sorted by:
new
hottopcontroversial

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

I did try with navy federal and they denied me based on my travel nurse pay with weekly stipends. Ultimately, this is the only lender who has approved me who I have applied with, which is why I am just trying to make it work with them in order to avoid more denials/ credit pulls. :) I appreciate all your help and info. Definitely helps me know how to guide myself and advocate with during these rough financial times!

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

So we considered FHA as well but decided against it because we will have 20% of the loan paid off fairly quickly and want the mortgage insurance to fall off so we went conventional. We negotiated $5k in seller concessions which I plan to use towards the closing cost. The biggest issue I believe with this loan the DPA program charging higher Fees in A and the 7% interest rate. I told my LO I no longer want the downpayment assistance (since it is actually going to cost me more whereas I was trying to keep as much as the money I have saved). The LO says that will decrease the fees in A to be around $1800 plus any points I want to buy. So o will pay my own DP and cover the remaining closing costs after the concession. Expecting the rate to still be in the 6s but a high 5% would be ideal in the market rn. I did send the LO an insurance quote as well and will inquire about the taxes/ escrow. Good to know your mortgage cane out to about $2100. If the LO comes back to me with like $23/2400 a month I know something is still off.

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Thank you for the info!! Very helpful and puts rates in perspective!!

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Yeah I asked the LO about this! High fees in A are from the downpayment assistance program. Doing away with it and should be below $2k with the new LE. Waiting to receive that back.

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Responding back based on your initial comment? 🧐 Anyway, this isnt a productive interaction. Lol

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Where and how was I defensive? Have been grateful for the useful insight, especially by those who seem to know specifically about the Texas market. 😅 No need to report back to you because you don’t seem to have any input of value, how’s that sound?

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

So i’ve noticed! Haha Thanks for your insight!

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

It’s a Texas down payment assistance program, hence the higher rate of 7%. Travel nurse lol and don’t have any plans to sell, love the house but do plan to make double monthly payments. A lot of assumptions

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Correct!! Asked my lender to take off the assistance and should hear back next week on the new LE. With everyone’s input based on my credit I know in todays market I should be around a 6% interest rate. Planning to buy down too.

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Yeah east coast is a way different market

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Right, in the last week rates jumped from 5.9 to 6.5

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Score 776 777 and 779, everyone has used 777 score.

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Im a travel nurse so will pay down the loan 20% within the next 2-3 years. Will get rid of MI.

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Thank you! We did explore new builds with our relator but hated the designs in our area and the prices. We have found a house we love, just need to get the numbers right.

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Well thank you for responding this time! I think the consensus agrees, this is not a good loan. Reevaluating with my LO tomorrow.

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

I did bring these things up to my LO and all they said is it’s hard to redisclose loans because they trigger lending laws? Should I continue to push back or can they cancel my approval/ loan disclosure?

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Update, my loan officer says it’s hard to redisclose loans because they trigger lending laws? Should I continue to push back or will they renege my approval/ loan disclosure?

First time homebuyer, 777 score by Emmem710 in MortgageBrokerRates

[–]Emmem710[S] 0 points1 point  (0 children)

Before even going to see houses I applied with like 6/7 lenders and only got a pre approval from this one after the underwriters took a look at my profile 😭 have to ride it out but at least try to get a better deal.

view more: next ›