November 8, 2019 at 10:10 am #62047
What are some things that were on your action plan that you could have taken care of before your 1st intake session?November 8, 2019 at 10:27 am #62048
Up to the day transaction statement showing name, account number and printed out showing the full web address as a header/footer and bank stamped on each page that prints out.
Letters of explanation for every transaction in the last few months over $100 that isn’t tied to an employer deposit or can easily be clarified by reading the bank statement i.e. ALL cash deposits and withdrawals, medical payments, loan payoffs, ALL cashapp and venmo type transactions (these are usually discouraged and if you use these often especially for rent then you are in for a long road…everything needs to be easily traceable and the mission of these apps is the opposite of that). Today’s date and wet signatures on every letter.
Volunteer! (required before qualification)
sign 4506T form
Directly from my action plan: “Provide 3 lines of Alternative Credit starting with your household bills such as
Utility bills provide the most recent 12 billing statement showing the amount and
due date the amount and date payments were made and fees if any or a Credit
Letter detailing your payment history for the most recent 12 months to verify you
have paid as agreed, If you do not have utility services you may provide Credit
Letters from your Insurance company, cell phone provider, Gym membership, etc.”November 8, 2019 at 10:28 am #62049
The biggest thing that was unexpected was having to provide an LOE for EVERY derogatory item on my credit report even if it was paid off several yeats ago.November 8, 2019 at 11:01 am #62050
Thanks @nelsont you have been so helpful. I’ve learned more from these forums than I did ag the workshop honestly.November 9, 2019 at 11:33 pm #62099
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?November 10, 2019 at 7:50 am #62103
I don’t know the answer to your first question. My condition was because I didn’t have the right paperwork-my bills went to a po box which is not acceptable.
A condition is truly a new item. If it appears to be a repeat then they want clarification or an up to the day statement or it’s apparently illegible.November 10, 2019 at 9:27 am #62104
Hi @nelsont can you explain the buy down process. I will be attending the purchase workshop 11/14.November 10, 2019 at 12:09 pm #62105
For the cost of 1% of the purchase price of the house you can lower your interest by 0.25%.
So for example if you buy a $200,000 house at 3.5% interest and you wanted a 3% interest rate then it would cost you $4000. This money is due at closing.
You can also get your seller to contribute. Since there are no closing costs if your seller agrees to put money toward closing then that money will instead go toward interest rate buy down.November 10, 2019 at 3:16 pm #62107
Oh wowwww i definitely didn’t know that, thanks for helping.November 10, 2019 at 5:26 pm #62111
So what can you do if your bills go to a P.O. Box because almost all of mine do? The address I live does not receive mail and many of the utilities are not in our name but we pay them online.November 10, 2019 at 5:42 pm #62113
You will be required to have a state issued ID and your bill statements all match the address you currently live at. There’s not really any way around that.
You don’t need utilities in your name but you do need bills in your name coming to your current address and matching your ID. Cell phone and gym membership should be ok.
You also don’t actually need to receive mail. You can elect to have electronic statements only. They will get emailed to you but still have an actual address on the electronic statement. All you need to do is change your address and receive the next statement.
November 10, 2019 at 6:12 pm #62116
- This reply was modified 4 days, 14 hours ago by Nelsont.
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