This sucks (Update with the house)

[Burbanhunter 10+ year member]

Ok for all those that care and that have been reading my thread about my first house, I found out some news today. Ok within 2 months I should have my house if not less, but this is the problem I was ONLY 40 POINTS away from qualifying for the loan this month. Which is not bad if I were not trying to get the first home buyer credit. So basically I may lose 6500-8000 bucks for 40 lousy points. I am praying that it all works out because this would really ****. The good thing is that I will still be able to get the house with no problem, but I would lose all that FREE money. So this is just an update for all those that have asked me about it. If any of you have any advice to give that could help me meet this deadline it would be greatly appreciated and I would be willing to give a monetary reward for helping me get this money.

Thanks guys

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[michaellane 5,000+ posts]

hope it all works ouut

 

[evanirr 10+ year member]

fu** that tax credit, i bought my house, did the paper work on the tax credit, they told me 6-8 weeks til i see the money, 10 weeks later, i called h&r block, they told me it changed from 6-8 weeks, to 14-18 weeks!!!

 

[t_blake10 10+ year member]

What advice are you looking for? I doubt your credit score raises 40 points in the short amount of time you have. When is the deadline for buying a house to get the tax credit?

 

[k_schutte 10+ year member]

What advice are you looking for? I doubt your credit score raises 40 points in the short amount of time you have. When is the deadline for buying a house to get the tax credit?

This month sometime...

 

[Rmsanger 10+ year member]

You've got to learn to chillax a bit... The Senate extended it already 1 time, they're likely to do it again until house prices stabalize. Why don't you just hang out a bit and wait an extra month before signing on the dotted line. It's a buyer's market so you've got incentive to hold out.

 

[ctt0002 10+ year member]

maybe you can pay off a credit card or two?

 

[Burbanhunter 10+ year member]

fu** that tax credit, i bought my house, did the paper work on the tax credit, they told me 6-8 weeks til i see the money, 10 weeks later, i called h&r block, they told me it changed from 6-8 weeks, to 14-18 weeks!!!

WOW that sucks I don't expect to get it instantly, but wow.

hope it all works ouut

Thanks man me too

What advice are you looking for? I doubt your credit score raises 40 points in the short amount of time you have. When is the deadline for buying a house to get the tax credit?

I was trying to see if there was a place that allows you to pay for points on your credit score or something. I doubt it though. The deadline is April 30th

maybe you can pay off a credit card or two?

That doesn't really help, it helps to pay it down to 30% of the credit limit and I did that and so far within a month my score raised about 100 points.

 

[Burbanhunter 10+ year member]

You've got to learn to chillax a bit... The Senate extended it already 1 time, they're likely to do it again until house prices stabalize. Why don't you just hang out a bit and wait an extra month before signing on the dotted line. It's a buyer's market so you've got incentive to hold out.

This actually calmed me down a little bit. I never thought about it that way. Good advice man.

 

[bubbagumper6 5,000+ posts]

WOW that sucks I don't expect to get it instantly, but wow.

Thanks man me too

I was trying to see if there was a place that allows you to pay for points on your credit score or something. I doubt it though. The deadline is April 30th

That doesn't really help, it helps to pay it down to 30% of the credit limit and I did that and so far within a month my score raised about 100 points.

Why would you only pay it down to 30%? Part of your score is the ratio of available credit to total credit, so paying off your card completely would be better than keeping it at 30%

 

[Burbanhunter 10+ year member]

Well that was my idea but they say that paying it down to 30% keeps you paying on it monthly and builds history instead of paying it off and thats it, but I agree with you all.

 

[bubbagumper6 5,000+ posts]

Well that was my idea but they say that paying it down to 30% keeps you paying on it monthly and builds history instead of paying it off and thats it, but I agree with you all.

idk, shit's too complicated for me //content.invisioncic.com/y282845/emoticons/crazy.gif.c13912c32de98515d3142759a824dae7.gif

 

[peterweiner]

Well that was my idea but they say that paying it down to 30% keeps you paying on it monthly and builds history instead of paying it off and thats it, but I agree with you all.

im thinkin they will extend that tax break as well. hell, the housing market could still even fall further down the hole than it already is.

yes it builds your credit to pay on it monthly but as this point and time, you need to get your score good enough to get you qualified, then you can worry about building your credit paying your monthly mortgage. //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

hate to say it but 40 points is a lot to gain within this short amount of time and the only way possible to do that is to do what was suggested and that is pay off every single last dam piece of credit you have in your name. have those companies fax your current balance, which would be zero, to your lender and your lender should be able to send it into their bank to have it updated immediately but again, even if you had $5000 in credit and payed it all off right now, i dont see 40 points happenin.

besides that, youre fucked fyi

 

[Burbanhunter 10+ year member]

idk, shit's too complicated for me //content.invisioncic.com/y282845/emoticons/crazy.gif.c13912c32de98515d3142759a824dae7.gif

Me too

im thinkin they will extend that tax break as well. hell, the housing market could still even fall further down the hole than it already is.
yes it builds your credit to pay on it monthly but as this point and time, you need to get your score good enough to get you qualified, then you can worry about building your credit paying your monthly mortgage. //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

hate to say it but 40 points is a lot to gain within this short amount of time and the only way possible to do that is to do what was suggested and that is pay off every single last dam piece of credit you have in your name. have those companies fax your current balance, which would be zero, to your lender and your lender should be able to send it into their bank to have it updated immediately but again, even if you had $5000 in credit and payed it all off right now, i dont see 40 points happenin.

besides that, youre fucked fyi

Kind of what i was thinking, but we will see hopefully another extension will happen.