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Author Topic: Financing a Home with a 550 mid score  (Read 12989 times)

Offline mjpeake

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Re:Financing a Home with a 550 mid score
« Reply #15 on: November 10, 2006, 03:24:32 pm »
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.
« Last Edit: November 10, 2006, 03:30:49 pm by mjpeake »
Michael Peake
US Bank Home Mortgage
513-458-2818
http://mtg.usbank.com/michael_peake

Offline christopher w

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Re:Financing a Home with a 550 mid score
« Reply #16 on: November 10, 2006, 03:37:07 pm »
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.
Christopher W
C-214.923.5781

Offline mjpeake

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Re:Financing a Home with a 550 mid score
« Reply #17 on: November 10, 2006, 03:55:44 pm »
It's one of my most popular products, especially with the market being geared to first time homeowners.  
Michael Peake
US Bank Home Mortgage
513-458-2818
http://mtg.usbank.com/michael_peake

Offline Theapprentice

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Re:Financing a Home with a 550 mid score
« Reply #18 on: November 10, 2006, 05:00:47 pm »
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?

Offline mjpeake

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Re:Financing a Home with a 550 mid score
« Reply #19 on: November 10, 2006, 05:05:49 pm »
Quote
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...
Michael Peake
US Bank Home Mortgage
513-458-2818
http://mtg.usbank.com/michael_peake

Offline realnew

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Re:Financing a Home with a 550 mid score
« Reply #20 on: November 13, 2006, 09:52:31 am »
Christopher, that's interesting. 'Round here, (Baltimore, ) ACORN is a consumer advocacy group against predatory lenders.

Offline [email protected]

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Re:Financing a Home with a 550 mid score
« Reply #21 on: November 16, 2006, 02:37:29 pm »
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!

Offline mjpeake

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Re:Financing a Home with a 550 mid score
« Reply #22 on: November 16, 2006, 02:44:30 pm »
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)
« Last Edit: November 16, 2006, 02:51:43 pm by mjpeake »
Michael Peake
US Bank Home Mortgage
513-458-2818
http://mtg.usbank.com/michael_peake

Offline winwininvestor

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Re:Financing a Home with a 550 mid score
« Reply #23 on: November 16, 2006, 02:44:47 pm »
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.
« Last Edit: November 16, 2006, 02:47:05 pm by winwininvestor »

Offline vaddie

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Re:Financing a Home with a 550 mid score
« Reply #24 on: November 21, 2006, 02:31:09 pm »
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.

Offline christopher w

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Re:Financing a Home with a 550 mid score
« Reply #25 on: November 21, 2006, 02:37:59 pm »
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?
Christopher W
C-214.923.5781

 




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