STUPID QUESTION

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brandond

43 Posts

Posted - 05/12/2008 : 4:44:49 PM

Any sub prime lenders left ?? i have a file with a 526 mid fico, full doc. Conforming loan amount. Just trying to avoid hard money if possible.

Thanks Guys,

Brandon 818-618-9185

brandond

43 Posts

Posted - 05/12/2008 : 4:52:20 PM

California
Ltv = 65 or less.

brandond

43 Posts

Posted - 05/12/2008 : 4:59:28 PM

No lates
no BK's
No Lates
No Forclosure.

Im not FHA approved.

Has a tax lien that will be paid off in the loan.

vburek

505 Posts

Posted - 05/13/2008 : 01:54:15 AM

accredited might be able to do this.

KHufford

5112 Posts

Posted - 05/13/2008 : 02:13:57 AM

quote:
Originally posted by brandond

No lates
no BK's
No Lates
No Forclosure.

Im not FHA approved.

Has a tax lien that will be paid off in the loan.

Refer them to someone who IS FHA approved or you are doing this client a major disservice.

GVDenny

289 Posts

Posted - 05/13/2008 : 02:16:35 AM

quote:
Originally posted by brandond

Any sub prime lenders left ?? i have a file with a 526 mid fico, full doc. Conforming loan amount. Just trying to avoid hard money if possible.

Thanks Guys,

Brandon 818-618-9185

Have you considered that maybe some people don't need to have a mortgage?

Just asking

jvanpetten

2180 Posts

Posted - 05/13/2008 : 03:26:16 AM

Now that is a stupid question. Unless you have all the information, you should not assume they don't need to have a mortgage.

Have you considered that maybe some people don't need to have a mortgage?

Just asking
[/quote]

Mandyvilla

2711 Posts

Posted - 05/13/2008 : 05:10:21 AM

I couldn't agree with KHufford more. Financially, FHA is this customer's best alternative and greatest hope. And, it's not going to be a cake walk at 526. It's not always about the loan. I get referrals because I have told customers refinancing is a waste of their money or I have sent them to another lender for a more competitive product. After a couple of years, I get first crack at many loans, just because I don't always recommend what puts money in my pocket. I really do believe it will come back to me 2x over.

On another note, seriously consider another employer that offers FHA. Without it, your paycut just got a lot deeper.

CoolMtgGuy

1964 Posts

Posted - 05/13/2008 : 05:23:50 AM

quote:
Originally posted by KHufford

quote:
Originally posted by brandond

No lates
no BK's
No Lates
No Forclosure.

Im not FHA approved.

Has a tax lien that will be paid off in the loan.

Refer them to someone who IS FHA approved or you are doing this client a major disservice.

I agree ... do what is right for the client and don't deny them a possibly good solution source simply because you do not have access to that source. I have done this twice in the past week ... for no fee. The right thing is sometimes very painful to do.

CoolMtgGuy

1964 Posts

Posted - 05/13/2008 : 05:25:45 AM

quote:
Originally posted by GVDenny

quote:
Originally posted by brandond

Any sub prime lenders left ?? i have a file with a 526 mid fico, full doc. Conforming loan amount. Just trying to avoid hard money if possible.

Thanks Guys,

Brandon 818-618-9185

Have you considered that maybe some people don't need to have a mortgage?

Just asking

Since when is this a decision for an originator? It's either you can get it done for the client or not. It is very presumptious to make such a statement.

EMScommercial

4700 Posts

Posted - 05/13/2008 : 08:49:20 AM

it's amazing how fha has become our old 'subprime' choice!

KHufford

5112 Posts

Posted - 05/13/2008 : 09:05:25 AM