Recommendation for FHA mortgage lender in Michigan?

Hey folks! I'm gearing up for my 2016 home ownership quest and am in search of a good mortgage lender/broker in Michigan. I am a first time home buyer who is confused as heck and knows next to nothing about the process except that I need at least a 620 middle score to qualify. I will only have about $10,000 for a down payment and such which is why I am looking to qualify for an FHA loan. Does anyone have a recommedation for someone in my state that is good with people going through the process for the first time? Thanks in advance!

It wont be BofA that removes it at 7 years, it will be the credit rteporting agencies. You can ask for an early exclusion (I had good success with TU and EX and didn't have anything on EQ to try on.) Call and ask for EARLY EXCLUSION. TU may take a few tries before you get someone that knows what you are talking about. EX was a piece of cake. You will need a report number to get thru on EX phone system (the last copy of your free report from annual credit report will have a 10 digit number at the top). If the others are old you can try the same thing, otherwise you may have to contact the creditor and get them to email you letters stating it should be updated and get those in the hands of the

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How to Remove items without opening new dispute for FHA Mortgage approval

Hello, these forums are very helpful. How do I remove items from the bureaus without filing a dispute? For example, I have several old accounts that are expired now. On 2 of them, I tried calling the creditors directly and they were so old that they said they had no information. I can't file a "dispute" with the bureaus because as you know, you can't close on a mortgage with an open dispute and I don't have time to wait 30 days. I can't quite go to the creditor when they're like "it's so old we have no information." The other issue I have is there are some blatant errors. For example, student loans errors. I have letters from my student loan company saying they've corrected with the credit bureaus -- but then they show up. What should I do? Again, I can't open disputes because I can't have an open dispute and close on a loan. LVNV put something on my credit report for a dental bill I paid in cash. It was years ago. I don't know how to go about proving I paid it. Last but not least I have a charge-off from Bank of America that's reaching the 7 year mark in 2 months. Is B o A good about removing after it hits that mark? Should I even try a goodwill ask of them to remove it early or at least update it to a 0 balance? (They didn't sell it so it still shows a balance) Or anything? I'd be afraid of offering any type of payment for fear they'd open the loan and re-age it since it's going to fall off in a month. All help appreciated

It wont be BofA that removes it at 7 years, it will be the credit rteporting agencies. You can ask for an early exclusion (I had good success with TU and EX and didn't have anything on EQ to try on.) Call and ask for EARLY EXCLUSION. TU may take a few tries before you get someone that knows what you are talking about. EX was a piece of cake. You will need a report number to get thru on EX phone system (the last copy of your free report from annual credit report will have a 10 digit number at the top). If the others are old you can try the same thing, otherwise you may have to contact the creditor and get them to email you letters stating it should be updated and get those in the hands of the

FHA Mortgage Lenders?

I am ready to finally apply for a mortgage loan and went into my credit union this morning to do so but left feeling very frustrated. I have ONE derogatory item, a foreclosure. I know, the worst derog when applying for a mortgage. Foreclosure started Sept. 09, Certificate/deed transferred Feb 2010. So I think I am within FHA quidelines, timewise, which I believe is 3 years w/o extinuating circumstances. The branch mngr was very unsure of anything and opened an instant msge chat window with loan officer in their Orlando office. I am assuming their quidelines encompass their overlays, because their loan quidelines mirrored those of conventional loans. I pressed for more specifics on their quidelines and the loan officer came back with they don't do FHA loans and havent done them for approx 8 months and she doesnt know why they dont remove that option/product from their list. I will list my specifics and hoepfully someone can share their experiences/recommend someone in my area?I have next Monday off and want to apply so I can start looking at properties without wasting everyones time. Credit limits available 37500, credit owed ( 2 cards, $8, 200 )Income 35k annuallyDebts; 2 credit cards only, minimum payments roughly $125, I always pay moreSavings, verifiable funds, 16kRetirement, 10k, half of which I can borrow but won't.FICO Mortgage scores per this site are all above 710.10% down plus closing costs, mortgage no more than 70K.No lates, nothing derogatory except foreclosure, aaoa 16 yrs Thanks in advance for any advice, recommendations, etc.

I just sent you a PM of two fantastic loan officers that do FHA loans and do them well

How to choose a mortgage lender?

My co-borrower and I have already received pre-approval through a Century 21 broker, but as we get closer to finding a house I'm wondering how to select a lender that will provide the best deal. We both have excellent credit (him 810, me 798...pulled by the Century 21 broker), but have only about 10% to put down on a conventional 30 yr fixed jumbo loan (625k, SoCal). We don't want to pay PMI if we can avoid it somehow. I can have access to NFCU through a family member. Should we try there first? Any other recommendations? Thanks!

StartingOver10 wrote:
Weatherguy, usually I am in your camp with the big box banks (Chase, Wells Fargo, PNC, etc). But for jumbos they have an entirely different process. For a conforming loan, I agree with you - go to a mortgage banker/correspondent lender. OP, you may want to check mortgage bankers anyway - but jumbos are different and the big banks are really looking to compete in that market with lower rates and better terms.Pretty much this; as S10 suggests I am in So Cal and went through the process on a jumbo before realizing I got cold feet looking at the budgetary numbers for post mortgage cash flow: living on the mortgage interest tax deduction: may have been substantial but wasn't smart for me. The big box banks I talked to were all within .125 of each other, and the only other options for competitive rates were some of the Credit Unions who depending on their size do also portfolio some of their loans. Bigger is better in this case, know both Logix here locally in LA and Penfed had 10% options, I would assume NFCU does too but I never had access there so didn't inquire. I was also shopping at 20% down so I don't know their tiering involved. Weatherguys' experience with Chase were at the extreme side of ugly, mine were at the extreme side of good: vast majority of people fall somewhere between those two points. Also S10 does correctly suggest, big banks want the jumbos, conventional Agency loans not so much: my own opinion is they are more than happy to let the smaller banks have those and the regulatory overhead that comes with them, and they are happy to be funding the warehouse lines those smaller originators are using. @OP: if you are at the 625k mortgage line in So Cal you may have some options for a high balance agency loans depending where you are buying which most places are competitive on. Regarding PMI, you probably want a jumbo product, just be aware that some lenders will charge a premium above 417K but below a certain threshold; for example Chase does not charge PMI on their 15% down jumbo (they won't do 10% last I checked) and it's possible some of the 10% down folks won't either; however, in Agency land you're kinda suck on that.

Hopeful First Steps for a mortgage - Plan ahead!!!

Hey everyone! I just wanted to say that my husband and I went to a mortgage lender at our credit union on Friday and it was a great meeting. I had printed out mine and my husband's three-bureau full credit reports and had a list of questions. We want to buy in 12-24 months, so we wanted her to run a hypothetical to see what we'd qualify for based on our incomes, how much closing/prepaids are likely to be, and what do we need to improve on our credit. It was the absolute best thing we could have done. She confirmed that the amount we'd want to buy for is well within our means, and gave us a details sheet of what that would cost us upfront for closing costs/prepaids if he hypothetically bought this month. The third thing was the most valuable - I have 4 credit cards im paying off through a Debt Management Plan ($11k left) and $170k in student loans I pay on income based repayment. My husband has no debt, but only one secured credit card and a few 6 year old medical collections. Basically, hes hovering in the mid 600s and me in the low 700s and we felt utterly helpless as to what to do to be in a sound position in 12 months. she gave us very good advice on what we're lacking and how we can deal with it, and because this is the very person who would be processing our mortgage loan, it made me feel like it was the most sound advice we could get regarding our credit. We were able to get my cards into a secured loan based on our paid off car, using my higher score at 3%, and then open a joint unsecured credit card - so we went out of there with my having saved $700 over the remaining life of my credit card balances, plus a new solid mixture of credit types for both of us, all of which will have the inquiries gone in 12 months when we return...she is confident that my husband's scores will be up to the 700s in 12 months and we will be in a great position to buy. My point being, the best thing we did when we felt like our situations were kind of a mess was to sign up for the myfico 3-bureau stuff and study it all inside and out, then to see a mortgage specialist long before we are ready to buy, at a time we were well informed about our situations. My husband didnt know what his credit was on Jan 1, and the lowest score was 540. just taking the time to understand things and giving yourself KNOWLEDGE, a PLAN and TIME is huge. If anyone is thinking of buying a house in the next couple years, take this time to go ask about your situation! It's not nearly as discouraging to hear what still needs to be done when you still have time and don't have the money saved yet anyway - it sounds more like an opportunity than a hurdle when you start early and have time on your side.

Hello Manish Kumar,
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Lender Master (for loans) and Lender Receipts/Payments

Hi,
Customer is asking for the below two things as their requirements. I am not aware of those 2. Kindly suggest me.... from which module we can configure them and how to proceed.
Lender Master (for loans)
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KB
Edited by: Kbachina on May 28, 2010 12:20 PM

happy0510 wrote:
dpeezy wrote:
edcampbell613 wrote:
Is there an income limit? Can it be stacked with other DPA's / Bond programs? Sounds like a killer deal. We have something simmilar in NC NC Housing 3% DAP 80% median incomeFHLB for every $1.00 they put in $4.00100=400200=800ect, ect Yup, income limit is 115% for FHA, 140% for conventional. Very lenient!Can you elaborate on the percentages? Is this above poverty?Is it for first time buyers only?I'm getting ready to sell and move up in L.A. County so this is interesting!This will be our second purchase.Nevermind. I just looked it up. We make 130K so I do not think we will qualify. However, I am definitely going to pass this information on. Thank you!

FHA Mortgage Question New York

FHA Mortgage Question I'm a first time home buyer my credit scores are Trans. 683, Exper. 666 and Equ. 653.I had a bankruptcy and it will be four years this September. I have had zero late payments in the last 12 months. My last late payment was January 2014. The house price I want to purchase is $145,000 I have put a deposit of $17,700 and I still have $10,000 in the bank. My over all monthly payments are $932 a month and my annual salary is $75,000. Can anyone help me getting approved for an FHA loan or do I not qualify....

ATT gave me a 917 number, hope it helps.

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Do mortgae lenders even consider your FICO 8 score when evaluating you for a mortgage loan? My 'typically used FICO for mortgages' numbers are significantly lower than my FICO 8. Thinking about applying for a refi so any guidence would be appreciated

CreditUnderH20 wrote:
Do mortgae lenders even consider your FICO 8 score when evaluating you for a mortgage loan? My 'typically used FICO for mortgages' numbers are significantly lower than my FICO 8. Thinking about applying for a refi so any guidence would be appreciatedNo. There was someone that posted a month or so back with a lender that uses FICO 8. Search for that thread here in this forum. It is very rare....in fact, it is a portfolio lender but I don't remember who it is...

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Message was edited by: Texas Mac Man

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Revert Back for any Doubts..
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Recommendation for FHA mortgage lender in Michigan?

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