Financing a Home with a 550 mid score

[mjpeake]

It is an in-house program, but is totally legit.  Everything I stated before is fact.  In my opinion it's a better program than FHA.  At least until FHA goes 100% ltv which I hear is right around the corner.  Even then, the product I described is lender paid MI, verses FHA who will always have their upfront MIP.

[christopher w]

That sounds awesome. When I started out at Bank of america we had a product like this called ACORN and it what similar to what you are describing. Very cool. I would be selling that all day long.

[mjpeake]

It's one of my most popular products, especially with the market being geared to first time homeowners.  

[Theapprentice]

It is an in-house program, but is totally legit.  Everything I stated before is fact.  In my opinion it's a better program than FHA.  At least until FHA goes 100% ltv which I hear is right around the corner.  Even then, the product I described is lender paid MI, verses FHA who will always have their upfront MIP.

I need an N/O/O purchase for (improvements then a sale and/or for wholesale).  What do you need for that?

[mjpeake]

I need an N/O/O purchase for (improvements then a sale and/or for wholesale).  What do you need for that?

I need to know alot.  I will send you a private message with a list of some of the standard items I'd need to know...

[realnew]

Christopher, that's interesting. 'Round here, (Baltimore, ) ACORN is a consumer advocacy group against predatory lenders.

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i am a mortgage broker and i know for a fact that in order to go 100% ltv you need atleast a 580 fico score. with a 550 you can go up to 85% but the rate is going to be around 9.5%.. goodluck!

[mjpeake]

i am a mortgage broker and i know for a fact that in order to go 100% ltv you need atleast a 580 fico score. with a 550 you can go up to 85% but the rate is going to be around 9.5%.. goodluck!

Don't mean to disagree, but your mistaken.  The program I detailed above goes up to 100% ltv with NO minimum fico score.  As long as you do not have more than two 30 day late payments within the last 12 months then you meet the minimum requirements for credit.  Furthermore, the program I detailed is well below the rate you mentioned (mine is around 6.5% with lender paid MI)

[winwininvestor]

I'm sorry to inform you mganttashm that that is simply not true.  You simply may not be aware of programs outside of what you are currently offering.  With my program I can offer 100% ltv for ficos down to 500 and 95% ltv for ficos down to 450 is possible (owner occupied.)


Thought I would share this.

[vaddie]

I need to know alot.  I will send you a private message with a list of some of the standard items I'd need to know...

Michael, I'm also interested in your program.  I have a 2-family duplex that I need to purchase at 100% LTV which is a N/O/O.  Please let me know if this can be done.


Thanks.

[christopher w]

Vaddie,

That can be done easily depending on credit score, income, assets, job history, etc...

WinWin,

Just for giggles what are the rates on the loans you were posting the 100% at 500 and 95% to 450?