Please help me, trying to repair after layoff [right direction] [finance]

admin — Tue, 01 Nov 2011 15:10:00 +0000

I had gone down over a year ago, and paid cc to about May of this year. Now with financing, latest, etc. The cards are on the border. I do not normally directly on the phone, but you would try to negotiate? I am now in a position to pay some, but can not pay for what they are wanting.
Thanks for pointing me in the right direction.

Reply: Are these still with the original creditors? If so, I would phone and try to negotiate. I think the conventional wisdom is to stay off the phone with CAs, not the lenders. Good luck.
+1

Reply:I think some have already been charged off, but I will start with original creditors and see what they say. Any terms to expect with a hardship offer?

Reply:*nod* call and ask to be placed on some kind of hardship program. The last thing you want is for the cards to charge off.

Reply: Are these still with the original creditors? If so, I would phone and try to negotiate. I think the conventional wisdom is to stay off the phone with CAs, not the lenders. Good luck.
+1 if the accounts are still with the creditors, try to negotiate what you can. The more you avoid your creditors they will send it off to collections.

Reply:Are these still with the original creditors? If so, I would phone and try to negotiate. I think the conventional wisdom is to stay off the phone with CAs, not the lenders. Good luck.

FHA 100% finance.does is there such a thing [fha] [finance]

admin — Sat, 08 Oct 2011 16:10:00 +0000

I was wondering if it existed at all . Can someone please chime in. .

Reply:

I was wondering if this even existed… Can some one please chime in…
FHA requires 3% down but it can come in the form of a gift from the seller.
US Bank Wholesale (Find a broker that uses them) has a 100% FHA mirror program that allows higher DTI (45% front AND back – FHA is 28/38 with some exceptions) and lower MIP. 30 year fixed rates. No tradelines required except rental verification. Hope this helps
Thanks, it does help.
Actually the standard qualifing ratio for FHA is now 31/43 up from 29/41.
I am at 32 is that cool beans or should I lower more debt?
With you debt ratio being at 32 you should have no problem, what is your back end?
Im sorry what do you mean?
Front end and back end ratios, front end should be 31 and back end should be 43. Front end is your mortgage alone and the back end is your mortgage and all other debts you have to pay.
consultant did not tell me all that. How do you go about getting this info.
You would take what your proposed mortgage payment is, including your taxes, insurance and pmi and divided it by your gross income, that would give you your front end ratio. To calculate your back end ratio, you would take your mortgage payment and add all your other debts on your credit report and then divide it by your gross income.
Depending on your compensating factors, live time of employment, downpayment, reserves, you can get approved with a higher debt ratio.

Reply:

Reply: Well we are 1st time buyers… I have 4 charge offs 2 from 10 years ago…2 from 2 years ago. I already paid the 2 from 2 years ago. The 10 years ago I have not touched I was assuming they would fall off.
husband has three from over 2 years ago that he is currently paying off. he will be done in feb.
How much do the chargeoffs total that are NOT paid?
Where are your scores?

Reply:

Reply:Keep in mind with the gift thing: For the seller this means:
1. They will want to raise the purchase price by 3.5% to cover the gift and additional fees – and hope that it appraises to the new value.
2. Be in such a hurry to sell that 3% means nothing to them.
3. Not accept this sort of offer without a good size earnest money check as it shows weakness on the buyer's side.
I just sold one of my rentals to an FHA 100% loan couple and it was a pain for me. I was a bit motivated as I wanted the house sold by end of year – therefore I fell into #2 above. Alas, a few glitches popped up and they couldn't close on time. Now with my motivation destroyed, I became #1 and the sales price jumped 4%. Luckily, their agent and broker agreed to lower their fees and the place appraised fine at the new price.
Would I consider doing a 100% FHA in the future – probably not unless I received a price premium.

Reply: FHA does actually have a 100% program, but it is for disaster victims. The "normal" way of doing it is to use a program that allows the seller to contribute the extra funds into a non profit group and them "gift" you the money.
Other options include portfolio products like the one from US Bank or the FNMA MyCommunity Mortgage or the FHLMC Home Possible product. Both allow 100% if you meet certain requirements (most common qualifier is income).
Perhaps if you give us a little more of your scenario, we can better direct you!
Well we are 1st time buyers… I have 4 charge offs 2 from 10 years ago…2 from 2 years ago. I already paid the 2 from 2 years ago. The 10 years ago I have not touched I was assuming they would fall off.
husband has three from over 2 years ago that he is currently paying off. he will be done in feb.

Reply:

Reply:
I was wondering if this even existed… Can some one please chime in…
FHA requires 3% down but it can come in the form of a gift from the seller.
US Bank Wholesale (Find a broker that uses them) has a 100% FHA mirror program that allows higher DTI (45% front AND back – FHA is 28/38 with some exceptions) and lower MIP. 30 year fixed rates. No tradelines required except rental verification. Hope this helps

Reply: I was wondering if this even existed… Can some one please chime in…
FHA requires 3% down but it can come in the form of a gift from the seller.

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Please help me, trying to repair after layoff [right direction] [finance]

FHA 100% finance.does is there such a thing [fha] [finance]