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Old August 5th, 2009, 09:39 AM   #1
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Smile Holy crap I got approved

The wife and I went to the flagstar office last night and got approved for a $70,000 mortgage. He said they could approve more but I said no thank in this economy I will get a lot for that much. I couldn't beileive that we got approved on the computer with out going through underwriting since we filed bankruptcy 4.5yrs ago. Looks like I get to go house shopping. I hope to find something in the 30-40k range and gut it/fix it up myself.
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Old August 5th, 2009, 09:40 AM   #2
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what is your credit like to get that much
and do you have a bunch of time on the job? 1 year? 3 months? 10 years

edit: fixed so post could be understood

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Old August 5th, 2009, 09:46 AM   #3
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wat
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Old August 5th, 2009, 09:51 AM   #4
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middle credit score 620 and 1 1/2 yrs. Interest rate of 6%

I think its sounds pretty dam good and I was told Flagstar is is a great place to be approved.
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Old August 5th, 2009, 10:03 AM   #5
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ive got my mortgage threw flagstar. they are cool until your late on a payment and then look out. ive been trying to get them to help me with my interest rate or something, my house is worth about 120000 and i owe 155000. all they really seem interested in is foreclosing me and when you call them...omg, im in customer service and ive never talked to anyone like that. There is my input take it for what it is - but congrats on the approval
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Old August 5th, 2009, 12:44 PM   #6
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ours is with flagstar, we are ahead a few months they seem cool
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Old August 5th, 2009, 01:03 PM   #7
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Congratulations. Buying can be a bitch right now.
Not to sound like a sales pitch But I work as a Mortgage modification consultant. (One of the good guys that have been around since 05'). I have had a lot of peeps in Michigan losing there homes around me. I just did a short sale on mine for $45,000. I paid $125 back in 2000 and now the value dropped to $70,000. I'm kinda glad that I only owed $90 on it after paying off the Ex. I am seeing all the $155-200K homes in my hood go for $40-70,000.
PS thanks to Mike Cox we have to have our lawyers work on our files now so the rates just got doubled. Now I see why the non profits are getting busy even they take 2-3 times longer.

If you want to find a good deal go to Google maps and click o the My Maps link on the left and put Foreclosures in the search and area with a price range and reference the homes you like with zillow.com / realestateabc.com to see what the neighbors are getting for their home values and you will know if you can get a quick build on your equity. If any one has any questions PM me a number and a time and I can Answer with all my nerdy greatness.
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Old August 5th, 2009, 01:18 PM   #8
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Originally Posted by unluckyal View Post
ive got my mortgage threw flagstar. they are cool until your late on a payment and then look out. ive been trying to get them to help me with my interest rate or something, my house is worth about 120000 and i owe 155000. all they really seem interested in is foreclosing me and when you call them...omg, im in customer service and ive never talked to anyone like that. There is my input take it for what it is - but congrats on the approval
Just tell you will let it go back, & they can keep it. They will lower your rate then....02

Seems pretty fashionable nowadays...


A+++ on the approval
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Old August 5th, 2009, 01:19 PM   #9
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middle credit score 620 and 1 1/2 yrs. Interest rate of 6%

I think its sounds pretty dam good and I was told Flagstar is is a great place to be approved.
620 is a middle credit score?

I thought you had to have 700+ to get credit these days.
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Old August 5th, 2009, 01:21 PM   #10
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If you want to find a good deal go to Google maps and click o the My Maps link on the left and put Foreclosures in the search and area with a price range
nice. never knew that feature
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Old August 5th, 2009, 01:44 PM   #11
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Quote:
Originally Posted by Broncoholic View Post
Just tell you will let it go back, & they can keep it. They will lower your rate then....02

Seems pretty fashionable nowadays...


A+++ on the approval
Be persistent.... Call them 2-3 times a day and ask for a modification. When they send you the paperwork and list of supporting docs you will have to fax it back 3-7 times and call every time you do. Squeaky Wheel.

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nice. never knew that feature
I'm full of useless info... haha
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Old August 5th, 2009, 02:28 PM   #12
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620 is a middle credit score?

I thought you had to have 700+ to get credit these days.
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Old August 5th, 2009, 02:39 PM   #13
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620 is a middle credit score?

I thought you had to have 700+ to get credit these days.
When you run your credit thru the 3 companies. His score in the middle was 620 .
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Old August 5th, 2009, 04:53 PM   #14
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620 is a middle credit score?

I thought you had to have 700+ to get credit these days.
Only to get a credit car at a retail stor like Home Depot or Lowes.

Whats your credit score CC.
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Old August 5th, 2009, 06:50 PM   #15
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620 is a middle credit score?

I thought you had to have 700+ to get credit these days.
about 8 months ago even at 700+ it was hoops to jump through to establish a new line of credit.

things loosened up quite a bit over the spring/summer.
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Old August 5th, 2009, 06:54 PM   #16
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Quote:
Originally Posted by OSulley View Post
Be persistent.... Call them 2-3 times a day and ask for a modification. When they send you the paperwork and list of supporting docs you will have to fax it back 3-7 times and call every time you do. Squeaky Wheel.



I'm full of useless info... haha
will this really work??????
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Old August 6th, 2009, 02:14 AM   #17
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will this really work??????
x2 I am at 6.25% and last I knew my credit was 740ish.
I have never had a late payment. PMI insurance sucks ass. I am currently paying 75 bucks a month and have been since i started my mortgage 6 years ago. With falling market values I will never get out of that before the 12 year limit on it.
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Old August 6th, 2009, 07:44 AM   #18
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Only to get a credit car at a retail stor like Home Depot or Lowes.

Whats your credit score CC.
My home loan was "compromised" two years ago, so I have this free fancy credit score checker thinger for five years. I just pulled a free report:

EXPERIAN: 733 | EQUIFAX: 749 | TRANSUNION: 762
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Old August 6th, 2009, 07:54 AM   #19
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Quote:
Originally Posted by OSulley View Post
Be persistent.... Call them 2-3 times a day and ask for a modification. When they send you the paperwork and list of supporting docs you will have to fax it back 3-7 times and call every time you do. Squeaky Wheel.



I'm full of useless info... haha
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will this really work??????

No, that will not work. Banks are not refinancing for anybody who happens to be under water in a mortgage. And if you keep calling them, you will just piss them off. Banks would rather lose more money to foreclose on to get rid of this bad debt then to keep dicking around with people who aren't paying. If they didn't pay their mortgage at 6.5%, why would they pay at 5.0%, or 3.0%? They just want you gone.

if anybody wants good useful information, contact Chris Rogers on this website. he's one of the smartest mortgage guys you will ever find.
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Old August 6th, 2009, 08:20 AM   #20
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Quote:
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if anybody wants good useful information, contact Chris Rogers on this website. he's one of the smartest mortgage guys you will ever find.
What is Chris Rogers' username here? I have questions. Am trying to get financing now.
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