We were supposed to be approved for 100% financing, but a few days from closing, the mortgage company tells us that his credit is too low to get pmi. They have taken 3 months and 3 different banks to get this done and his credit score has dropped in the meantime. I assume because his report has been pulled by 3 different banks. Anyway, they now say we must pay 3300 down so that pmi is not required. We can not use the money in our bank account because a certain balance is required for the loan to go through. We can not borrow the money because our DTI would then be too high; atleast this is what the mortgage company is telling us. Would a title loan or payday loan show up as debt on our credit and cause problems with the loan going through? Help!! I could have easily saved the money in the last 3 months if I had known it was required, but now I have no idea how I can get this money within a week.
My LO says my DTI is 49% but I am not getting that when I do it myself.
Income: 44,387.20 per year
Farm Loss: calculated by lender as 3828 per year
Which means income should be 40,559.20 per year
Debts:
Current Home 473.00 with escrow payment
New home purchase would be 154,700, $ 7,700 down=$ 147,000
I was figuring the payment with escrow at $ 1033 per month. Taxes are 1800 per year, insurance 981.00 per year.
So if I add that all up 473+1033=$ 1506
divided by income 40,559.20/12=3379.9
which is 44.6%.
Am I off somewhere?
bybill barber
Okay……So thanks to this site I’ve been hustling, working to raise my credit score. I’m planning to purchase a new car around the end of 2011, beginning of 2012.
Current scores-
Experian (off experian site) 705
Equifax (myfico) 663
Transunion (myfico) 656
My UTI is currently at around 78%
Wellsfargo 6100/8100
Cap1 15/500
My DTI is below 10%
Annual Income is approx 75,000
Okay, so I am going in to make a payment to my WellsFargo CC for $ 2400 which will bring down my UTI to about 48%.
I am hoping for my credit scores to jump at least 10 points or more.
I have a min. of $ 3000 for a down payment.
Only baddie is Cap1 30 late around 2.8 yrs ago.
Credit History is averaged 3.5 years.
I currently have an autoloan which I just paid down 1 year early, and have purposely left 1 last $ 300 payment so it will still affect my credit score positively.
This Autoloan only reports to Experian.
My Questions-
Do you think I will have any problem getting an autoloan for $ 25000?
Would you say I should just go through Capital 1 for autoloan approval? Or considering my autoloan only reflects on Experian, it might be better to walk into a Credit Union where they might possibly take into consideration that factor and possibly be able to pull my "Experian score".
I am debating whether to just apply online, or walk in somewhere where I can meet someone person who possibly would take into consideration pulling Experian, or all three.
I just want to make sure they see, and know I have paid an autoloan both on time, and paid off 1 year early. Thinking this will help with the rate I could possibly get approved for.
Thanks!!! ALL ADVICE IS APPRECIATED!!!!
bycliff1066™
I still owe 75% on my existing mortgage, am I obligated to stay with my current lender? If not, what do I do first?
- Call local banks?
- Do the web search and go with the lowest % rates when they list the bigger lending companies in the results?
By the way, we have 6.25% now… should I not fool with all this unless I can get below 5.25?
Thanks in advance!
We are a local mortgage lender in SLC Utah , WITH credit scores from 500-899 and as little as 3.500% down payment for loan amounts up to 729750. We can close your loan even before you start your new job with a contract from your new employer. call DANIEL PARIS 801-604-4949
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I need your help guys.
My DH and I are applying for second VA mortage. We own a house 128K and we are in the contract to sell it to his parents.
My husband makes about $ 128K
Two jobs, first is Active duty for 20 years and second since June of 2010 that is the second full time job that is in the same line as his military job.
He has a letter from AF allowing him to work this job as well.
We called VA and they told us that this is qualifying for income to of set the DTI as it would be high with only his first job.
He Bri gs home about $ 10k a month and we can afford second home.
We are with UW right now…what do you think our chances are. His score is 700 and has never been late on anything for 20 years.
We also have 20k in reserves.
Thanks
bybill barber
My income is not large, but have excellent credit and will pay 20% down. I’ve been “pre-approved” but am looking for the best deal, and was wondering if anyone had an amazing referral to somplace I’ve missed. I’ve looked into Ditech, eloan, Wells Fargo, and a local broker, and will contact ING Direct too. Any other suggestions of banks, online lenders, etc. would be marvelous, though preferably not individual brokers at this time.
I’m just trying to get the best deal with the few pennies I earn, so I’ll be financially happy when I move into my new home.
Thanks!
Need a word of advice, have been through a BK(not due to financial reason)(bad advice by an atty) dismissed in Jan 06, foreclosure 06, mulitple lates and collection end of 06 begining of 97 due to wife lost of employment. Credit scores went all the way down to the 4′s. We have been working extremely hard for the past 3 years to correct the problems and have been paying bills on time. I have 1 premier bank card and 2 car loan (joint with wife) credit scores are EX: 629;TU 610; EQ 578-lender pulled. We are seeking to purchase home April 30, 2010; when current lease expires. All the old collections have been paid, some have fell off, some have not.-(GW did not work) My wife suggested adding a secured credit (no credit check) to the equation. We are so close to qualify, we must have a 620 per lender there’s nothing else to pay, we tried credit repairs which caused scores to decreased. Do you think this will be a good move? She spoke with the bank she has her with and says it will report by the end of the month. She has seen an increase, i have done the old waiting game and need an extra boost. Oh, our DTI is excellent, since we make very good money and one vehicle will be paid in full Dec this year.
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Suggestions…….
My wife and I will be getting a good sum back on our taxes and I have several student loans with SallieMae. I have 6 total, with one of those being a private loan at 13.25% interest. The others are only 6.8% through FFELP.Â
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The loan with the high interest is $ 4600.00 and we’d like to completely pay that off as well as a couple “smaller” FFELP loans, one being $200 and the other around $1000.00. I know this will significantly drop what I owe on my loans and will help my overall DTI but will this also boost my scores as we would like to see about getting approved for a home. The only other things on my CRs are a car payment. I have no credit cards and my scores are only in the 620 and 630 range.
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In the next week or so, I plan on getting a secured card through BoA or Orchard so that it will help me over time. Does this sound like I’m going in the right direction?
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Thank you for your help.
Has anyone had an issue with them trying to get approved? I keep filling out the form online, but it keeps telling me my information is wrong..lol. Could this be because of a security freeze on my credit file?
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My current scores are:
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TU: 649
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EQ: 657
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Three paid charge offs, one unpaid. One paid collection on TU. 4 inquiries on each. DTI is about 30%-35%. Do you think I will be able to get approved?Â