I've been dealing with many lenders for the past 30days who gave me empty promises. I understand that my loan is consider somewhat complicated due to the fact that my mid score is appox. 542 & that I had 1X60day late on my mortgage. But why is it so hard trying to find a lender who can do a 85% LTV? I have plenty of equity but yet, I'm having a hard time being approve..is this an impossible loan?
2006-12-31 04:37:26 · 8 answers · asked by mcoopd1 1 in Business & Finance ➔ Renting & Real Estate
542 to most lenders would be a no go, no matter how much equity you have. Credit is based on both on ability to pay and willingness to pay. 680 is usually the lowest score for prime, you may find someone who will loan but you will pay a high rate and fees for the privilege.
Good luck!
2006-12-31 04:52:11 · answer #1 · answered by Chico 3 · 0⤊ 0⤋
You've got a couple things going against you. That 542 doesn't help. Nor does having only 15% equity. A conforming loan is going to require 20% equity to avoid PMI.
There are lenders out there who will work with you but keep in mind that with your numbers you'll be looking at a high interest rate that may not help you out much in the end. Be careful that you don't wind up with a predatory lender.
There's no way you'll close a loan in 3 - 5 days. The fastest re-fi I've ever done took 21 days and that was with a 750 credit score, 35% equity and no conditions from the underwriter. A difficult loan may take 30 - 60 days or even longer to close.
2006-12-31 05:12:03 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Your loan is not complicated at all you just have to get it to a mortgage broker that knows what he is doing. There are many lenders that are ready and willing to assist you in your loan request.
The first thing you should do is find yourself a mortgage broker that specialize in sub-prime lending. You will be able to find one in the local telephone book.
Once you have located a sub-prime mortgage broker he will want you to complete a loan package, also run a credit report, after which he will be able to outline loan programs you are qualified for.
As for as loan-to-value you might not get 85% but look along the lines of 80%. It has nothing to do with PMI, but everything to do with the loan program guidelines as well as your credit score.
If your mortgage late was consecutive months it will be counted as one 30 day late.
The loan might not close in 3-5 days, but a 14 day closing is possible.
You can help by contacting your current appraiser and tell him to send a copy to your appraiser to the new mortgage broker and in his companies name.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-05 22:49:34 · answer #3 · answered by Skip 6 · 0⤊ 0⤋
Nobody can close a loan from beginning to end in 3-5 days. But, your loan sounds very do-able!! I work with one investor that ignores 30 and 60 day lates. They're only concerned about the 90 day lates. 85% LTV with a 542 mid score shouldn't be a problem unless you're doing stated income. Full doc, no problem
2006-12-31 04:53:44 · answer #4 · answered by staceydian 2 · 0⤊ 1⤋
There are obviously issues if many lenders have tried and failed. Pay your bills on time for the next 6 months, and your credit scores will come way up. Then refinance at much better terms.
2006-12-31 13:57:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The own loan isn't impossible, yet you're actually not likely to do it on "a" paper. The lender who ultimately takes it on would be a annoying funds sort on the grounds which you will not qualify for usual words. The last expenses are going to be brutal. in case you will desire to diminish the indoors maximum loan fee, try negotiating including your contemporary lender to rearrange an prolonged term. Then, in case you want funds out of the fairness, try a lender who makes a speciality of "2d" mortgages. they are able to private loan you funds against the fairness, at an more suitable value of direction. The last expenses are nevertheless extreme, yet a minimum of you're actually not paying last on the completed quantity of the homestead, basically the money you're seeking to borrow against the fairness. frequently in case you have a pulse and a credit above 500, somebody will do the indoors maximum loan. you won't have got here across the nicely suited lender yet. shop looking. sturdy luck.
2016-10-19 06:50:12 · answer #6 · answered by corridoni 4 · 0⤊ 0⤋
It wouldn't happen with a small local lender, but eloan may be able to do it. They also have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees.
2007-01-04 14:50:23 · answer #7 · answered by insureman613 3 · 0⤊ 0⤋
i think i can be able to assist in your case!!!!!!!!
write to me at kishaloy_bhowmick@yahoo.com or call 480.751.4125 and will discuss the options........
regards,
kish
Loan Officer
2006-12-31 09:08:15 · answer #8 · answered by kishaloy_bhowmick 2 · 1⤊ 0⤋