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Old 05-26-2013, 11:20 AM
 
1 posts, read 1,460 times
Reputation: 10

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Hello, Me and my husband have been going through the process of trying to buy a home since March of 2013 but they only used my name because my husbsand credit was really bad. We filled out all the paper work found the house had the down payment for the home which is a HUD foreclosed home, the day came for me to sign the loan papers at the bank which I did and 2 or 3days later I received a call from my realtor that the contract was denied due to an old bill that came up while submitting the application, well we paid that off that bill along with another old bill and they did a rapid rescore, now my score is 601 which it previously was 580, and the bank still denied me again. I'm stressed, confused, ready to move ASAP, I don't know what to do,my realtor has been doing all she can to try and get a bank to approve me but I'm still getting denied. On the letter it states (delinquent past or present credit obligations), (collection action or judgment) and (excessive obligation in relation to income). She's only submitting my application to one Bank at a 3.375% interest rate, she said she's going withe them because they provide a good an low rate does it really take this long to purchase a HUD home, I've sent these people everything, I've done everything they have told me to do, I'm ready to move and live in my own home, I'm tired flustrated, upset, confused is there anything I can do to spead up the process????
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Old 05-26-2013, 04:05 PM
 
Location: ATL
78 posts, read 85,807 times
Reputation: 189
I know it's frustrating to you; sometimes these things don't make any sense. A friend of mine, with a credit score over 700, is also being denied a mortgage loan. I'll tell you the same thing I told the friend.... TALK TO ANOTHER BANK!!!!!
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Old 05-31-2013, 05:54 PM
 
324 posts, read 371,845 times
Reputation: 189
To be honest, I think your realtor/financer is leading you on. In these times, no one is getting approved with less than a 640 mid score.

My advice is to take a step back, take a deep breath, and get ready to attack this from a different direction. You need to concentrate on getting your mid score up in the 640-660 range. You mentioned something about too many obligations in your OP. The fastest way to see a big bump in your score, is to lower your debt. This is done usually by paying off credit card debt. You are optimal if you credit report shows that you are using only 9% of your available credit. Pay down your credit card debt and you will likely see a big bump in your score. FICO likes to see lots of unused credit. If you cant get it down to 9%, shoot for 29%.

Stop letting these people play with your emotions. The chances of getting approved with 601 mid score is close to 0. Work on your score for 3 months or so, and then try again.


good luck.
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Old 06-01-2013, 07:05 AM
 
Location: Chattanooga, TN
2,890 posts, read 4,301,544 times
Reputation: 4632
Quote:
Originally Posted by lBush View Post
which is a HUD foreclosed home
Just curious, but is this a short sale, where the price you are paying is well under "normal" market price because the bank wants the house off its books? If so, that may be part of the problem. A friend of mine bought a short-sale house. After they agreed on the sale, it took another six months to finally close. She'd be days away from signing and suddenly yet another problem would pop up. She has AWESOME credit, in the upper 700's.

Quote:
Originally Posted by bigman123 View Post
Stop letting these people play with your emotions. The chances of getting approved with 601 mid score is close to 0. Work on your score for 3 months or so, and then try again.

good luck.
I'll a bit to that. The chances of getting approved at a low interest rate is close to 0. You always have the option to go to a bank that's willing to accept higher risk, but they'll charge a correspondingly higher interest rate.
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Old 06-01-2013, 06:06 PM
 
2 posts, read 2,623 times
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Hi, I want to move back to MS when I retire next June. I have only been back to MS afew times in the last 45 years for visits to family. I used to go to Pass Christain in the summer for camp. I have always loved the Coast. I was wondering if it would be better to rent an apartment for a year or two to get familiar with the area, make new friends, find a church I like, and just find my way around? I have looked at homes and apartments on the internet. I am looking for a quaint little fishing town with great shopping, beaches and a laid back night life. Does this place exist in MS? I am now working for DoD in Virginia. I am so looking forward to retirement in MS, any suggestions on the best Coastal town to retire?
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Old 06-01-2013, 06:07 PM
 
2 posts, read 2,623 times
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I have not figured out how to start a new thread yet.
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Old 06-01-2013, 06:42 PM
 
Location: The South
6,399 posts, read 4,476,238 times
Reputation: 10281
Quote:
Originally Posted by ellengulfgirl View Post
Hi, I want to move back to MS when I retire next June. I have only been back to MS afew times in the last 45 years for visits to family. I used to go to Pass Christain in the summer for camp. I have always loved the Coast. I was wondering if it would be better to rent an apartment for a year or two to get familiar with the area, make new friends, find a church I like, and just find my way around? I have looked at homes and apartments on the internet. I am looking for a quaint little fishing town with great shopping, beaches and a laid back night life. Does this place exist in MS? I am now working for DoD in Virginia. I am so looking forward to retirement in MS, any suggestions on the best Coastal town to retire?
I recommend you look at Ocean Springs as well as Pass Christian.
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Old 06-01-2013, 08:56 PM
 
Location: NE Mississippi
18,693 posts, read 11,017,654 times
Reputation: 26292
Quote:
Originally Posted by Southern man View Post
I recommend you look at Ocean Springs as well as Pass Christian.
2nd that!
I'd go to town and start talking to Realtors. You'll find what you want.
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Old 06-03-2013, 11:13 AM
 
Location: Chattanooga, TN
2,890 posts, read 4,301,544 times
Reputation: 4632
Quote:
Originally Posted by ellengulfgirl View Post
I was wondering if it would be better to rent an apartment for a year or two to get familiar with the area, make new friends, find a church I like, and just find my way around?
If you can do this, this is ALWAYS my recommendation when moving to a new area. The disadvantages are that you'll have to move twice, and if you have a lot of stuff you'll have to put some of it in storage. But the huge advantage is that you get to take your time looking for the perfect house in the perfect area.
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