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Way Beyond frustrated with PENFED!!!!

October 7, 2019, 9:27 am
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We are 60 days into our first mortgage loan application with PenFed. We got Pre-approval within the first week. We have submitted all documents requested and we were told everything is good. Appraisal was ordered and completed and came in more than adequate.

We have reached out to our loan officer, our processor, customer service and called every number listed for ANYONE at Penfed.

We have left countless voicemails with countless people, and have sent numerous emails. Nobody has returned a phone call or an email in over 3 weeks!! Zero communication, zero status updates, Nothing.

 

We close in 3 weeks and need to know where this loan stands.

 

I am reaching out to my fellow MY Fico community in hopes someone has an EO contact number or maybe a solution based on previous experience with Penfed.

 

We are at the end of our rope and frankly, running out of time.

 

Thanks for any help or input

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Pay installment loan to exclude it from DTI

October 7, 2019, 4:55 pm
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Hi and thank you for all the help....

Can I make one payment to pay down my car loan so I can have a balance of 10 months left? The idea is that this debt can be excluded from the DTI calculations and it is not closed...

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Will a mortgage lender ALWAYS want to see bank statements?

October 8, 2019, 3:00 am
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Is there ever a situation where they don't ask, like does it matter what comes back from underwriters or anything? I've been going through the mortgage process for the past week. The lender asked me to submit all my documents. Tax returns, W2s, pay stubs, but he made it a point to say "I don't want your bank statements". Yesterday I got an email that all my documentation was sent to underwriting.... without bank statements. Is that going to be an issue? Are they going to ask for bank statements later on?

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I want to pay extra on My Mortgage

October 8, 2019, 3:29 am
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payoff my principle

October 8, 2019, 4:04 am
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I am paying EXTRA on my Mortgage payment with the understanding that this extra money is going to pay down the principle. When I looked I see that it is being applied to the whole payment of the principle, tax, interest and insurance. Is this correct ?  or can i just have the extra payment go towards the principle only?

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CO & Car late effect?

October 8, 2019, 8:46 am
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So my scores are pretty good on the FICO 5,4,2: 748, 701, 585 The FICO 8 really concerns me as that is crazy low but sounds like most use the FICO 542 correct?

 

Salary: 200K

Savings: 88K

No other debt or loans

Have not bought a home in over 15 years (Would I qualify as new? My wife has never purchased)

 

but trying to bump as much as I can before working with mortgage company.  My question is 2 that seem to really hurt it:

 

Car loan:  It is all paid in full and no car loans right now yay!!  I have negative marks in 2018 and 2017 that I assume are still hurting me,  Obviously the only thing that solves that is time now.  The last 30 days late occured 13 months ago now, then I had 15 mo - 30, 16 mo - 60, 17 mo - 30, 18 mo - 30, 19 mo - 60.  These should not matter as much soon correct and the score should be going up based on this correct?

 

CC that was CO:  It looks like I had a CO on and account that reported every month as OK up until Jan 2019.  I called and they dont do pay for removal so only option is to pay it and have it show CO paid in full.  Am I better leaving that alone or paying it?  Will it make that big of a difference?

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Assistance with Title 1 Loans (fha home improvement loan)

October 8, 2019, 12:25 pm
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I was wondering if anyone had any information as to approved lenders for title one loans, and just a little more information regarding my situation.  

 

I purchased a new home and closed on August 7th. I know the requirements are to be in the home for 90 prior to attempting to obtain a title one loan. Purchase price was 335,000 and I went FHA. The house was in horrific condition, and I considered an 203k, but opted against it. I completely gutted the main floor and remodeled the bathrooms upstairs. I paid cash for this. 

 

When I was going through the inspection process, I had a company come out to access the fireplace. The entire top of the chimney needs to be rebuilt, as well as a new liner, etc. Cost is around $6500. I also want to finish my basement. So I am thinking I would like to take between $20,000 to $25,000.  Here is my issue. I have an open collection on my credit report. It has been there for almost 4 years and I am NOT paying it. They could offer me a settlement agreement of $100 and I will not pay it. The balance is $12,000 and it is from a nursing home my father was in in Florida. I am in MD, and it was joint liability. They just let him leave, and then expected me to pay the balance for the time he wasn't there. He died shortly after. 

 

So I guess my question is, I spoke with 2 lenders and the open collection was an issue for them. However, it wasn't an issue with my mortgage company (UWM), as I was approved without having to pay. So is this something specific for this loan?  My debt to income ratio is low, zero balances on all cards for over a year, and I make about $120,000 a year. Credit is hovering around 650.  

 

Cash is low now due to me spending cash on my renovation. I really would like to attempt to get this loan. Any assistance anyone can give me would be greatly appreciated. I am in Maryland. 

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NFCU- Conventional Loan Refinance Timeline

October 8, 2019, 1:37 pm
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Hi, 

 

This is going to help me occupy my time waiting on Navy ... Anybody else did a refi through Navy? Any advice or timeline information? 

 

Details

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30 Year

Refinance

Fixed Rate

Conventional

Loan Amount 188,540

Interest Rate 3.875% 

 

9/27/19- Application submitted online through HomeSquard

9/27/19- All documents request through portal submitted 

10/1/19- Received email asking to login to account to review loan estimate, disclouses, Fannie Mae appplication, ect. Due date 10/8/19

10/1/19- Signed and returned all documents( Didn't want to wait for the 10/8/19 due date)

10/1/19 Email LO to ask questions- no response 

10/2/19 Email from LO (See below)

 

Hello,

I am reaching out to say hello and to advise you that I will be the assigned processor to your mortgage application. Your application is currently with the set up team, when they have completed their part they will send you your initial loan documents and release your file to me.

At this time we are experiencing delayed processing times due to the historically low mortgage rates.

I am working applications assigned to me in the order in which they are received. Please allow me time to review your application and reach out to you. At that time we can address any questions or concerns you may have.

In mean time of you will please sign and return you initial loan documents . You not committing to anything just signing to verify they have been received . You may receive emails stating your documents will expire, please disregard those.

To help speed the process along if you could also send in your income and asset verification documents. I have listed below what may be needed.

*1 month of paystubs
* 2018 W2’s
* 1099 or retirement statement (if using retirement income)
* Social Security award letter ( if using Social Security Income)
* Signed 4506t if self employed ( this is a part of your document package)
* Most recent 2 years tax returns with schedule E included if you are using rental income.
* 2 months bank statements for any listed on the application.

I thank you in advance for your patience and I look forward to working with you.

 

10/2/19- I uploaded all the requested documents to NFCU secure portal and email LO back saying everything has been uploaded (No response)

10/2/19 I received an auto-generated email saying my documents were uploaded successfully.

 

I'll update when something changes..

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Finally got a firm closing date! (From the builder)

October 8, 2019, 8:13 pm
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We signed the P&S agreement at the end of April with an estimated close of the late October. A week later, they bumped it out to late November. A couple of weeks ago, they bumped it out to 12/6. And today they finally sent over the firm notice of closing to sign... hooray!!

 

I applied for this mortgage so dang long ago. I've satisfied all the conditions, I think, but I have new student loans (LO knew about them as I am still in school and discussed it, even offering to take a LOA if need be), a higher income (that part is good), very tight DTI and... it's a very long time to wait in limbo. I know it'll be worth it if we ever finish this dang process and I get to move in, but it's been so long with so much stress. UGH. Worst case, I guess I can find a cheaper place that's NOT currently being built and start over... but after all this time, I'd sure love to be in our new place by Christmas.

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Financing contingency expired after 30 days?!

October 8, 2019, 11:07 pm
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The notice to close paperwork I got tonight said that the mortgage contingency has lapsed. Apparently the initial P&S agreement said that I only have 30 days to secure financing before the contingency expires.

So apparently I’ve put $21,000 into earnest money with no guarantee if my loan goes south. The kicker? We signed in April. Close in December. It’s impossible to secure final mortgage approval within 30 days and they know it.

Stress level: infinite.
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Applying in November, what are my chances.

October 9, 2019, 10:23 am
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Planning on trying to pre-qualify at the end of November.  Trying to see what my odds of approval are. This will be my first mortgage

 

Low middle mortgage score is 682.

Income is 108k, spouse is 78k

My DTI is around 20% spouse is 11%

3 years since last late for me.  Spouse never late.

2 canceled cards from above lates. 100% paid off.  Cards will show AZEO next month.

We are looking at homes around 275k and have 30k to put down.

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FHA Construction LOANS/LENDERS

October 10, 2019, 7:34 am
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So I have been reading on a few random sites about FHA Construction loans, but when I dig deeper I can't find any actual lenders.  Is there such a thing as an FHA Construction Loan?  Does anyone know of a Lenders for such a Loan?  We are looking to get a construction loan, but our credit is not top notch as we have a current mortgage (with a sale pending) and a home equity on that (which will be cleared upon home sale)....but we would like to start the building process sooner than having to wait until the Spring to close out our current mortgage.  Thanks for any info!

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Looking for advice on how to improve Mortgage Scores after CH7

October 10, 2019, 9:39 am
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New to forum and I would like to start by saying- this forum is AMAZING! Thank you so much to those who contributes, shares information, experiences and advice! 

 

I am asking for help/advice/input/ anything you can provide to help us improve our chances in getting a decent mortgage 1.5-2 years from now.

 

Backgroung: Last year we file for Chapter 7 bankruptcy and were discharged in Feb. 2019. We are currently working on rebuilding credit. We both have 3 credit cards each that we pay in full ( will start doing the AZEO method soon), I have $24k in student loans, my husband has a car loan. We also have a mortgage and another vehicle loan that we didn't reaffirm but continue to pay (were never late on either). We have a little bit of equity in our house and hoping to get $40-50K after we sell. We are looking to purchase in $350-400k range.

 

Our income is $146k/year and will increase by at least 6%. Current DTI is 24%

Our scores are:

mine: EQ 658  mortgage score 629

           TU 648  mortgage score 679

           EX  629  mortgage score 674

 

husband's:

            EQ 651  mortgage score 648

           EX  630  mortgage score 657

 

Thank you in advance for any information!

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Reviews on refinancing with Ally/Better.com ?

October 10, 2019, 12:17 pm
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I'm not sure why I can't find many reviews of this online lender. I have a checking and savings account with Ally and have had no problem at all. Does anyone have mortgage experience with them? 

 

I am looking at refinancing a jumbo conventional loan for more than 1% less interest rate than what was closed on last year. This ends up saving about $300 in PMI and $300 in principal/interest. Is it too good to be true?

 

So far I am impressed with the interface. I am able to get an updated Loan Estimate in real time with a nice breakdown of rates and associated points/lender credits. I haven't compared this to any other online lenders, but this seems nifty.

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Refinancing current home with foreclosure of rental property on (otherwise good) credit report

October 11, 2019, 7:29 am
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Looking for a real world assessment of whether or not a re-fi would be possible given the following circumstances:

 

  • Purchased a home in 2008 which was our primary residence for about 10 years.
  • Filed CH7 BK (discharged March 2013) due to a combination of job loss and medical bills.
  • Purchased a new home in 2017, converted former home to rental.
  • Ended up with tenants from hell (long story) and ended up letting former home go in foreclosure.
  • Off title on on former property December 2018.
  • Credit scores for both my wife and myself are good (720s/730s as per Credit Karma).
  • Had an appraisal done (in an attempt to drop PMI) this past February which gave us a value of $394,000.00/LTV of 82.8%.

As I understand it there are certain exceptions for foreclosures that occured AFTER a BK which ours did.  What are our chances of getting approved for a re-fi?  Not looking to take cash out, simply want to take advantage of lower rates and maybe drop PMI depending on where the value comes in.  

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Credit Refresh - Freaking out!! 7 days to closing.

October 11, 2019, 11:12 am
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Hi all. I'm new to the forums and a new homebuyer. I've scrolled through these forums pretty frequently throughout my whole homebuying process - it's been so informative and helpful!! Sooo, quick break down of events: Pre-approved for FHA loan end of August. Found a house, got under contract beginning of September. Received conditional approval -  I sent everything UW requested. I just received my closing disclosures and acknowledgement on Wednesday the 9th but I have not received an official Clear to Close yet. I was told by my LO that a soft pull or a "credit refresh" will be done on the day of closing which is October 18th. I've been freaking out because... I applied for a credit card the same month I applied for this mortgage. When my broker was processing my application, they had sent me a worksheet of inquiries asking for me to explain if any of the inquiries resulted in any new debt. I selected "NO NEW DEBT" on this card because at the time, I did not have a balance on that card. I made a $1300 charge to it this month because of car repairs. I talked to my LO about it, and he said that I should be fine and that it shouldn't get flagged... I don't mean to question my LO, but he explained that UW is only looking for any NEW inquiries for credit from the time I was pre-approved right up to closing day. HELP. 

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Applying for mortgage next year, did I just kill my score?

October 11, 2019, 8:59 am
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Long time lurker, first time poster here.
First I'd like to say thanks for all the valuable information I've gathered here over the years and hope you all are doing well.

Now to my problem. Around December of next year (2020) my wife and I will be looking to purchase our first home. We have done well the past two years getting our credit together and both have FICO 8s in high 700s to low 800s across all bureaus.

But I think I've made a mistake.

Lately my EX FICO 2 has been an 817 for a while and its been a few years since I applied for a new CC. So I pulled the trigger on the AMEX BCP last month which is an awesome card IMHO. My EX FICO 8 dropped only 3 points but when I checked EX FICO 2 I dropped to an 803.

Only the AMEX inquiry has posted to cause that 14 point drop. Do you all think once AMEX starts reporting and drops my AoYA to 0 months I'll slide down past 760? Of course I'm trying to get a prime mortgage rate so now I'm nervous.

I know I don't have the mortgage scores for TU and EQ right now but I'm just using EX as a baseline since it only costs 1 dollar. My info is the same across all three so the scores should be +-20 I'd assume. My current stats are below. Hopefully I didn't blow our shot to be over 760s next year.

http://s1077.photobucket.com/user/jryeargin/media/Mobile%20Uploads/20191011_103114.jpg.html
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want to buy a house in the upcoming year.. advice please..

October 12, 2019, 3:03 am
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looking to buy a house sometime next year..

i havent looked at my mortgage score yet.

my fico8 is 814 at the moment.

 

my income this year will be 80k. next year ill be making 100k+.

my wife income is around 60k. her credit scores are in the mid 600's

i have about 31k so far in my retirement plan.

we will have around 25k cash for down payment/closing. looking to use half of retirement plan if needed.

we are looking at a house probably at 330,000 or less. 

 

now for debt. were looking to knock down much of what we have before that time comes.

 

wife has one card that has 3k on it.

i have a BOA with 12k. 0apr balance transfer

Discover with 5k 0apr balance transfer

 

other monthly debt..

car note $440.

car insurance $200.

gym membership $36.

student loan $90 have 2k left on it.

cellphone bill $130

 

is this possible?

 

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Will final credit report refresh before closing be an issue?

October 12, 2019, 11:25 am
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I have a zombie dispute that a charge off creditor from 2014 keeps putting back on my TU report (and only TU). I’ve had it removed 3 times during this process and it just came back again. Will it be an issue if it shows up on the final soft pull before closing? It doesn’t change my scores at all when it’s removed, if that matters.
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First time buyer purchase

October 12, 2019, 12:35 pm
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Greetings all, I have been lurking on here on and off for quite a while to help address rebuilding my credit over the years. As of now I am actively looking for my first home to purchase after spending some amount of time gettting scores up, balances lowered, and sitting idly waiting for it all to happen. After pulling my free reports the other day all of the negatvie information has finally dropped off. The big push I had started in 2011 in the low 500s, and right now I am hovering mid 700s. 772 according to the Fico 8 score from Trans union provided by Discover and Barclays. So I am in the spot I wanted to mostly be into when purchasing a house but still have to deal with the market in the area I am looking into and working out the mortgage.

When I spoke with my mortgage broker when I started looking back in 04/18, it was decided at that point on using FHA as the state I am offers a grant for down payment assistance with the catch of having to stay in the home for a minimum of 4 years without having to pay it back. Nowthat everything is moving in the market so fast, FHA has seemed to be more of a restriction for purchasing as a lot of homes coming up for sale need some minor work which sets off flags for FHA it seems.I don't mind this as my father is a contractor so any repairs are just material costs for me and finding time to fix it.

So the questions I really have would be are the limitations FHA places on home condition for a mortgage and what has the lowest down payment amount for conventional?

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