I'm a loan officer need a lender that will go 90% ltv on a borrower with a foreclosure 16 months ago and a 577 middle score (full doc), I need to find a lender than may have a program for this borrower.
Thank you
2007-09-05 05:57:15 · 6 answers · asked by gue_s_s_who 2 in Business & Finance ➔ Renting & Real Estate
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brokeroutpost.com
This post does not belong here go to these websites and post there.
How about ask your manager or other people in your office.
2007-09-05 06:06:15 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A 610 is a middle score. 577 is strictly low and subprime. Origination lenders are completely out of this business for the moment, unless the borrower has a 20% down. Only people doing these loans are small, local banks who don't use mortgage brokers or originators, and even then they are normally only going down to 620 or so.
The no doc loans are dodo birds - a thing of the past. Everything is full doc now.
2007-09-05 06:19:47 · answer #2 · answered by rlloydevans 4 · 0⤊ 0⤋
Other than loan sharks the sub prime market is gone, the Alt-A is disappearing and the credit scores in all cases have been raised. Your lender will end up suing you if they get a loan a year from now because of the rates you got them. Not to mention a foreclosure just over a year ago, sorry out of luck
2007-09-05 11:11:19 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
Lotsa luck. If you are a loan officer and can't find one, how do you expect to find leads here other than the scammers who are likely to reply. And btw, last I heard, 577 is hardly a middle credit score.
2007-09-05 06:04:16 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Good luck finding one. With the current crisis with mortgages it's going to be impossible.
2007-09-05 06:03:54 · answer #5 · answered by Muga Wa Kabbz 5 · 1⤊ 0⤋
Its not gonna happen.
2007-09-05 06:04:49 · answer #6 · answered by Angela C 6 · 0⤊ 0⤋