here's the scenario, 580 fico mid score, 100% financing, 485,000 total loan amount, 20,000 in the bank, 15,000 in liquidated assets(2 timeshares, monthly income of 1800 child support and alimony, can go stated and full doc if it requires bank statements, property is in irvine,ca. i have 9 days to close this loan, current price is 3000 a month
2006-07-21 04:46:45 · 7 answers · asked by chris r 1 in Business & Finance ➔ Renting & Real Estate
If you have found a lender willing to give you 100% financing on a loan of that size, I would say to stick with them. Shopping around for another lender at this stage of the ball game will take more time than you have.
2006-07-21 06:06:56 · answer #1 · answered by dukeblueforlife 3 · 2⤊ 0⤋
If you have that much in the bank, then you should put 5%, or $24,250 down instead of doing 100% financing. It should have a significant effect on your rate.
Most Alt-A and subprime lenders are now considering 12 months of bank statements full-doc, so if your average deposits over the past year will show enough income, go that route.
2006-07-21 07:34:41 · answer #2 · answered by KL 5 · 0⤊ 0⤋
Ummm, can you afford this large of a loan?? And why is your credit score so low? Have you been pre-approved yet? Im just not sure you can get a loan... much less a loan for that much. Even with the money in the bank and your other assets, youre sending red flags of potential foreclosure.
2006-07-21 04:52:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I am a Loan Broker.
Please fill out an application on my website and I will see if this can be done. I need the application so that I can get your address. Some lenders have reduced/better rates for certain address/regions of the County.
Talk to you soon!
2006-07-21 10:24:59 · answer #4 · answered by emetalshop 3 · 0⤊ 0⤋
If want to go full doc than very easy to close have a program with 17 lenders in one network will produce a Payment as a we speak. you like the payment than we can talk the rest email if you want to know more. Did you open escrow alreaday and appraisal has been done (y/n?). Talk to you soon
Jason
2006-07-21 11:34:09 · answer #5 · answered by Openthathouse.com 4 · 0⤊ 0⤋
at 580 and 100% finace I would say you were glad get the loan
2006-07-21 04:50:58 · answer #6 · answered by ML 5 · 0⤊ 0⤋
nothing like bleeding your ex for child support as income for a house you probably cant afford to begin with...poor guy!
2006-07-21 05:48:44 · answer #7 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋