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sstrok
53 Posts |
 Posted - 08/20/2008 : 3:21:30 PM
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I've got a great subprime deal, and need a quick close for a purchase.
AZ purchase
567 mid
50% ltv (client willing to put 50% down)
$200k purchase price
$100k loan amount
Foreclosure just over 1 yr ago
full doc (6% DTI!)
let me know... |
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latham2358
3 Posts |
Posted - 08/20/2008 : 3:33:12 PM
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| Saw you were looking for someone doing subprime. I know of someone in Alabama, he does do AZ. I'm not positive he can help you but atleast it's worth a shot. His name is Patrick Hodges, his email is PHODGES@newsouthfederal.com, his phone number is 800-326-1911 ext. 7252. Please let him know Julie referred you. Good luck. |
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CoralSnake
12474 Posts |
Posted - 08/20/2008 : 3:37:35 PM
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| I have a lender that will do that, but not in NY |
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mdiclemente
1026 Posts |
Posted - 08/20/2008 : 5:06:35 PM
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quote:
Originally posted by CoralSnake
I have a lender that will do that, but not in NY
How about CT? I have a similar one in CT. I just about denied it already, but they can put 10-15% down. Both the husband and wife got laid off in the same month over a year ago and had a foreclosure 1 year ago. Also, her parents are willing to be non-occ cb's and they have high credit and good income. |
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GSE_
788 Posts |
Posted - 08/20/2008 : 6:27:56 PM
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Subprime is gone. With Fannie & Freddie announcing they will no longer buy any ALt-A Paper that was the final nail in the Subprime coughin........
Loans are limited to:
Agency, Government, Hardmoney |
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sc312001
1107 Posts |
Posted - 08/20/2008 : 6:34:34 PM
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| Eastern Savings Bank or Emigrant |
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waynepbright
3934 Posts |
Posted - 08/20/2008 : 6:42:22 PM
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Equifirst |
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loanhound
53 Posts |
Posted - 08/20/2008 : 6:45:02 PM
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These people might be able to do it. Not sure what states they lend in. I talked to a woman named Mandy Wise there today, but I've never used them.
http://www.glgiwholesale.net/Home
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GSE_
788 Posts |
Posted - 08/20/2008 : 6:50:31 PM
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Eastern Savings Bank is a very good Hard Money Lender.
Note:
Equifirst only does FHA Loans. |
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CoolMtgGuy
9067 Posts |
Posted - 08/20/2008 : 7:03:01 PM
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Do you know something that we don't know? Equifirst is now primarily, or only, FHA as far as I know.
quote:
Originally posted by waynepbright
Equifirst
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waynepbright
3934 Posts |
Posted - 08/20/2008 : 7:18:12 PM
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You are correct with Equifirst however; they're still underwriting them to 540 score thru FHA |
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CoolMtgGuy
9067 Posts |
Posted - 08/20/2008 : 7:37:13 PM
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Ahhhh .... I forgot that FHA is the new subprime.
quote:
Originally posted by waynepbright
You are correct with Equifirst however; they're still underwriting them to 540 score thru FHA
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LeeLansford
165 Posts |
Posted - 08/20/2008 : 7:44:00 PM
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quote:
Originally posted by CoolMtgGuy
Ahhhh .... I forgot that FHA is the new subprime.
[
Any bets as to when FHA will suffer the same fate as its predecessors in the sub-prime game of mortgage roulette? |
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seaRick1
844 Posts |
Posted - 08/20/2008 : 8:49:46 PM
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| yeah right....FHA being the new subprime!! I heard Scott Tucker say that awhile ago and I'm thinking what a piece of sh__! It is most definitely NOT the new subprime. God, haven't we learned a bit from the last couple years? And yes, people should have to bring in 3% of their OWN $$ to buy a home with an FHA loan. The DPA programs and their loan defaults prove that fact clearly. Enough is enough! Let's try and weed through all this crap from the last few years and get some stability back in the market, but it will take awhile before that happens still. But let's not continue to feed the market with more crappy loans that people will default on. There will always be a certain level of foreclosures in any market, but let's not make it worse with these $0 down payment FHA loans via the DPA programs. |
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mantixmortgage
3368 Posts |
Posted - 08/20/2008 : 8:54:00 PM
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quote:
Originally posted by LeeLansford
quote:
Originally posted by CoolMtgGuy
Ahhhh .... I forgot that FHA is the new subprime.
[
Any bets as to when FHA will suffer the same fate as its predecessors in the sub-prime game of mortgage roulette?
uh, when the united states government ceases to exist? |
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mjones
116 Posts |
Posted - 08/21/2008 : 11:08:50 AM
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Wayne,
Will you email your contact info to me. I wanted to give you a quick call.
Mark mjones@vcweb.org
quote:
Originally posted by waynepbright
You are correct with Equifirst however; they're still underwriting them to 540 score thru FHA
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