your prior qualified first-time homebuyer distributions, if any, total qualifying distributions cannot be more than $10,000.You can still do it with Roth IRA money, but more rules.http://www.irs.gov/publications/p590/ch02.html#d0e10412Thank you so much for the for the great info, but unfortuatly I do not have a 401k. My company doesn't offer it only an IRA with employer match. So I am looking into that now. Link to comment Share on other sites More sharing options...
ybrew Posted April 10, 2007 Report Share Posted April 10, 2007 Patience is a virtue.Good things come to those who wait.Cliche? sure. But also true. I should've been ready to buy a house in '99. Closed in Dec 06 in what really is our dream house. I didn't really get serious until 05 (because I was too scared to see how bad my situation really was!) but I got here. Many other folks have too.You will too. Sometimes it's better to rent though. You don't want subprime (and the higher rates that come with it). Get yourself in prime territory. And take a look at naca.com (great rates, some strings attached, but worthy of investigation). And be patient. When you finally do close with rates around 6% (get yourself AltA or better) you'll really appreciate it more! Link to comment Share on other sites More sharing options...
Swolf Posted April 10, 2007 Author Report Share Posted April 10, 2007 Whoohooo, Wells Fargo just called and stated she found a lender that will do 80/20 with a 620 score and I do not have to pay the child support off. I am so happy right now. I just need to make sure I can get to 620 Link to comment Share on other sites More sharing options...
janedoe2 Posted April 11, 2007 Report Share Posted April 11, 2007 Swolf,Just a little FYI.There is a difference between Wells Fargo and Wells Fargo Financial. I have seen WF turn someone down only to see WFF ok them. Good Luck with everything Link to comment Share on other sites More sharing options...
TheRoadBack Posted April 11, 2007 Report Share Posted April 11, 2007 Whoohooo, Wells Fargo just called and stated she found a lender that will do 80/20 with a 620 score and I do not have to pay the child support off. I am so happy right now. I just need to make sure I can get to 620 You will get there swolf!!!!! Look at your reports. Do you have any inq's, how is your utilization etc. You will get there, where there is a will there is a way!!!!! Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 11, 2007 Report Share Posted April 11, 2007 unfortuatly I do not have a 401k. My company doesn't offer it only an IRA with employer match. So I am looking into that now.Any 401K money sitting from a previous employer? You can roll that into your own IRA. Another option that some employer plans offer is a loan against the money. You won't have to pay taxes on it, but you will have to pay interest to borrow it and it will count on your DTI. Link to comment Share on other sites More sharing options...
Swolf Posted April 19, 2007 Author Report Share Posted April 19, 2007 Any 401K money sitting from a previous employer? You can roll that into your own IRA. Another option that some employer plans offer is a loan against the money. You won't have to pay taxes on it, but you will have to pay interest to borrow it and it will count on your DTI.Unfortunatly I work for a very small company that doesnt offer anything like that. , but I got a call from my morgage lady last night s=and she stated I can get a 80/20 loan for 168000 at @ 1800 mnth. I just have to get to 620 witch I am tring to do. Right now I am at 604 Middle so I need a 16 point boost. Crossing fingers Link to comment Share on other sites More sharing options...
Swolf Posted April 20, 2007 Author Report Share Posted April 20, 2007 I just called another lender told her my story what was going on and I got PPRE-QUALIFIED for 168,000 Loan with my credit right now. Not pre-approved but actually PRE-QUALIFIED for for a home. All I need to do is find a home Link to comment Share on other sites More sharing options...
jq26 Posted April 20, 2007 Report Share Posted April 20, 2007 I just called another lender told her my story what was going on and I got PPRE-QUALIFIED for 168,000 Loan with my credit right now. Not pre-approved but actually PRE-QUALIFIED for for a home. All I need to do is find a home Congratulations. That's some party you got going on! Link to comment Share on other sites More sharing options...
ybrew Posted April 20, 2007 Report Share Posted April 20, 2007 I just called another lender told her my story what was going on and I got PPRE-QUALIFIED for 168,000 Loan with my credit right now. Not pre-approved but actually PRE-QUALIFIED for for a home. All I need to do is find a home What kind of rate? Link to comment Share on other sites More sharing options...
Swolf Posted April 20, 2007 Author Report Share Posted April 20, 2007 What kind of rate?8% 30 yr fixed, but a monkey wrench was just thrown in, Our Collections exceed 5000, and has to be paid by closing, which I don't know about you but I dont have 10,000 lying around, so now I dont know what I am going to do, she is going to see whether or not she can add it into the loan somehow. Link to comment Share on other sites More sharing options...
pjfan Posted April 21, 2007 Report Share Posted April 21, 2007 Congratulations. That's some party you got going on!This made me laugh ot loud!!!!! Link to comment Share on other sites More sharing options...
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