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Old 05-06-2007, 09:08 AM
 
67 posts, read 503,926 times
Reputation: 42

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Quote:
Originally Posted by ashbrn4 View Post
Is this a single family home or a townhouse? If it's a single family home, why not buy a townhouse? I think too many people think they "have" to have a house. We owned a townhouse until we saved enough to put a downpayment on a single family home and our kids were 9 and 11 then. If location is important to you, then you may have to make a choice. Or you can be patient and wait a couple of years, improve your credit score and be able to purchase more. How can you "remove" a bankruptcy from your credit report? It's part of your credit history and usually stays on for 7 years or so. Also, was it a consolidation or dismissal of debt? Was it for medical bills or just because you didn't pay other debt? The brokers hit brick walls because they have to find underwriters willing to take a risk on you. The income limits have to do with cost of living in those locations. So, again I ask, what about a townhouse or even a larger condo?
Thanks for your comments. Well two things about a townhouse. The first one is noisy neighbors. Calling the cops all the time gets old if you happen to move next to the wrong bunch. The second is that this single family home has no HOA, whereas I have noticed that alot of townhouses have association fees etc that can just tack right on to the price. This is just my opinion. Concerning the removal of a legitmate bankruptcy from a credit report, if you want to know more about that please pm me. I was able to remove it legally. A chapter 7 is supposed to stay on for 10 yrs. My ex wife ran up alot of money as an authorized user on my unsecured credit cards. I was not in a position to pay for that which forced me to go Bankrupt. I think you missed part of your sentence up there: "The income limits have to do with cost of living in those locations." I think I have an idea of what you missed though. It is an income contingent program. Do you really think that living in Spotsylvania is too far to live when I work in Quantico?

Living in Hollywood, FL and commuting to just past downtown Miami I can tell you that the traffic was just as bad as Northern Virginias even upon consideration that 95 is 6 lanes wide (not just 3 like here). I commuted the 45 miles each way everyday with acceptance.

I appreciate your thoughts and your comments.
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Old 05-06-2007, 01:03 PM
 
Location: Fredericksburg
6 posts, read 19,947 times
Reputation: 11
Quote:
Originally Posted by beeboah View Post
Do you really think that living in Spotsylvania is too far to live when I work in Quantico?
That would depend on what you consider a long commute to be. On most days, a commute to Quantico from the Fredericksburg/Spotsylvania area should take about a half hour.
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Old 05-06-2007, 08:00 PM
 
67 posts, read 503,926 times
Reputation: 42
Quote:
Originally Posted by rbrown View Post
That would depend on what you consider a long commute to be. On most days, a commute to Quantico from the Fredericksburg/Spotsylvania area should take about a half hour.
That is not long at all. Doesn't bother me at all. It took me 45 minutes to get from Quantico to my new "home" the other day. I drive very slowly in the right lane down 95 to conserve gas.
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Old 05-07-2007, 04:25 AM
 
268 posts, read 1,556,057 times
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Quote:
Originally Posted by beeboah View Post
That is not long at all. Doesn't bother me at all. It took me 45 minutes to get from Quantico to my new "home" the other day. I drive very slowly in the right lane down 95 to conserve gas.

There will be days that it takes longer though. And I meant exactly what I said. You mentioned the income limits for the loan you were getting are different in different counties. What I basically said, the reason for that is that cost of living is diffferent in each of those counties. Also, I have no personal need of knowing anything more about bankruptcy. Our credit is outstanding, but not sure how not paying debts allows individuals to just up and not pay ever. That's why I asked if it was for consolidation of debt. We've lived in 3 townhouses (owned 2) that I've lived in and if you pick a good area, it won't be noisy. We never had a problem with neighbors. I personally like HOA's since the fees you pay are for services provided to the neighborhood by trash collection, and electricity for lighting, and mowing of common areas. They also protect you from neighbors that are: noisy, want to park broken down cars in their front yard, people that want to paint their homes bright purple and green, and ensure the neighborhood looks good which only adds value to your home and makes resales and values much higher. Our fees are a whopping $60/month.
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Old 05-07-2007, 06:01 AM
 
67 posts, read 503,926 times
Reputation: 42
Quote:
Originally Posted by ashbrn4 View Post
There will be days that it takes longer though. And I meant exactly what I said. You mentioned the income limits for the loan you were getting are different in different counties. What I basically said, the reason for that is that cost of living is diffferent in each of those counties. Also, I have no personal need of knowing anything more about bankruptcy. Our credit is outstanding, but not sure how not paying debts allows individuals to just up and not pay ever. That's why I asked if it was for consolidation of debt. We've lived in 3 townhouses (owned 2) that I've lived in and if you pick a good area, it won't be noisy. We never had a problem with neighbors. I personally like HOA's since the fees you pay are for services provided to the neighborhood by trash collection, and electricity for lighting, and mowing of common areas. They also protect you from neighbors that are: noisy, want to park broken down cars in their front yard, people that want to paint their homes bright purple and green, and ensure the neighborhood looks good which only adds value to your home and makes resales and values much higher. Our fees are a whopping $60/month.
Thank you for explaining what you meant regarding income limits.

I don't want to turn this into an ethics conversation, that is why I mentioned that you pm me if you wished to discuss the removal of a Bankruptcy. Your credit is perfect, well then Godbless you. Others aren't always so lucky, and there are times when it does come down to luck. Luck at your job, luck in who you marry, etc. When a party applies for a "stay" most debts are forgiven period. I won't be the first or the last to apply for that stay. I don't see how the capacity to lawfully remove a Bankruptcy from a credit report adds to the fact that "someone can just up and not pay ever."

Concerning your comments about the HOA. I am impressed that it costs so little. I think that is great. The only thing is that I have lived in a condo before. While I admit that the environment is peaceful. Screening of people coming in is no absolute guarantee that the fellows next to you will keep it down, or not sublet the apartment to 15 other people secretly etc. As you may well, life has no guarantees, but I now have a guarantee that there is no one next to me on either side.

That is why I went for a house.

Thanks for your time, I think I will enjoy Spotsy whether or not there is traffic.

Like I have said before, I think that people in this area in general are more intelligent. That is why all you hear are complaints about traffic. It was just like this on 95 down in Miami for all 6 lanes of traffic and no one EVER said anything at all. Everyone seemed happy to put up with half the pay, and 2 hour commutes. I never understood it.
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Old 05-07-2007, 08:29 AM
 
Location: Gainesville, VA
566 posts, read 2,757,776 times
Reputation: 150
Quote:
Originally Posted by beeboah View Post
No, it is an 80/20 Mortgage through Bank of America.

I was denied by Fannie Mae even though my median Fico scores are 660, 675, and 769. This is because I filed a Bankruptcy in the past, and although I was able to remove it from my credit report within 2 years they still come up with a "refer with caution".

The 80/20 Mortgage has no PMI. The interest rates for the first loan is around 6.875 APR and the second is around 9.2%. So the overall APR is around 7.2% on a 30 year fixed Mortgage.

The program that I am allows your income to be up to 70k in Spotsylvania and Faquier county, but only up to 40k in King George or Caroline County.

I tried a few brokers, but they ran into the same brick wall as me.

I'll probably refinance later.

Hope this sheds a light on it.

Thanks for your thoughts and info.
If your brokers were running you through DU as an 80/20, then tell them to try running it through choosing the MCM feature and as a straight 100. The MCM 100 is much less risky from an underwriter's perspective than the 80/20. You also don't need to contribute any money toward closing costs (if you can get the seller to pay them) in this program, so you can literally walk into the house having put $0 dollars into the transaction. Also, make sure you were being given credit for any retirement accounts or stocks/bonds that you have. Retirement accounts do not need to be liquid and you can use 70% of the vested balance. Stocks should have the full value used.
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Old 05-07-2007, 08:52 AM
 
67 posts, read 503,926 times
Reputation: 42
Quote:
Originally Posted by DavidS827 View Post
If your brokers were running you through DU as an 80/20, then tell them to try running it through choosing the MCM feature and as a straight 100. The MCM 100 is much less risky from an underwriter's perspective than the 80/20. You also don't need to contribute any money toward closing costs (if you can get the seller to pay them) in this program, so you can literally walk into the house having put $0 dollars into the transaction. Also, make sure you were being given credit for any retirement accounts or stocks/bonds that you have. Retirement accounts do not need to be liquid and you can use 70% of the vested balance. Stocks should have the full value used.

Thank you for this. On my 80/20, the seller paid all the closing costs and I got a few thousand off the asking price of the house. One of the brokers told me that they knew a way to get me through a 100% financing deal, but that I would only save about 10 bucks a month and that it would be a wash since I would be able to make out better on tax deductions for interest. They did give me some credit for 401k. Well they asked for it anyway.

Closing is on 5/11. I think that I might be refinancing when the credit gets better.
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Old 05-07-2007, 09:06 AM
 
Location: Gainesville, VA
566 posts, read 2,757,776 times
Reputation: 150
I'm happy to hear everything worked out for you. Enjoy the new house!

BTW...I also lived in South Florida for a while and agree that the traffic there is as bad as it is here and no one down there ever said a word about it.
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Old 05-07-2007, 09:15 AM
 
67 posts, read 503,926 times
Reputation: 42
Quote:
Originally Posted by DavidS827 View Post
I'm happy to hear everything worked out for you. Enjoy the new house!

BTW...I also lived in South Florida for a while and agree that the traffic there is as bad as it is here and no one down there ever said a word about it.
Thank you for your thoughts and encouragement. I am looking forward to it to. Barely squeezed in if you know what I mean.

It is a relief that someone knows what I am talking about. Wondering if Virginians are too smart, too sensitive etc or if South Floridians are too proud to admit that traffic is bad.

I love Virginia. My talent is still being pigeonholed here but at least I am getting paid for it. I think it is beautiful here.
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Old 05-07-2007, 09:35 AM
 
Location: Gainesville, VA
566 posts, read 2,757,776 times
Reputation: 150
Quote:
Originally Posted by beeboah View Post
It is a relief that someone knows what I am talking about. Wondering if Virginians are too smart, too sensitive etc or if South Floridians are too proud to admit that traffic is bad.
I don't know....maybe it's because they are only down there 6 months out of the year.

The crazy thing about Virginians is that I have actually heard people get into arguements over whose traffic is worse...it's almost as if some people wear the "2nd Worst Traffic" ranking as a badge of some sort.
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