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mjs0325
292 Posts |
 Posted - 11/06/2009 : 4:31:04 PM
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Are there any investors allowing financing with a 625 Credit Score at 90% LTV on Conventional Financing? This is a purchase and the clients don't want to go FHA.
Any thoughts?
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Rick_Santelli
264 Posts |
Posted - 11/06/2009 : 4:42:18 PM
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| FHA is the only option. You cannot get any PMI company to issue an MI Certificate with a 625 score. |
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mjs0325
292 Posts |
Posted - 11/06/2009 : 4:44:03 PM
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| figured.........had to ask. |
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Captain Mortgage
2559 Posts |
Posted - 11/06/2009 : 5:27:43 PM
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Why would they want to go conventional? With that fico score the LLPA alone is 2.75%, FHA only needs a 1.75% UFMIP.
Also with that fico score/ltv if the MI companies were allowing those guidelines the MI factor would be like .9%-1.2% instead of .55% for FHA
The only benefit would be that someday the MI could be removed without a refi, but that is an unlikely scenario as most people refi within about 5 or so years. Especially if the value of the home goes up enough to justify removing the MI. |
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Broker G
354 Posts |
Posted - 11/07/2009 : 06:45:44 AM
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| Try www.homepath.com You can go 95% with no PMI with them using Flagstar or Nationstar. |
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the_mortgage_guy
2628 Posts |
Posted - 11/08/2009 : 07:30:53 AM
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quote:
Originally posted by Broker G
Try www.homepath.com You can go 95% with no PMI with them using Flagstar or Nationstar.
Nationsta is great with Homepath..I have a question about this programas it looksl iek I have to do one through the program...How do you know if property is eligible if it is not already listed as such?
Client is buying a condo in same building but this one doesnt show as eligible but another one in bldg does. |
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nowbroker
2587 Posts |
Posted - 11/08/2009 : 07:43:52 AM
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| You can only do homepath financing on Fannie Mae repos that are eligible (have the homepath logo next to the listing). |
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caniskovich
244 Posts |
Posted - 11/08/2009 : 4:20:13 PM
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| issue is not the lender it is the MI companies |
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aswang
9 Posts |
Posted - 11/08/2009 : 10:41:16 PM
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| What do you mean by conventional financing? do you know any loan modification company please? any suggestion? need their help. |
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aswang
9 Posts |
Posted - 11/08/2009 : 10:42:44 PM
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| I was coordinating with http://www.loanmodifyexpress.com now and seems like im satisfied with them but would love to get 2nd opinions. |
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Broker G
354 Posts |
Posted - 11/09/2009 : 06:46:04 AM
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quote:
Originally posted by the_mortgage_guy
quote:
Originally posted by Broker G
Try www.homepath.com You can go 95% with no PMI with them using Flagstar or Nationstar.
Nationsta is great with Homepath..I have a question about this programas it looksl iek I have to do one through the program...How do you know if property is eligible if it is not already listed as such?
Client is buying a condo in same building but this one doesnt show as eligible but another one in bldg does.
There is a link on the website that you can put the property address in and it will you know if the it is a Fannie Mae property. |
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