Misfitmorgan's Journal - That Summer Dust

[Latestarter]

It's a shame you can't sue for stupidity... though looking at some of today's lawsuits, that's debatable... I suggest a detailed but concise/short letter of explanation detailing out all the BS you've been dealt in this process and get serious with the CU. It should also include all the accounts you've been required to and have paid off in the process. I wouldn't worry about informing the present loan officer or potential lender. Just go. If the present lender gets their head out of their backside and gets the loan done, then fine... If the CU comes through for you, then just move forward with them and get 'er done. The original lender's loss. Sorry the LO loses a commission, but he chose what lender to work for.

When they look at your CR and see the inquiries, it should be apparent to them that they are all recent and all due to the home purchase process. Many CU's have an underwriter, but then the loan goes before a loan committee to make the final decision. Just for GP, the credit score breakdown is 680-720 is all considered the same. 740+ is considered exceptional. If you were at 700, the next pull will put you at 697. The magic number is 680. Below that, you have the FHA/VA which allow down to 620, and with exception, as low as 580. Below 580, not much chance of getting a typical mortgage.

 

[Bruce]

T-5 (maybe)

 

[Baymule]

It's a shame you can't sue for stupidity... though looking at some of today's lawsuits, that's debatable... I suggest a detailed but concise/short letter of explanation detailing out all the BS you've been dealt in this process and get serious with the CU. It should also include all the accounts you've been required to and have paid off in the process. I wouldn't worry about informing the present loan officer or potential lender. Just go. If the present lender gets their head out of their backside and gets the loan done, then fine... If the CU comes through for you, then just move forward with them and get 'er done. The original lender's loss. Sorry the LO loses a commission, but he chose what lender to work for.

When they look at your CR and see the inquiries, it should be apparent to them that they are all recent and all due to the home purchase process. Many CU's have an underwriter, but then the loan goes before a loan committee to make the final decision. Just for GP, the credit score breakdown is 680-720 is all considered the same. 740+ is considered exceptional. If you were at 700, the next pull will put you at 697. The magic number is 680. Below that, you have the FHA/VA which allow down to 620, and with exception, as low as 580. Below 580, not much chance of getting a typical mortgage.

And over 800 you can write the terms of the loan yourself.

 

[Bruce]

To an extent, I think they still get to set the APR

 

[misfitmorgan]

Talk about stress...I can understand wanting to hide your head in a pillow and forget about this. I would pay the credit check and move forward with the CU. Tell them what you have been through and why all the checks, I know when we were loan shopping they took that into consideration. You might even be able to put an explanation on your credit report yourself.

Who was it that didn't want you to use FHA?

I would love to but in talking o the CU further it would take a minimum of 4-5 weeks to get a loan thru them and thats if everything is perfect. The seller will not wait that long.

Tell the current bank you are giving SERIOUS thought to going through the CU now. Make sure they understand that if you do so it is because THEY screwed you. They get NO money if they don't make the loan right? How much are they willing to write off all the work they have done so far?

And I'm not suggesting you do this as a bluff. Check in with the CU at the same time. And yes, make sure the loan officer at the CU has the whole story of your mistreatment by the bank. Would THEY have made you find "market value" for the animals you sold????

The CU knows everything they have put us thru and she thinks it is BS and can't believe they are doing that to us.

Well, the "Bottom-line" is getting A loan to buy the house and property.....so, the first one to put $$$ on the "Barrel" is the one I'm looking for.....if 1 wants to "P*ss Away" business, then I won't stand in the way of them doing so....also, if it is a HUD foreclosure and they are trying to close the loan and hand it over to Fannie or Freddy, then that is another gov't entity.....so, while waiting on them to make a decision, ya liable to be in a rocking chair. Yeh....I'd go to the CU....

It is not a HUD home it is just in the First steps program which Freddie Mac runs after it was foreclosed on. We didnt do first steps but that is why freddie mac owns it atm.

It's a shame you can't sue for stupidity... though looking at some of today's lawsuits, that's debatable... I suggest a detailed but concise/short letter of explanation detailing out all the BS you've been dealt in this process and get serious with the CU. It should also include all the accounts you've been required to and have paid off in the process. I wouldn't worry about informing the present loan officer or potential lender. Just go. If the present lender gets their head out of their backside and gets the loan done, then fine... If the CU comes through for you, then just move forward with them and get 'er done. The original lender's loss. Sorry the LO loses a commission, but he chose what lender to work for.

When they look at your CR and see the inquiries, it should be apparent to them that they are all recent and all due to the home purchase process. Many CU's have an underwriter, but then the loan goes before a loan committee to make the final decision. Just for GP, the credit score breakdown is 680-720 is all considered the same. 740+ is considered exceptional. If you were at 700, the next pull will put you at 697. The magic number is 680. Below that, you have the FHA/VA which allow down to 620, and with exception, as low as 580. Below 580, not much chance of getting a typical mortgage.

My newest scores i can see are down to 679...joy. I think if i pay down my CC use percentage a tiny bit it will up me over 680. I did use my credit card more then normal at the beginning of this month and then only made the minimum which i dont normally do. I was 705 10 days ago for my median score.

 

[misfitmorgan]

No news yet on the appraisal so we are definitely gonna miss the closing on the 27th.

 

[misfitmorgan]

I'm fuming mad...so mad i could drive to the LOs house and punch him in the face and im not a violent person.

I sent him an email asking if there was any update....i get in return an auto reply telling me he will be out of the office on monday and tuesday. So he wont even be back until the 26th and he KNEW it!!!

 

[misfitmorgan]

I may have done something bad....i emailed the underwriter directly. I was very nice and polite. I still just can't believe he would knowingly be planning on having monday and tuesday off and not say anything to me because he knew dang well we would not be closing on the 27th last week.

 

[CntryBoy777]

Maybe I'm just nieve and just don't understand things anymore....but, #1, I don't see it as a "Bad Thing"....and #2, if this loan doesn't go thru and the closing isn't on the 27th, then is there another in line with cash to close on the 28th? If this doesn't happen, I would work woth the CU to repair the Hit on the credit and gain approval, then find a place with approval in hand. I know it doesn't make ya feel any better, but I, personally, would be done with their shanigans.

 

[misfitmorgan]

The problem is there are no other places in our price range atm...not that arn't over an hour away from my job with acerage and shelter for livestock.

There is not as far as i know anyone in line to pay on the 28th but they are within their right to offer it up for sale to the previous interested buyers and anyone else who is currently interested in putting an offer in on it.