Posted on: 02nd Feb, 2010 02:31 pm
I am in process of purchasing a HUD home with a 203 K rehab loan attached. The value of the home is 103 K
I bid 63 K and was accepted. We have overnighted the 1K certified check to HUD.
My mortgage guy says I am pre approved as he took all my w2, paystubs, bank statements and such. Credit score is 651.
Had a bkrptcy 8 years ago. This was discharged
Had another Bkrptcy 6 years ago that was dismissed because i could not verify income. (self employed).
During that time we had both vehicles repossed. We managed to fight hard and keep one. The other we had to let go. We never paid the balance on the one we let go. The other has since been paid off.
They have never come after us for the balance of the one. It has been about 6-7 years now.
I have two credit cards with perfect pay for over 2 yrs.
I have a new car financed as well with perfect pay for over 2 yrs.
My monthly income to debt is awesome.
I have been trying for a mortgage for 3 years now. Every year I get turned down but they say do this and see me next year. Finally someone says ok but now i am so negative on the whole thing I just can't believe it.
I am terrified that I will have home inspection and everything then it will fall apart.
Any hope you can give me will be appreciated.
I bid 63 K and was accepted. We have overnighted the 1K certified check to HUD.
My mortgage guy says I am pre approved as he took all my w2, paystubs, bank statements and such. Credit score is 651.
Had a bkrptcy 8 years ago. This was discharged
Had another Bkrptcy 6 years ago that was dismissed because i could not verify income. (self employed).
During that time we had both vehicles repossed. We managed to fight hard and keep one. The other we had to let go. We never paid the balance on the one we let go. The other has since been paid off.
They have never come after us for the balance of the one. It has been about 6-7 years now.
I have two credit cards with perfect pay for over 2 yrs.
I have a new car financed as well with perfect pay for over 2 yrs.
My monthly income to debt is awesome.
I have been trying for a mortgage for 3 years now. Every year I get turned down but they say do this and see me next year. Finally someone says ok but now i am so negative on the whole thing I just can't believe it.
I am terrified that I will have home inspection and everything then it will fall apart.
Any hope you can give me will be appreciated.
I thought you were going to say you were declined again.
At this point, you have not been declined. You are in waiting and you ask what you can do.
The answer is WAIT
You have a couple things going for you. It sounds like credit has been on the mend and is now good, after all the score is 651. Also, HUD wants to get rid of homes it owns. Also, you have a great debt ratio.
Sound positive to me.
Good luck.
At this point, you have not been declined. You are in waiting and you ask what you can do.
The answer is WAIT
You have a couple things going for you. It sounds like credit has been on the mend and is now good, after all the score is 651. Also, HUD wants to get rid of homes it owns. Also, you have a great debt ratio.
Sound positive to me.
Good luck.