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Finally heard back from my MC and I’m putting the answer here for any other who may have a similar situation. The only option for us to possibly qualify this year is to pay it off completely (settle or in full).
I’m really discouraged because previously our mc told us we could look at being qualified in March, I had that goal in mind and I’ve completed all the other items. I plan to call the student loan collection agency and maybe their rehab program could be sped up if we make a lump sum payment to start out. I don’t particularly want to do an FHA loan but waiting a year for possible qualification and months to close after that is not an option I would like to chose.
Well my MC said because we’re married they can still put a lien on the house. Initially we planned to qualify together but he has gaps in employment we would either have to wait 2 years or we can qualify with just me and him as household owner.
Yes, it’s my spouse.
I really like this question @realgarycoleman! My intake is in mid December and I read up on this forum all the time to ensure I’m prepared.
@nelsont was providing proof of alternative credit a requirement specifically for you or does everyone do that? I read about that in the workbook but if I remember correctly it was required for people with no credit.
Also, are the conditions most people are met with after submitting docs typically just repeat items or truly new things that need to be clarified?
Wow this is such amazing news! I have my intake meeting in December and read every thread on here so it’s nice to read such a positive post! I look forward to reading your timeline and congratulations on your blessing!!
They will be 2 years old April 2020, we’ll probably have to use our tax returns to settle them if it’s required but I would much rather use that for buying down our rate or furniture!
Also, I know we are not suppose to open any new accounts or apply for credit but does anyone know about auto loan refinancing? It’s not “new debt” and it would lower our monthly PTI.. not a necessity but I was just curious.
me again! We’ve gone to our workshop and our intake meeting is Dec 16th (our anniversary lol) hopefully we will get some good news.
I’ve started to upload all necessary docs, I have a folder on google docs as well so that if anything is requested and we’re not home we can quickly email it over. The MC who led the workshop recommended we do not contact the creditors for our collection items until we have our intake meeting. If we do need to be on payment plan for those I’ll try to settle them and pay them in full to keep the ball rolling. Does anyone know if there still needs to be a waiting period if you have a letter stating the item has been paid and settled?
I’m uploading our bank/cc statements, paystubs as we get them and have uploaded our w’2, tax returns, and transcripts already. I have also written a few LOE’s that they might request. Aside from the budget forms, what else am I missing? Does anyone have any other suggestions of what to do in the mean time?
Okay, that’s so good to know! I have a good list of things to keep me busy until the workshop! If any other tips or advice comes to mind feel free to update me!
Thank you, Klassy.
Nelsont, thank you for all that. To clarify I was wanting to make sure that if my mother wrote a letter stating we pay her $800 monthly but we have 6 months of appropriate proof and not 12 months we wouldn’t be required to save our total monthly approval as payment shock. So if we’re approved for 1100 monthly, we Would only have the $300 payment shock and not the full $1100 since we don’t have a typical “lease agreement.”
And yes thank you that does all help! I’ll look up an estimate of the property taxes and insurance in my area to get an idea. We definitely hope to buy down the rate but with first time home buyer programs in the area that allow NACA.
I’m really eager to start the process I’m just worried that we have too many variables that
Will signicicantly delay the process.
We are in the Phoenix area, I’m not sure if all the other workshops are full but that was the only
I can definitely get this letter, but do you know if they would use the base amount we pay as rent? I just want to be sure that we wouldn’t have to save the full amount for payment shock since we do have a set amount we pay.
The collections worry me because the original creditors have resold the accounts so the debts are much older than this but don’t look that way. I will try to get on a payment plan but if you’re making monthly payments it would be to pay off the amounts in full and those additional monthly payments for so long would definitely hurt us.
Also, I know there are also MRF and PITI for 2+ months that they need to see saved. Would love to know what you think an estimate of the total for closing should be? I’ve seen some people say between 5-9k?
Thank you for your insight!!
- This reply was modified 1 year, 3 months ago by mrstaylor.