Ok. I came across a lender…reputable national bank, that is offering 100% LTV with scores as low as 525…
Here are the rubs.
-No FTHB
-0X30 MTG last 12
-2X30 Install last 12
-Some minor 30’s on minor and major CC’s
-BK >3yrs
-Open collections up to $500 agg. ok
-chg-offs, liens, judg. ok if > 3yr…must be paid if open.
Now my question is this…who has ever seen a credit report that met all of the above criteria that had a score lower than 580? To my recolection I can’t say that I have ever such a report.
Is this just marketing or is there a real market for this product? ???
I have had only one client that met that criteria. Maxim Mortgage has that product.
The rate was 14%
It is rare to find that type of borrower, but it is nice to know that the product is there if you need it. Otherwise that borrower would have to come up with 20% to put down.
The account rep I talked to:
Yvonne Howerton
630-824-2176
I have been studying US Bank programs for some time as they are a lender I can do business with and where I actually have a checking account. They seem to have some very unique products. I think that product will work for the guys who just have low credit scores because of carrying high balances (good payment history) many investors especially newbies seem to be in this boat…loc maxed out cc maxed out always pay on time but credit scores suffer because of balances. Let us know how us bank works out if you send them a loan…thanks