That is silly of that seller. It is average for a conventional loan to close in 30-37 days. Nowt sue why yours is so long. If finding another bank is not an option. Your offer should simply have a 60 day close in your offer. No need to ask ahead , just put it in your offer. You should have known that before making an offer to this GA home seller and if you did not and the contract states 30, you are stuck. Perhaps reality of withdrawing your offer within your mortgage contingency will shock some patience into that seller. Your buyer agent should be guiding you... more
As a mortgage lender pulls credit, the first thing that should be reviewed is the Summary of credit trade lines and accounts. Credit scores are most affected by the utilization of current credit.
However, scores are also impacted by past negative ratings, collections, judgements, etc. and will have a negative impact while these accounts are considered recent but can fade out over time as newer accounts are being reported.
It is not always helpful to pay off old collections, as scores can decline as the older information becomes newer information once the trade line is updated as "paid collection" or satisfied collection.
The answer to your question is no. Credit scores do not affect your down payment. They affect your ability to qualify for certain loan programs, which might require a minimum credit score.
A 700 credit score buyer can secure a home with an FHA mortgage loan requiring 3.5% down payment and a 640 credit score buyer can secure the same FHA loan with the same down payment requirement.
However, for a Conventional mortgage loan, a 640 credit score buyer will pay a higher interest rate and private mortgage insurance rate as opposed to a 700 credit score buyer- whether they put 5% or 20% down.
A 640 credit score will not guaranty a loan approval, neither will a 700 score guaranty approval.
Income sources and debt ratios are a major decision maker in the mortgage loan process and approval.
Credit scores will affect the interest rates and mortgage insurance rates you pay on a mortgage loan.
And I am glad to hear you have stellar credit scores. I would trust a local lender with internal processing and underwriting to handle your mortgage financing. Mortgage Insurance providers are competing for business and their rates are not equal. If your loan requires mortgage insurance, ask your lender who they purchase the mortgage insurance through and if they have multiple companies to offer you the best premium.
Mortgage Loan Originator
706-860-4200 office... more
How has the house hunting been going? If you are still looking let me know. It takes a lot of time to build your credit, but with time it can happen. I have seen several people build their credit back after a divorce or medical issues.... more
I would not recommend buying in Pepperidge. The resale value would not be good. There are other areas in Augusta that would be better. If you want to live in Augusta or Richmond County, I would recommend looking at houses in the West Augusta area. Hope this is helpful to you.... more
I have to agree with all the others but will add there are great subdivisions throughout the CSRA that have minimal issues. I would suggest you visit www.augustaCSRArealtor.com and there you will find tools to help you in your research. You can search for comparible homes to the one you had an interest in. Search Augusta, Martinez, Grovetown, Evans, Harlem, Appling, Hephzibah, Blythe, all of which are part of the Central Savannah River Area ( CSRA ) as well as N.Augusta, S.C., Aiken, Belvedere, Edgefield, Graniteville. These are all in South Carolina just across the Savannah River and
part of our community. We're glad you are interested in Augusta & the CSRA. Welcome Home! Call on me anytime if you have a question or I can assist in any way.
Pepperidge is a beautiful subdivision , especially the main entryway....however; because of the large volume of homes in the subdivision(I think it's the largest , or one of the largest subdivisions in Augusta, Ga.) it comes with a lot of teenagers. I used to live there but moved because the family that lived next door had unruly children and the parents seemed to be in denial. To be fair, it is probably like any subdivision, there are good streets and bad streets, and the majority of the residents are good people, but because of the few bad apples, it tends to tarnish the whole neighborhood.... more
At what stage is the other offer. Under normal circumstances, sellers like multiple offers because it creates desirable competition between the buyers.
All "written offers" must be presented....In situations of this nature, there are always other factors that enter into play. Unfortunately, with the information provided, it's difficult to provide an accurate and helpful answer that deals with the circumstances involved.
Your situation has the feel of there being much more to it than is presented.
What you need is someone versed in credit restoration to guide you by the hand through the process. Others may advise to pay off old debts or charge offs, which sounds right...but may actually continue to erode your credit score moving you farther and farther from your dream of home ownership.
I work with a company that GUARANTEES to get your credit restored or you get all of your money back. If straightening out your credit was as easy as many would lead you to believe, my company wouldn't be making guarantees.
Best of luck in finding your dream home. I am here to help.