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Old 06-16-2015, 08:47 PM
 
48,519 posts, read 81,063,674 times
Reputation: 17978

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Sadly this isn't pre-2008 as far as getting mortgages .The congress enacted bills that mean banks and other lenders hold more risk than before. Basically even people without BK are having harder time getting loans; its one reason housing isn't recovering well with rates not likely to not be seen in our lifetime. I am also shocked your FICO score is at those levels. Good luck
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Old 06-16-2015, 08:55 PM
 
Location: FLORIDA
8,964 posts, read 5,701,805 times
Reputation: 3355
thx, yea, credit score was just at 703. it came down 3 pts just now because i refinanced my vehicle. got 3.8%.
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Old 06-17-2015, 09:09 AM
 
Location: FLORIDA
8,964 posts, read 5,701,805 times
Reputation: 3355
just got a call from another bank. approved at 2.89% i already did the 3.8% but good to see i can get the best rates out there again.
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Old 06-17-2015, 10:23 AM
 
15,393 posts, read 8,689,175 times
Reputation: 13778
Quote:
Originally Posted by StreetSmarts View Post
i'm gonna bite my tongue and not write what i'd like to. so anyhow...

how old are you, dad 0118? did you ever lose your job? what would you have done in my shoes, because obviously the banks are far more imprtant in my decision-making than my family should be? dont deserve to buy a house again? wow, after losing all of my income and not being able to get a job in my field, get a job offer out of state and do what i need to do to start over so we move there? that is a good excuse. in the future , when i buy a home again in a yr or two, i'll make sure that i dont eve get laid off again and that the economy doesnt take a big dump.
Nobody said that. You can certainly buy a house. But you might have to pay cash for it. The discussion isn't whether you are entitled to own a home. It's whether someone should be willing to lend you the money for that home. And since it's their money, they get to make the rules.

What I would have done was taken my lumps, and not complained that nobody will give me a break.
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Old 06-17-2015, 10:29 AM
 
Location: FLORIDA
8,964 posts, read 5,701,805 times
Reputation: 3355
Quote:
Originally Posted by ringwise View Post
Nobody said that. You can certainly buy a house. But you might have to pay cash for it. The discussion isn't whether you are entitled to own a home. It's whether someone should be willing to lend you the money for that home. And since it's their money, they get to make the rules.

What I would have done was taken my lumps, and not complained that nobody will give me a break.

But I'm not really complaining. I just refinanced my vehicle at 3.8%, down from 5.5%. The banks called me again this morning saying they got me down to 2.89%. My credit is rebounding for sure. 700 score again, already. So I'm not complaining that nobody will give me a break. Inititally, I was hit with a high interest rate, so I thought maybe I wa a long way aways from getting another home loan. But I'm not.

Someone did say that I dont deserve another mortgage again.

If I had to pay cash for a house, I'd just rent forever. But with a (now) much better income, a 700 score and getting approved for vehicle loans down to 2.89%, I'm not nearly as far away as I may have thought. So I'm good, not down in the dumps at all. Quite happy in fact. Great job, great career, live in a nice area, may just have to wait another yr (maybe 2) to get another home.
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Old 06-17-2015, 01:26 PM
 
8,768 posts, read 10,358,845 times
Reputation: 13823
Quote:
Originally Posted by ringwise View Post
What I would have done was taken my lumps, and not complained that nobody will give me a break.
The reason for my opinions on this is that in addition to the complaining (although I took it as bragging about being irresponsible and getting away with it) is that the OP has yet, not even once, accepted Personal Responsibility for their failure. It's all about what others are doing to them.

I guess I'm old fashion where my word is worth more than a home loan.
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Old 06-17-2015, 02:01 PM
 
Location: FLORIDA
8,964 posts, read 5,701,805 times
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of course i accept responsibility. nothing to brag about whatosever. in fact my wife and i had a very hard time with the whole situation and what to do.

but there were some very difficult circumstances.
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Old 06-17-2015, 07:04 PM
 
35 posts, read 52,846 times
Reputation: 25
Just came upon this thread. I have to give my 2 cents. Five years ago I filed a Chapter 13 and was just discharged. I made some very poor investment decisions and while I could have chosen a chapter 7 and walked away I wanted to settle my debt in the best manner. I have rebounded as well but, unlike "Streetsmart", I am so humbled. I do believe loans and credit are earned and people are entitled to such given the level of their responsibility. I am about to be a new first time home owner and I feel so grateful to be approved for a mortgage. My car is paid for. While I could very easily purchase a brand new car with zero interest, I prefer to not have a car payment and never again over extend myself. Streetsmart- be grateful IF you get a home loan.
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Old 06-17-2015, 07:38 PM
 
Location: FLORIDA
8,964 posts, read 5,701,805 times
Reputation: 3355
I'll get a home loan, lol. It wont take long, but I'll wait a cpl yrs, thats fine, I want to get a great rate again.

And yes, I'll be grateful. I didnt make poor investment decisions, I lost my job and was offered a job in another area, so I took it.
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Old 06-17-2015, 09:32 PM
 
Location: MID ATLANTIC
7,601 posts, read 17,634,581 times
Reputation: 8084
Quote:
Originally Posted by StreetSmarts View Post
I'll get a home loan, lol. It wont take long, but I'll wait a cpl yrs, thats fine, I want to get a great rate again.

And yes, I'll be grateful. I didnt make poor investment decisions, I lost my job and was offered a job in another area, so I took it.
You'll have to suck up the FHA MIP, but there are worse things - unfortunately, your income is too high to deduct it on your 1040's. But 7 years after the FC you can start all over with conventional again.
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