teacherofec

Mortgage question??

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I want to buy a house here in california. The house is a foreclosure the bank wants 580k. The problem is our credit report is showing a late on our mortgage in Aug. of last year I tried arguing with TU and EX and they just keep saying it was validated so I don't think I can get it off. The other neg. is my DH had a CC that never sent us a statement and did not report the auto pay so now they will settle for 500 but won't take it off the credit report. My husband has a mid 600 score. Mine are still right at 600. I really wanted to use his VA because of interest rate. I called a VA lender and he said VA requires 1 year of perfect pay history. Is FHA the same? What would you recomend I do?

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If you have only been late on your mortgage 1 time call the mortgage company and ask for a goodwill gesture. Explain you have been a good customer but you did have 1 over sight and ask if they would fix the pay history. You may have to call a couple times and talk to different people but someone should help you. I have to do this all the time.

A word of advice to not say they did not send you the statement, you know when your bills are do and it is your responsibility to pay them. If you say this you lose all credibility!

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That's true. If it's the only negative you've had, they may take it off because you're a good customer. You may have to talk to a supervisor, or even call the executive office.

I haven't had an FHA loan for a while, but I don't think they are quite as strict. You should be able to ask a mortgage broker and get an answer to that.

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Unless you have a lot of money to put down, much more than 5%, I would suggest that you wait until you have paid your mortgage on time for the past 12 months. Same thing with all of your credit cards. This is the minimum requirements for the loan programs that could be available to you with the 0 to 5% down programs, including FHA.

Figure out how much your payments would be (loan plus taxes & interest), subtract your current payments-and put that money into a savings account the first of the month. That will tell you if you can afford that price of a home. Plus someone did this and the underwriter (person that actually approves the loan) saw that the person could make the new payments on time and that was a big part of what got them the loan.

Charles

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The other thing is, right now, FHA won't do that high of a loan amount (jumbo loan amount)... VA will though. I echo Charles' suggestion, get clean credit for 12 months and you'll have quite a bit of options. 10-20% down payment will help you qualify for the best jumbo rates for conventional (non-FHA & VA) options.

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