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babieblue
7 Posts |
 Posted - 11/06/2009 : 12:29:23 AM
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Hi.
I need major help. I want to help my sister get a house that is a short sale. Her credit score is only 594. She needs high LTV 95% so that she can use the cash she has to payoff the seller's 4 liens since the 1st lien will not pay anything to these 4 liens.
Anyone know of any lender that will lend money with that low of a fico score? She is one month shy away from the FHA 12 months rules of NO LATE. Urgent help. Thanks. |
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the_mortgage_guy
2628 Posts |
Posted - 11/06/2009 : 05:59:31 AM
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Hi,
I did respond to your email for what we will need to get a firm decision. Also, by the time she closes with prob be 12 montsh anyway as the lenders doing these scores are taking about that long. |
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beckerloans
85 Posts |
Posted - 11/07/2009 : 8:50:09 PM
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| We are closing in 15 days on FHA purchases right now |
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davidfr
2244 Posts |
Posted - 11/08/2009 : 04:25:04 AM
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quote:
Originally posted by beckerloans
We are closing in 15 days on FHA purchases right now
Julie are you a wholesale lender? |
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getthefaxes
249 Posts |
Posted - 11/08/2009 : 05:08:18 AM
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No Top Dot is a direct Ginnie Mae seller with a default rate of 12.25% for loan closed in the past 1 yr according to HUD's neighborhood watch (google it's its free and very informative). They are strictly retail.
But if their default rate hits 15% then Julie will be positng here for her loan scenario's because at 15% Ginnie Mae cuts you off and I don't know of any banks that issue warehouse lines to lender with such high default rates. |
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propertylender.c
1627 Posts |
Posted - 11/08/2009 : 08:59:45 AM
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quote:
Originally posted by babieblue
Hi.
I need major help. I want to help my sister get a house that is a short sale. Her credit score is only 594. She needs high LTV 95% so that she can use the cash she has to payoff the seller's 4 liens since the 1st lien will not pay anything to these 4 liens.
Anyone know of any lender that will lend money with that low of a fico score? She is one month shy away from the FHA 12 months rules of NO LATE. Urgent help. Thanks.
Sorry, I do not do much FHA.
However, is the 12 month (1 late rule) on FHA for mortgage, credit card, or both?
I was ust wondering?
Thanks |
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