     Steve Jones | Monday, January 03, 2000 - 07:17 am 
Anyone know if a loan is possible with this score.
If so who's the lender?
Steve |
| Sean | Monday, January 03, 2000 - 10:43 am
In most states an issuer of mortgages needs to have a real estate license for that state. Therefore a lender that can provide you with a mortgage at that score in my state may not be able to help you at all in your state.
There are some people out there, private parties, who do "hard money" lending. In that case your credit profile would be completely irrelevant and all they would look at would be the value of the property you are financing. They would not loan more than 65 percent of the value of the property, so you'd have to come up with the other 35 percent through a different source. If you live in California and this suits you give Walt a call at (323) 268-6100.
Other companies would simply charge you a higher interest rate to do business with you. Somewhere between 12 and 15 percent sounds about right.
You'd be better off trying to improve your credit profile first, if you can. |
| kristy welsh - creditinfocenter.com | Wednesday, January 05, 2000 - 05:12 am
You can get a mortgage whatever your credit situation, but if your credit is poor, you may not like the rate and terms.
Also, it depends on why your score is the way it is, lack of credit, lates, medical collections? What's the story?
Before you go talk to a hard money lender, (BTW, lots of times these guys charge interest only @ 16-18% with a two year balloon), try to see if you can get an FHA loan. Sometimes government lenders can be more forgiving. Not sure how hard core FHA lenders are these days on scores. |
| Sean | Wednesday, January 05, 2000 - 06:32 am
It's not quite as bad as Kristy says, but it is pretty bad. We have hard money lenders out where I'm at that charge 10 points and 10 percent interest with a 36 month balloon sometimes called a "30 due in 3" and the effective interest rate is right around 13.74 percent.
And considering they won't loan more than 65 percent they are basically taking little if any risk at all. |
| don | Thursday, January 06, 2000 - 07:29 am
When I first started looking, I went to
a mortgage broker my score was a 587 and
my wife's was a 582. We were considered
a 'B' and were offered a 30 year conventional
mortgage for 9.5%. The rates then were about
7.5. So let's say 2% over prime. We would
have had to come up with 20% down.
I decided to work on the credit instead and
a year later got an 'A' loan. 5% down.
So like everyone above... Almost anything
is possible, but are you able and willing
to pay. |
| Anonymous | Friday, February 04, 2000 - 08:30 am
www.moneymortgagemart.com
not sure if they are licensed in all states. My scores range from 580-610 and I just did a 2 year arm @ 10.75 w/10% down and NO PMI. Took only 6 business hours to receive commitment closed in less than 2 weeks. |
