For the Loan officers?

Question

i got a good challenge for a good loan officer i have a credit score of 515. i need to buy a house in MO in about 3-5 months. my dti is good (i make 52,000 a year and only have 1 car payment of 375 a month) i need to buy im sick os B.S. landlords. P.S. the apprasial/LTV wont be a problem (Im a real estate apprasier)

PLEASE HELP i dont want to get my hopes up if u cant so just let me know

Answer 1

My husband is a loan officer at a subprime mortgage company and he may be able to help you. Shop around and see which company can get you the best rate. If you would like to see what my husband can offer you just email me and I will give you his contact info or if you would like I can have him contact you.

Answer 2

The loan can definitely be done. It just depends on the terms you want. You are in a sub prime category and will have to put money down on it to get approved. It is possible you would qualify for a My Community loan- but that more depends on the strength of the other aspects of the file- assets, length of credit, collections, late payments, etc. On a purchase the sales price is the value regardless of the appraised value. You can get the seller to give you concessions and cover some of the cost, maybe even get them to hold a second mortgage for you to get you to the LTV you want to be at.
I am licensed in MO so let me know if you need any help with it.

Answer 3

If everything you've said is true and there are no other issues, I can easily get you this loan. I specialize in subprime loans and have just the right lenders for you.

I'm available at [e-mail]

In the meantime, though, you may want to consider credit repair. If you have 2-4 months before you even need to start anything, credit repair can POSSIBLY bring that credit score up to 580 or even 620 in time to get you better rates. I know a few good places that will help. One increase my score from 534 to 758 in just five months. Be careful if you choose this route, though, because many are just scams.

Let me know if you need any more help. I'll be happy to take a free full application from you and shop you around to see what we can accomplish. Feel free to look up WCS Lending and see what people are saying about us, also.

Answer 4

www.fnmshome.com

We can help you, but as the others have said, if you have a few months, let's get your scores up higher first. Full doc loans are easier than stated. Lower LTV and DTI helps, 515 can be done, but more options on full doc with just a 520 score - easy to get there for most. And, even more options and better pricing the higher we can get it before doing a loan

All 50 states

Answer 5

You didnt' mention a downpayment, I assume you have none?

What's your housing history like? Can you prove 12 months of no late rent payments with cancelled checks?

What's out there to cause you to have a 515 score? That's really low, so was there a BK recently? Recent chargeoffs? Have you paid anyone for anything in the past year?

If you have 3-5 months to go, find a good loan officer now in your area that can help you get your scores improved. Many LO's now have score modelling ability, and can see what it would take to get you to the 580 score you'll need to get 100% financing.

Answer 6

I have been a loan officer for roughly 5 years now, broker and banker. As others stated, lot of variables, but an FHA loan is going to get you the best rate if your credit will not allow you to get a "prime" loan. I have got FHA loans done for 3 different borrowers with scores of 503, 508 and 513 on purchases. The rate is virtually the same as "prime" rates. It will allow you to borrow 97% of the new homes purchase price, plus you can work with non-for profit companies to make up the downpayment and closing costs. Feel free to email me if you have any interest.