- This topic has 6 replies, 2 voices, and was last updated 10 years, 1 month ago by Anonymous.
- May 13, 2011 at 2:59 pm #209473AnonymousInactive
My husband and I are applying for an FHA loan. We ran our credit and realized we had in June, July and September of ’10 late payments to his student loan. June was 30 days late, July was 60 and September was 30. His credit is 700 on TU and 730 on Equifax.*
The reason for the lates was purely an error with payment. The loan is a quarterly loan we set it up to auto pay monthly $40 in the summer ’10 … but it was off schedule — so, we paid $40 when $120 was due. In September we did the same thing until we finally realized our mistake. We’ve had no late payments on anything since.
We are applying for a relatively small mortgage ($98,000) — that includes 20% down, our mortgage payment will be roughly $700 as compared to $1,500 in rent we pay now (have never been late), we have very small debt and have an otherwise spotless (long) credit history with multiple forms of credit (revolving, installment, home equity) which were all paid on time.
**My credit is good … 750 on transunion but I do not earn an income (stay at home mom).
Could a mistake like this disqualify us from an FHA loan?
- June 20, 2011 at 12:50 pm #442979AnonymousInactive
You get what you pay for. If you are looking just at price, technically California Fair Plan is a good choice. It’s bare bones property coverage for dirt cheap. But…it’s designed for people who cannot get coverage anywhere else. It’s the strip-down, fire-only type coverage. It does not offer liability, and it is generally NOT replacement cost, so you could be shooting yourself in the foot trying to save a buck by underinsuring your house. Just ask those who’s homes were distroyed this year. I am sure a fair number of them are regretting looking at JUST the bottom line.
If you are looking for REAL coverage, ie: take care of your assets, look around and compare notes. How much are you trying to cover? Do you have discounts available (like non-smoker, over 65, multiple line, fire protection, or even job-related discounts like Farmers offers.)
Look in the phone book for agents and brokers in your neighborhood. Get several quotes for the EXACT same, or similar coverage. Then evaluate your options.
Skimping now could lead to REAL regret in the event of a catastrophic need. We had several people call in a panic during the wildfires and there was NOTHING I could do to help them then.
- June 20, 2011 at 1:31 pm #442980AnonymousInactive
Century National! They are the cheapest and you can get an instant quote online!!
I shopped around for mine and they have been the cheapest I know of for the past 7 years 🙂
- June 20, 2011 at 1:42 pm #442981AnonymousInactive
Go to do a search on “cheap home owners insurance” it will give some great reviews and deals.
Hope this helps!
- June 20, 2011 at 1:48 pm #442982AnonymousInactive
There’s no one size fits all cheapest. YOu’ll have to shop around.
- June 20, 2011 at 2:08 pm #442983AnonymousInactive
Why not let an insurance broker shopping around for you! A broker works with several companies and can find the best rates and coverage for you. To find a qualified insurance broker, log on to a website like and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you. Be sure to ask about earthquake insurance. See the article below for details about why you need this in Cali.
- June 20, 2011 at 2:18 pm #442984AnonymousInactive
My advice is to talk to a local agent who knows the market well.
You can connect with one at no cost at . Fill out the quote form and a local agent will call you and help you find the best policy at the best price.
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