NEED HELP - FHA - 652/ NO SCORE 97% LTV PURCHASE

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hoangad

2929 Posts

Posted - 08/28/2008 : 1:22:56 PM

Can we use a no score borrower?

652/no score
o/o
sfr
full doc
california
purchase
97% LTV
50% DTI
loan amount: $175,000

help please.

thanks!

hoangad

2929 Posts

Posted - 08/28/2008 : 1:28:54 PM

bump is this possible. thanks! help!

Mandyvilla

3405 Posts

Posted - 08/28/2008 : 1:54:56 PM

You need to run it through DU or DO. I had the same thing and 2 of the 3 borrowers were self employed to boot, one just 1 years. Came back just fine.

We are required to have low scores approved before we lock, but not no scores. We have a price bump for low scores, but not for no scores.

hoangad

2929 Posts

Posted - 08/28/2008 : 1:55:34 PM

so no scores are good?

hoangad

2929 Posts

Posted - 08/28/2008 : 2:56:21 PM

bumop

hoangad

2929 Posts

Posted - 08/28/2008 : 4:09:25 PM

bump

TheMoneyStoreguy

307 Posts

Posted - 08/28/2008 : 5:51:34 PM

Yes you can use the no score borrower as long as the no score is due to no credit. IF there are derogs, then you will probably have a problem. Most lenders will hit you for a pricing adjustment for the no score, so be on the lookout for that. As for the ratios, it is hard to determine with limited information whether or not they will be accepted. If you need any help, let me know.

TSVHOMES

180 Posts

Posted - 09/04/2008 : 2:18:16 PM

I HAVE THE SAME SCENARIO. WHAT IF THE DEROGS ARE PAID & THEY HAVE A CO-B WITH GOOD CREDIT?

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