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lorimath2005
373 Posts |
 Posted - 11/06/2009 : 1:32:14 PM
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FHA purchase
Borrower has 4 months PITI reserves
3 trades for more than 12 months on credit report 0x30
617 middle score
Approve/Eligible DU Findings
The catch is he had an account go to collection 5/09
Can anybody recommend a lender? FGMC wouldn't even look at it.
Thanks
Lori
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Kenneth Fedak
506 Posts |
Posted - 11/06/2009 : 4:06:26 PM
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| Try American Financial Resources. |
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Broker G
352 Posts |
Posted - 11/06/2009 : 4:40:23 PM
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| With that recent collection showing on the credit report this will be difficult. What I would do is get the borrower to get credit repair to get the scores up. This could be done in 30 days. There are some good companies on this forum. |
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Broker G
352 Posts |
Posted - 11/07/2009 : 06:39:26 AM
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quote:
Originally posted by tpyborman
MY REFERRAL WOULD BE FOR YOU TO CONTACT KAT SHE AFFILIATED WITH A FEDERALLY CHARTER BANK
THEY ORIGINATE MTG NATIONWIDE IN ALL 50 STATES
KAT G. 206 339 8324
KAT-BOC-MTGCONSULTANT@HOTMAIL.COM
I think you may have a posted on the wrong thread. We are talking about a 617 credit score on this thread. |
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lorimath2005
373 Posts |
Posted - 11/07/2009 : 08:54:53 AM
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| Thanks for the response. Not helpful but I appreciate the comments. We already did the credit repair thing to get the score to 617. |
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beckerloans
85 Posts |
Posted - 11/07/2009 : 8:39:40 PM
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| We just get our clients to get us a LOE and depending on the circumstances, we give them the loan. I will ask my UW about your situation on monday. Send me an email to jbecker@topdot.com so that I can get you the answer... |
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kellamtom
1162 Posts |
Posted - 11/07/2009 : 8:46:41 PM
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| are any of the trades revolving, can you rescore, iv'e notice that a zero balance is a couple of points lower than a 10% balance and higher than 30% on a balance drops the score even further. rescore. |
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lorimath2005
373 Posts |
Posted - 11/11/2009 : 05:41:40 AM
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| Julie Becker is a retail loan officer. She is not a wholesale account rep. She will contact your borrower and steal them from you. Snake in the grass. |
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Broker227
400 Posts |
Posted - 11/11/2009 : 07:49:42 AM
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Yes stay away from becker
Have you heard of a remodel, call your credit bureau and ask them to do a remodel (not a rescore). Only 2 of the bureaus do it but I have jumped borrowers up to 15 points. Takes 5 minutes and they only charge if the score goes up- $8 per bureau.
Give it a try |
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mortgagewithme
268 Posts |
Posted - 11/11/2009 : 07:59:54 AM
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| AFR will not do this, even if they would you really do not want to put yourself and your borrower through their nightmare of a process. I have a co-worker working on a similar situation, ironically with a 617 as well. He was told Mid Island Mortgage and Lend America may consider, but no commitment letter yet |
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lorimath2005
373 Posts |
Posted - 11/11/2009 : 08:33:43 AM
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| Thanks for the suggestions. I haven't found any "legitimate" lender in Georgia who will do this. When loan officers intimate that they are wholesale reps and steel your borrowers it makes one nervous to respond to anyone on this forum. |
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Broker227
400 Posts |
Posted - 11/11/2009 : 08:45:03 AM
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| Did you guys try the remodel, Im completely serious, it works |
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