I have a borrower who was 1X90 days late back in october 2005 I just pulled his credit and his middle score is 531. He wants a $920,000 1st lien "rate & term refi. I have been told be people in the indistry that no lender will risk this loan because of his lates and his low credit scores. Is this the case?
What is the LTV on the loan? And where?
not necessarilly the case.
please answer Shaun’s question here.
we would need to know more to determine anything.
I would have to agree with Shaun and Jason. Without the complete parameters, you can make a solid decision.
The subject property is located in Albuquerque NM
The new appraised value come in at 1,278,000.00
the LTV is 72%
Mid Score 531
tribeca lending can do this loan but only at 70%ltv
First and Franklin also can help you
I am getting a loan done now, cash out re-fi, with 6 /30 day lates in the last 12 months, credit score # 536,
so it can be done,
My question is “Rate Term”, why does he want to re-fi …
It most likley can be removed.
This is NOT a difficult loan scenario. Just about any lender can do this loan.
1 x 90 is a lot different than 6 X 30