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Keane
292 Posts |
 Posted - 05/15/2008 : 11:37:20 PM
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I have a borrower who has a low fico but I think is a good candidate for a govie loan.
Low score is due to many old collections. She's paid off 3/4 of all of them including all large ones. She has several other recent credit tradelines with no late payments. 3 cc's and a car.
What kills her credit is when these collection companies sell the debt to someone else.
She's already negotiated extra concessions to be paid by the seller to pay off the rest of the collections. The remaining concessions for debt will be applied to her car loan.
550 fico. May be higher in a couple of days when her report updates. She's VA certified.
Low DTI and has many months of reserves. I need a lender who actually reads the LOE's and ties it to the report history.
Who would you guys suggest? |
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Keane
292 Posts |
Posted - 05/15/2008 : 11:38:22 PM
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Oh, by the way, she was approved with M&T and had a 560 at the time. They raised their fico score requirements to 580 and killed my deal a week later after the pre-qual approval!
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