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09-24-2005, 11:30 AM
| | Junior Member | | Join Date: Jan 2005
Posts: 22
| | | Trying to get a mortgage.
What is the name of your state? NY
I'm trying to get a mortgage through Bank of America. To be more specific a Neighborhood Champions Loan which is zero down. When I talked to the bank they pulled my CR and my fiance's. Her's is perfect and mine is questionable. My TU score is 641. I had a foreclosure, that was paid off by the VA back in 2001. They told me it really wasn't a foreclosure as the VA paid it off. It shows up on my CR as being satisfied. Anyway they said the loan could go through (zero down) if I could get a letter from the loan company (Aurora Loan Inc) stating they never foreclosed on the property. I contacted them and they can't find any information on the loan so they couldn't issue a statement to that effect. My question is would it be easier for me to get another certificate of eligibility from the VA and go for a VA loan, or keep playing with Aurora. They tell me (the VA) if I pay off the money I owe them ($6,000) they would reissue my certificate of eligibility for me. Thanks for any impending help.
Last edited by MeAnDg5; 09-24-2005 at 11:03 PM.
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09-24-2005, 11:38 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: |
Originally Posted by MeAnDg5 What is the name of your state? NY
I'm trying to get a mortgage through Bank of America. To be more specific a Neighborhood Champions Loan which is zero down. When I talked to the bank they pulled my CR and my fiance's. Her's is perfect and mine is questionable. My TU score is 630. I had a foreclosure, that was paid off by the VA back in 2001. They told me it really wasn't a foreclosure as the VA paid it off. It shows up on my CR as being satisfied. Anyway they said the loan could go through (zero down) if I could get a letter from the loan company (Aurora Loan Inc) stating they never foreclosed on the property. I contacted them and they can't find any information on the loan so they couldn't issue a statement to that effect. My question is would it be easier for me to get another certificate of eligibility from the VA and go for a VA loan, or keep playing with Aurora. They tell me (the VA) if I pay off the money I owe them ($6,000) they would reissue my certificate of eligibility for me. Thanks for any impending help. | **A: VA is correct. Forget VA for now and go conventional. |
09-24-2005, 12:48 PM
| | Junior Member | | Join Date: Jan 2005
Posts: 22
| | Quote: |
Originally Posted by HomeGuru **A: VA is correct. Forget VA for now and go conventional. | HomeGuru, Thanks for the reply, but the VA is correct about which statement? (I'm confused about my question!!)  |
09-26-2005, 03:21 PM
| | Member | | Join Date: Mar 2002
Posts: 218
| | | You could consider switching to FHA financing too. To achieve the same cash investment objective as in a 0% down conventional, you could incorporate a program that allows the seller to pay all or most of your down payment and closing costs. To get more information, go to [url]www.buyersfund.com[/url].
This of course assumes you are not purchasing a home over the FHA statutory limit for your area. It also assumes the appraisal has not already been completed on the subject property.
I'm in no way affiliated with the website I referenced, just trying to help. I can, however, help you with your mortgage if your current loan officer is unfamiliar with this type of FHA financing. |
09-26-2005, 03:57 PM
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Posts: 22
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Originally Posted by Samm1970 You could consider switching to FHA financing too. | I thought FHA financing was for first time home buyers? Thanks, Howie |
09-27-2005, 10:33 AM
| | Member | | Join Date: Mar 2002
Posts: 218
| | | Not true. You can utilize FHA financing even if you've owned a home in the past. The only stip is that you can't have ownership interest in another home, that you plan to keep that has FHA financing on it. |
09-29-2005, 08:55 AM
| | Member | | Join Date: Mar 2005
Posts: 60
| | | If they can't find any information on the loan, how can they be reporting the information? Dispute the Auruora information with the 3 credit reporting agencies. While this may not help you in the immediate it will help you down the road. |
09-29-2005, 04:30 PM
| | Member | | Join Date: Mar 2002
Posts: 218
| | | Nanomug brings up a good point that may help you now. Ask your loan officer to have the credit reporting company he used check on this and delete it from their report if no information is available. It's important that it's deleted not shown as satisfied. This will not impact your credit hisotry on file with the 3 major bureaus. It would only effect the report contained in your loan officers file. Do what Nanomug said to have it deleted from you history for future. |
09-30-2005, 11:15 AM
| | Junior Member | | Join Date: Jan 2005
Posts: 22
| | Quote: |
Originally Posted by Samm1970 Nanomug brings up a good point that may help you now. Ask your loan officer to have the credit reporting company he used check on this and delete it from their report if no information is available. It's important that it's deleted not shown as satisfied. This will not impact your credit hisotry on file with the 3 major bureaus. It would only effect the report contained in your loan officers file. Do what Nanomug said to have it deleted from you history for future. | Nanomug, Thanks for the info. I am currently disputing these with 2 of the bureaus as we speak. God only knows how long that will take. Experian doesn't have it listed at all?
Last edited by MeAnDg5; 09-30-2005 at 02:43 PM.
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09-30-2005, 02:28 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
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Originally Posted by MeAnDg5 Nanomug, Thanks for the info. I am currently disputing these with 2 of the bureaus as we speak. God only knows how long that will take. Experian doesn't have it listed at all?
Samm1970, could you PM me an email address so we could talk about what you have to offer. Thanks, Howie | ********************************
NOTE: Samm1970 has violated the terms and conditions of this website and is not allowed to solicit business period. His membership on this website is on the verge of being terminated. |
09-30-2005, 02:45 PM
| | Junior Member | | Join Date: Jan 2005
Posts: 22
| | Quote: |
Originally Posted by HomeGuru ********************************
NOTE: Samm1970 has violated the terms and conditions of this website and is not allowed to solicit business period. His membership on this website is on the verge of being terminated. | Take a chill pill will ya... |
09-30-2005, 02:47 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
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Originally Posted by MeAnDg5 Take a chill pill will ya... |
**A: I did and now you're the target MeAnDerthal. |
09-30-2005, 02:55 PM
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Posts: 22
| | Well that's a grown up way to reply.  |
09-30-2005, 02:57 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
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Originally Posted by MeAnDg5 Well that's a grown up way to reply. |
**A: thank you amd mind your own freakin bizness. |
09-30-2005, 02:59 PM
| | Junior Member | | Join Date: Jan 2005
Posts: 22
| | | I'm the OP so this thread is my business, so I suggest you practice what you preach "amd mind your own freakin bizness" Thank you. | |
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