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mfleishour
5 Posts |
 Posted - 03/18/2008 : 2:20:16 PM
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I have a loan that the score is a 492 FICO. The purchase price is 136k, they make 90k a year w-2, DTI is under 35%, more then 2 years of employment at same job. It is in the State of NC. Seller is willing to do a sellers concession
Can anyone do this loan? |
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davidfr
1185 Posts |
Posted - 03/18/2008 : 5:29:22 PM
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| Why are there scores so low? it is HIGHLY unlikely you can do this unless they have a damn good reason for scores below 500. Damn good, and you must be able to document the reasons. Even then it is a long shot. |
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clarenceworley
4235 Posts |
Posted - 03/18/2008 : 6:31:39 PM
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| Did you try scoring it through an au system? What is the past 12 months credit like? |
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jkennedy1234
187 Posts |
Posted - 03/18/2008 : 6:46:40 PM
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| concure, if he start his job 2 yrs ago and credit is clean for 2 years you may have shot. make sense he back on his feet and improving his stituation. my 2 cents |
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moneyluck
3775 Posts |
Posted - 03/18/2008 : 7:36:58 PM
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what ltv? is there a darn good reason his credit is so low?
with a good loe and solid reserves, etc, it might get manny uw at a small shop like first american mortgage trust (brookline, ma - google them). rate will be very high for fha, but very low for that score.
i closed a 492 exactly there once a year or two back. very, very good loe and a monthly savings of 1800 for the customer. make sense deal, lower ltv. 7.5% rate, i think.
i just streamlined the same customer (whose payment history has been perfect since we got the loan) - now she is back down in the 5s |
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