All Forum Posts by: Joe Belanger

Hey All,

I am in the process of closing on a house I have 2k tied up already. I have sent multiple bank statements that have been requested of me and recently it looks like they were able to view my account and see I did not have the required minimum in there anymore. So I told my LO of course I don't, you advised me to get an inspection, good faith deposit, appraisal and purchase home owners insurance which is about 2k so obviously I have spent some of money for house, why would you advise me to spend the money if youre going to be checking my accounts again? I am still waiting on his reply.. does anyone have any advice? my closing date on contract is 11/15. Thank you in advance.

I was contacted by another lendor saying they do as low as 580 Credit score if I have good income and low credit debt ration which i have both. I believve I will go that route, since current LO said my score will be pulled again...

the spending was by me last utilization was 4% now at 45% think it dropped so much because I was already on the edge with 638 score and don't have long credit history, hoping that it will go up in 30 days or a rapid rescore will make it raise after its paid. Just freaking out right now!!

I was pre approved for house and bank just accepted my offer last week, I received notification today that credit score dropped 28 points ONLY thing changed was alert saying "credit usage significantly increased 45%" it takes me to 608 score which is below 620 needed with lender for FHA. Spoke to loan officer and said yes it could affect me closing on home. My inspection is tomorrow so I have time I paid off card today to $0 balance. Do you think I will be OK come closing?

Hey everyone,

At the young age of 21 I got started in a great career and make great money for a young man, unfortunately I messed my credit up making immature mistakes. One of those things where I should have took my parents advice on how important credit score is. Now at the age of 25 I fixed it and recently purchased my first home thru FHA loan. Within the next 6 months I would like to purchase another for renting purposes. I understand the risk involved and am willing to commit. Over the years I plan on also renting out my current home after getting established and setting the goal of owning 3 rental properties by age 30 and continuing growth. I will be purchasing this home with conventional loan and putting money into it to make it presentable and appealing. I understand the importance of finding a good tenant and running BG/CS check. I was curios from a legal standpoint how do you cover your investment. Where do you print or create documents for tenant to sign. Is there a different insurance needed to cover damages, ect. What else can you veterans tell me to ensure I do everything to be successful, thank you in advance.

- Joe